– The Shibarium team has announced an important milestone in the Shibarium ecosystem by partnering with K9 Finance to introduce Liquid Staking Derivatives (LSD). This partnership represents an important step forward in the development of the staking mechanism, providing BONE token holders with increased liquidity and flexibility.
Great news for Shibarium and K9 Finance: the soon to be launched Liquid Staking Derivatives (LSD) will make staking BONE tokens easier and more flexible than ever before.
“This initiative aims to simplify the staking process, giving SHUB users the ability to earn rewards while keeping their assets liquid,” the company said.
Simplified staking: users can transfer BONE tokens to Validator nodes, protecting the network and earning BONE rewards.
Guaranteed liquidity: participants receive KnBONE tokens representing their BONE stack and can trade or use them in the ecosystem without delaying the withdrawal of their stack.
Broad application: KnBONE tokens can be used for a variety of activities, including trading on Shibarium DEX, NFT mining, and providing liquidity.
Efficient delegation revocation: users can revoke their delegations by simply returning an equivalent KnBONE token.
The introduction of LSD is seen as a key enhancement to the Shibarium ecosystem, encouraging greater participation, providing flexibility and asset availability to improve network security.
K9 Finance, which is an integral part of the Shibarium ecosystem, replicates the functionality of platforms such as Lido for Ethereum by providing a liquid derivative staking model for BONE tokens. This approach provides liquidity for BONE and facilitates participation in decentralized financial activities (DeFi) without blockchain assets.
The partnership between Shibarium and K9 Finance was officially announced last week, marking an important step in the expansion of the Shibarium ecosystem. ‘Step by step, K9 Finance is officially being added as a partner to the Shibarium ecosystem,’ said Lucy, emphasizing the strategic importance of this partnership.
This partnership is one of several initiatives to expand the utility and reach of the Shibarium ecosystem, along with other collaborations with organizations such as Welly, Unification and Bad Idea AI. These initiatives are in line with the Shibarium team’s goal to expand the ecosystem’s offerings and increase the adoption and utility of SHIB tokens.
The enthusiasm generated by this partnership is evidenced by the successful completion of the pre-sale of KNINE, a native K9 token, where demand exceeded supply. The upcoming token generation event is expected to be an important next step for the project.
By partnering with K9 Finance, the Shibarium ecosystem will be able to offer users more flexible and agile options and foster a more active and engaged DeFi community.”
At the time this article was published, SHIB’s price was at a critical point where it could exit the ascending channel or lose the 0.236 Fibonacci level ($000000878).