thecryptobasic.com
The Shiba Inu official liquid staking partner K9 Finance confirms plans to launch its highly anticipated liquid staking derivative (LSD) platform this month.
Per a recent X post, the team behind K9 Finance declared its readiness to launch the staking platform in September.
K9 Staking Solution Passes Security Audit
In preparation for the launch, the team said the K9 liquid staking and farming contracts have successfully passed a smart contract audit. SourceHat, a popular Web3 security platform, conducted the audit.
K9 attached two separate links to the audit reports for its liquid staking and farming contracts to show transparency.
Launch Date of K9 Staking dApp
Following the successful completion of the smart contracts audit, the team disclosed that the liquid staking solution and farming contracts will launch on September 18.
âś…Smart Contract Audit Passedđź‘Ź
The $KNINE Liquid Staking & Farming contracts have been successfully audited by @SourceHatLabs
Liquid Staking: https://t.co/FJIBdr7edO
Farming: https://t.co/eNaYxLXYzZLaunch Date: September 18th pic.twitter.com/KAjKIKZ4MC
— K9 Finance DAO (@K9finance) September 5, 2024
The upcoming launch of K9’s liquid staking and derivative platform on Shibarium marks the completion of the second phase of the project’s debut.
Afterward, K9 will roll out Caninae, the last phase of the project launch, by the year’s fourth quarter. In this stage, K9 will offer a complete version of its staking solution, actualizing its vision of providing a fully decentralized liquid staking derivative product.
Benefits for Shiba Inu Ecosystem
Notably, K9’s staking product will allow Shiba Inu community members to lock up their BONE tokens and earn rewards. Unlike conventional crypto staking, the K9 staking dApp will enable users to swap their staked BONE for K9’s liquid token, knBONE.
From this, users can utilize K9’s liquid token within the Shibarium ecosystem. K9’s upcoming LSD platform is a game-changing initiative for the Shiba Inu ecosystem. It will further expand Shiba Inu’s utility while strengthening the security of Shiba Inu’s L2 blockchain Shibarium.
In addition to these benefits, K9 disclosed that the solution will boost Shibarium’s total value locked (TVL). Earlier this year, K9’s pseudonymous founder Buzz projected that the upcoming LSD dApp could bolster Shibarium’s TVL by 50x.
At press time, Shibarium’s TVL stands at $1.15 million, a decline of 70.51% from its all-time high of $3.9 million registered on March 26. However, if it experiences a 50x or 5,000% increase, it could soar to $58.65 million.