New Shiba Inu Ecosystem Token Arrives March 7: What To Know
The Shiba Inu Army can look forward to a new ecosystem token. The K9 Finance DAO founder, known as Buzz.Shib, has officially announced the launch date for the KNINE token. Scheduled for March 7, this marks a significant addition to the Shiba Inu family, promising to bring new functionalities and opportunities to its holders.
Buzz.Shib announced, “KNINE will launch March 7th. […] We will be originally launching the KNINE token on the Ethereum blockchain as an ERC20 token due to the architecture of how Shibarium validators are set up. When our product launches, […] we will be opening a bridge for KNINE to Shibarium. The K9 Platform will be built on Shibarium and the token will be cross-chain between Ethereum and Shibarium.”
What Is Shiba Inu’s K9 Finance?
K9 Finance is setting the stage for an innovative leap within the Shiba Inu ecosystem by introducing Liquid Staking Derivatives (LSD) focused on the BONE token. This groundbreaking approach aims to enhance liquidity and flexibility for stakeholders of BONE, the ecosystem’s reward and governance token.
K9 Finance’s model is inspired by successful platforms like Lido on Ethereum, offering a parallel in providing liquid staking solutions tailored to the Shiba Inu community. The platform will allow users to stake their BONE tokens through a validator node, contributing to network security and earning rewards.
Stakeholders will receive KnBONE tokens, representing their staked BONE. These can be traded or utilized within the ecosystem, offering liquidity without the need to unstake. The KnBONE tokens will serve various purposes, including trading, NFT minting, and liquidity provision on the Shibarium DEX, thus broadening the utility and engagement within the ecosystem.
Audit Completed
In preparation for its launch, K9 Finance has successfully completed a crucial step – a comprehensive smart contract audit. The audit was conducted by SourceHat, a reputable Web3 security firm, which examined the Token and Vesting contracts of K9 Finance.
According to the audit report, all previously identified issues have been resolved, and some centralized aspects remain, intended to be managed by a DAO multisig wallet. This step underscores K9 Finance’s commitment to security and trustworthiness in its offerings.
📣We have completed the Smart Contract Audit for the @K9finance Token and Vesting contracts!
⚪️New ERC-20 token and vesting platform
🟡Centralized aspects exist
🔵Worked with client to resolve all findingsPlease review the audit report in reply below 👇 pic.twitter.com/W0ITIkmZAe
— SourceHat – Web3 Security (@SourceHatLabs) February 24, 2024
What To Expect From K9 Finance?
Via X, Buzz.Shib outlined a compelling vision for what lies ahead, emphasizing the strategic importance of the platform’s integration with the broader Shiba Inu ecosystem. “With K9 Finance, we’re not just launching a token; we’re introducing a whole new way to maximize your yield in the DeFi space,” explained Buzz.Shib.
He elaborated on the mechanics, noting, “By staking KNINE, users can directly contribute to the security and efficiency of Shibarium, while earning BONE with enhanced liquidity through KnBONE tokens.”
Buzz.Shib also provided some insightful projections that highlight the potential scale of impact K9 Finance could have. He detailed, “Currently, there’s a combined total of 35.5 million BONE staked or delegated, worth about $22 million. With K9 Finance, we offer these participants a more attractive yield proposition. They could immediately benefit from higher yields and receive a liquid staking token, directly increasing Shibarium’s TVL.”
He further speculated on the growth potential, stating, “If we align with industry-standard metrics, considering the current BONE market cap of approximately $155M, we could see $50M of BONE flow into K9 Finance. This would result in the minting of $50M worth of KnBONE tokens on Shibarium, significantly enhancing immediate liquidity.”
Buzz.Shib concluded with a bullish outlook, “This could potentially escalate Shibarium’s TVL by over 50 times from its current level. The scale of this impact could be a game-changer for the Shibarium ecosystem, making me incredibly optimistic about our future.”
At press time, SHIB traded at $0.000013.
Featured image from K9 Finance, chart from TradingView.com
