Shiba Inu Ecosystem Expands with Key Partnership and Innovative Staking
Shiba Inu's ecosystem expands through a partnership with K9 Finance, introducing a new liquid staking model and enhancing SHIB token's position in the DeFi space.
February 2, 2024
Shibarium Ecosystem Welcomes K9 Finance
The Shiba Inu ecosystem has recently announced a new development in its expansion by partnering with K9 Finance, now an integral part of the Shibarium ecosystem. This strategic alliance aims to enhance the utility and flexibility of the BONE token within the DeFi sector.
Liquid Staking on Shibarium
K9 Finance introduces a liquid staking derivative (LSD) model for the BONE token, mirroring the concept implemented for Ethereum. This model enables holders to stake BONE tokens while maintaining liquidity, facilitating participation in a variety of DeFi activities. Stakeholders receive an LSD token named knBONE in return, which acts as Shibarium's gas fee token.
Impact on the DeFi Ecosystem and SHIB
The K9 Finance platform does more than just enabling staking; it also furthers the burn rate of SHIB tokens by integrating into the Shibarium ecosystem. This move is poised to catalyze further adoption of Shibarium and boost the SHIB token's visibility. As a result, the SHIB token displays resilience in the market, maintaining above crucial technical levels.
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