The team behind Shiba Inu ecosystem seals a strategic partnership with K9 Finance, a Shibarium-based liquid staking (LSD) derivative platform.
As usual, the development was shared by Shiba Inu’s marketing lead, Lucie, in an X post yesterday. Lucie said K9 Finance has been added as an official Shibarium partner.
She also attached a snapshot showing that K9 has been officially added to the Shibarium partnership page.
Step by step, @K9finance has been officially added as a Shibarium ecosystem partner.
Check out https://t.co/KBMdomim9y pic.twitter.com/uZKM0qOSrt— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) February 1, 2024
4 Official Shibarium Partners
Following Shiba Inu and K9 Finance’s collaboration, Shibarium now has four official partners.
The list includes Naples-based fast food restaurant Welly, Shibarium developer Unification, Artificial Intelligence-focused project Bad Idea AI, and K9 Finance.
It is worth noting that the Shiba Inu ecosystem team has collaborated with these projects to expand its ecosystem and draw more traction to the SHIB token.
K9 Finance to Introduce Liquid Staking on Shibarium
For context, K9 Finance is a liquid staking derivative platform preparing to launch on the Shibarium network. The concept of liquid staking has gained immense popularity in the crypto space due to its flexibility.
Contrary to traditional staking, users can stake their assets on an LSD platform like K9 and contribute to the security of a particular blockchain network while retaining the flexibility of the asset’s value, which can be used for other activities like trading and lending.
K9 Finance’s pseudonymous founder, Buzz, noted in a recent interview with IBTimes that the K9 platform will perform specific functions for Shibarium, similar to what Lido Finance does for the Ethereum network.
Since K9 is deployed on Shibarium, users who delegate their BONE tokens on the platform will receive an LSD token named knBONE.
While your BONE tokens are staked on K9 Finance, you can still use the knBONE for other decentralized finance activities, thus maximizing your earnings.
“You can use our LSD token after helping secure the chain to leverage your capital and earn more yield than just delegating offers,” Buzz said.
Meanwhile, the team behind the K9 project recently announced the completion of its native token presale, dubbed KNINE. According to the team, the event ended sold out, as demand for the KNINE tokens during the presale exceeded the supply.
However, the team is looking forward to the KNINE token generation event, which it describes as its next milestone.
Our Pre Sale has now SOLD OUT & was oversubscribed. Our next milestone will be the token generation event (TGE)
TGE date will be announced soon 🔥$KNINE Pre Sale: 🟩🟩🟩🟩🟩
Token Launch: 🟩⬜️⬜️⬜️⬜️⬜️Join us on Telegram to be early👇https://t.co/FNSu0LOPWk pic.twitter.com/L9352Q4u3l
— K9 Finance DAO (@K9finance) January 31, 2024
Aside from Shibarium, K9 has also partnered with other Shiba Inu-related projects, including ShibaSwap, Shibacals, and Bad Idea AI.