TL;DR
- Launch Date Announced: Shiba Inu’s marketing lead, Lucie, announced that liquid staking on the Shibarium network will officially launch on September 18, 2024.
- Liquid Staking Details: Users can stake BONE tokens through K9 Finance and receive knBONE, a liquid staking derivative token that can be traded or used as collateral in DeFi platforms.
- Testing and Future Phases: The initial testing phase for major token holders began in late July, with broader public access now available. The project will transition to its second phase, ‘Boro’, in Q3 2024, and the final phase, ‘Caninae’, in Q4 2024.
On Thursday, Lucie (@LucieSHIB), the marketing lead for Shiba Inu, announced the official launch date for liquid staking on the Shibarium network. This exciting news, shared through a video on X on August 15, represents a major milestone for the project.
Let’s give a huge shoutout to the incredible @K9finance team! 🚀
Liquid staking is on its way to SHIBARIUM!
The $KNINE testnet is live for everyone !
🗓️ Mark your calendars: Liquid Staking launches on @ShibariumNet this September 18! pic.twitter.com/nJuSEhxaRO
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 15, 2024
Lucie praised the development team’s progress, stating, “Let’s give a huge shout-out to the incredible K9 Finance team! Liquid staking is on its way to SHIBARIUM! The KNINE testnet is live for everyone! Mark your calendars: Liquid Staking launches on Shibarium this September 18.”
What The Shiba Inu Community Can Expect
Shibarium, the layer-2 blockchain designed to enhance scalability and cut down transaction costs for Shiba Inu and its associated tokens, is entering a crucial phase with the launch of liquid staking.
This capability is made possible by K9 Finance, the official Liquid Staking Derivatives (LSD) platform within the ecosystem. Users can stake their BONE tokens through K9 Finance and receive knBONE, a token that symbolizes liquid staking derivatives.
This token functions as a transferable receipt that signifies the user’s investment, allowing it to be traded freely or utilized as collateral across a range of DeFi platforms.
This model ensures that assets remain liquid, enabling users to participate in various financial activities without tying up their resources. This approach boosts flexibility and opens up opportunities for increased earnings through DeFi platforms.
Initial Testing Phase and Broader Public Engagement
The first testing phase for the BONE Crusher feature kicked off in the final week of July, focusing on major token holders—often referred to as ‘whales’—who held a minimum of 400 million KNINE DAO tokens.
This stage provided significant stakeholders the opportunity to engage directly in the staking process, allowing them to stake BONE, accumulate knBONE, and earn extra rewards such as partner tokens and retroactive KNINE bonuses.
Building on the success of this phase, K9 Finance is now making the testnet accessible to the general public, removing earlier limitations and enabling a larger audience to explore the testing features.
Upcoming Phases and Future Prospects
The project is now transitioning into its second phase following the mainnet launch on September 18. This phase, known as ‘Boro’, is set to debut in Q3 2024, aligning perfectly with the timeline.
Boro takes its name from the now-extinct Borophaginae, paying homage to the “BONE crushing dogs” that serve as the inspiration for this phase. It marks the complete operational launch of K9 Finance’s primary liquid-staking product on the Shibarium network.
The concluding phase, known as ‘Caninae’, is set to launch in Q4 2024, introducing a V2. This stage will encompass “all living dog species, featuring the Shiba Inu! It represents the contemporary Canine and signifies the evolution of K9 into a cutting-edge decentralized liquid-staking derivative product.
The conclusion of K9 has been confirmed, following the announcement made in March of this year. Importantly, K9 Finance DAO introduced its native governance token, KNINE, on March 7. This ERC20 token was first made available solely on Uniswap. As of the latest update, SHIB is trading at $0.00001313.
