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Shiba Inu ecosystem partner, K9 Finance, highlights three key phases for the launch of its liquid staking platform on Shibarium.
In an interesting development, Shiba Inu’s community-oriented SHIB Magazine recently shed light on K9 Finance DAO’s roadmap to enhance Shibarium’s decentralized finance (DeFi) landscape.
K9 Finance Details 3 Steps of Its Launch
According to the journal, the highly anticipated mainnet launch of K9 Finance’s decentralized application (dApp) will occur in three phases this year.
The first stage, called “Hesper,” will be deployed in late Q2 2024. Hester is the foundational stage and beta version of K9’s dApp. The K9 ecosystem team derived its name from the ancient ancestors of modern dogs, “Hesperocyoninae.”
Notably, this initial stage requires extensive testing and learning within the Shibarium network—an integral aspect of the project’s future functionality and scalability.
Furthermore, K9 plans to deploy the second phase of its liquid staking platform on the Shibarium mainnet by Q3 2024.
The second stage, dubbed “Boro,” is a name derived from the formidable “bone-crushing dog” Borophaginae. It represents the release of the dynamic K9 staking dApp on the Shibarium mainnet.
Upon the launch of Boro, Shibarium users can conveniently swap their staked Bone ShibaSwap (BONE) for K9’s liquid staking token knBONE.
K9’s deployment on Shibarium will be finalized by Q4 2024 with the rollout of the Caninae stage. Caninae would showcase the adaptability and diversity of the present canine species.
This stage aims to achieve K9 Finance’s overall vision of offering a complete decentralized liquid staking derivative product on Shiba Inu’s L2 blockchain.
“This [Caninae] phase is not just the completion of a product; it’s the realization of a vision—a fully decentralized liquid-staking derivative product that stands as the epitome of innovation and functionality in the DeFi space,” K9 Finance said in a statement.
First Sneak Peek of K9 dApp Unveiled
As crypto enthusiasts anticipate K9’s mainnet launch, the project’s co-founder Buzz shared the first sneak peek of the dApp, explaining its dynamic staking model.
According to the screenshots, Buzz explained that users who delegate their BONE tokens through the platform will be rewarded in two ways.
Buzz noted that users will first receive esKNINE tokens, which they can convert to K9 Finance’s official governance token, KNINE. Secondly, the co-founder also mentioned that users will also earn K9 partner tokens through boosted campaigns.
K9 DAO product sneak peek #2 👀
These components show the user interface for farming rewards using $BONE & $knBONE (the K9 LSD token that is pegged 1:1 to $BONE through the K9 product)
Users will be earning in 2 ways through this process alone
1. Earning $esKNINE that… https://t.co/BnpcFZryPE pic.twitter.com/HsPOUGnWh3
— Buzz.Shib | Shibarium (@buzzdefi0x) April 3, 2024
Recall that the Shiba Inu team unveiled K9 Finance as its official liquid staking derivative partner in February. Last month, K9 Finance extended its partnership with Shiba Inu by appointing two prominent SHIB developers, Shytoshi Kusama and Kaal Dhairya, as its technical advisors.
The project’s governance token, which launched on Uniswap last month, was trading at $0.00008715 at press time, marking a 24-hour decline of 9.67%.