Shiba Inu Partner K9 Announces Launch Date for Staking Solution

2 min read | September 06, 2024 06:41 PM AEST | By Team Kalkine Media

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Shiba Inu Partner K9 Announces Launch Date for Staking Solution — Image source: Shutterstock

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In the cryptocurrency sector, K9 Finance, the official liquid staking partner for Shiba Inu, has confirmed the launch of its liquid staking derivative (LSD) platform this month.

K9 Staking Solution Completes Security Audit

Shiba Inu (SHIB) partner K9 Finance has announced the upcoming launch of its liquid staking platform, with the rollout scheduled for September 18. The announcement, made via a recent post on X, follows the successful completion of a security audit for the K9 liquid staking and farming contracts. The audit, conducted by SourceHat, a well-regarded Web3 security firm, confirms the robustness of K9’s platform.

To ensure transparency, K9 Finance has shared two separate links to the audit reports for both the liquid staking and farming contracts.

Details on the K9 Staking dApp Launch

The launch of the K9 liquid staking solution will mark the second phase of the project’s rollout on Shibarium, the layer-2 blockchain developed for the Shiba Inu ecosystem. The final phase, known as Caninae, is expected to be completed by the fourth quarter of the year. This phase will introduce the full version of K9’s staking solution, aiming to offer a comprehensive decentralized liquid staking derivative product.

Implications for the Shiba Inu Ecosystem

K9’s new staking product is set to benefit the Shiba Inu ecosystem significantly. Users will be able to lock up their BONE tokens and earn rewards. Unlike traditional staking methods, the K9 platform will allow users to exchange their staked BONE for K9’s liquid token, knBONE. This liquid token can be utilized within the Shibarium ecosystem, enhancing its overall functionality.

Additionally, K9’s platform is expected to increase Shibarium’s total value locked (TVL). Earlier projections suggested that the launch of the LSD platform could potentially boost Shibarium’s TVL by a factor of 50. Currently, Shibarium’s TVL stands at $1.15 million, down 70.51% from its peak of $3.9 million reached on March 26. Should the anticipated increase occur, the TVL could rise to approximately $58.65 million.

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