By Bitcoinist - 2 months ago - Reading Time: 2 minutes
Shibarium Ecosystem Grows: Shiba Inu Announces New Partner
The Shiba Inu ecosystem has marked a significant milestone in its ongoing expansion with the addition of K9 Finance as an official partner in the Shibarium ecosystem. This development was announced by Shiba Inu’s marketing lead, Lucie, in a recent post. Lucie highlighted the importance of this partnership by stating, “Step by step, K9 Finance has been officially added as a Shibarium ecosystem partner.”
What K9 Brings To The Shiba Inu Ecosystem
K9 Finance, now a critical part of the Shibarium ecosystem, is a platform specifically designed for the Shibarium blockchain. It introduces a liquid staking derivative (LSD) model for the BONE token, akin to the role Lido plays for Ethereum.
Lucie explained in a detailed post, “K9 Finance is a platform for Shibarium that lets you stake your BONE tokens in a way that keeps them flexible.” This system allows users to stake their BONE tokens while retaining liquidity, enabling them to engage in various decentralized finance (DeFi) activities.
The platform operates by allowing users to delegate their BONE tokens to validators. In return, users receive an LSD token named knBONE, representing their staked BONE. This token not only signifies ownership but also serves as Shibarium’s gas fee token. Lucie emphasized the benefits of this approach, noting that it “ensures that your BONE stays liquid, providing more flexibility compared to traditional staking methods.”
Buzz, the main developer of K9 Finance, remarked on the significance of their product in the DeFi landscape by stating it’s about “earning more and effectively ‘putting your BONE to work.'” Furthermore, the K9 product contributes to the SHIB token burns, acting as a catalyst for Shibarium adoption and increasing the burn rate of SHIB tokens as more users engage with the platform.
In addition to K9 Finance, Shibarium currently has three other official partners: the Naples-based fast food restaurant Welly, Shibarium developer Unification, and the Artificial Intelligence-focused project Bad Idea AI. These partnerships are part of the Shiba Inu ecosystem team’s efforts to expand its ecosystem and increase the traction of the SHIB token.
Recently, the K9 project team announced the successful completion of its native token presale, named KNINE. The event reportedly sold out, with the demand for KNINE tokens during the presale surpassing the supply. The team is now gearing up for the KNINE token generation event, which is described as its next significant milestone.
At press time, SHIB traded at $0.00000904. Recently, the SHIB price has managed to stay above the 0.236 Fibonacci retracement level ($0.00000878) and larger trend line (blue line). But now, it needs to break out of the descending channel to spark new bullish momentum.
Original source: Bitcoinist