Shiba Inu’s official liquid staking partner, K9 Finance, has confirmed the launch of its highly anticipated liquid staking derivative (LSD) platform for September 18. The team shared the news through an X post, signaling the final stages of preparation for this major rollout on the Shibarium network.
Security Audit Clears K9 Staking Solution
Before launching, K9 Finance successfully completed a smart contract audit for its liquid staking and farming contracts. The audit, conducted by SourceHat, a well-known Web3 security platform, confirmed the security and readiness of K9’s staking solution.
Related article: Shiba Inu: K9 will burn 410M KNINE to honor Buterin’s SHIB burn.
To maintain transparency, the team also shared audit reports for both the liquid staking and farming contracts. With the audit complete, K9 Finance is moving forward with plans to launch its staking solution and farming contracts on September 18.
This rollout marks the second phase of the project’s launch. Following this, K9 Finance will introduce the final phase, Caninae, by the end of the year. The full version of the staking platform will then be live, delivering a fully decentralized liquid staking derivative solution.
Enhancing the Shiba Inu Ecosystem
K9’s liquid staking platform will enable Shiba Inu community members to lock up BONE tokens and earn rewards. Users will be able to swap staked BONE for K9’s liquid token, knBONE, which they can use throughout the Shibarium ecosystem. The platform aims to strengthen Shiba Inu’s utility and increase the security of its layer-2 blockchain, Shibarium.
Related article: Shiba Inu & K9 DAO Forge Key Alliance
K9 Finance expects its staking platform to significantly boost Shibarium’s total value locked (TVL). Earlier this year, K9’s founder, Buzz, predicted that the LSD dApp could increase Shibarium’s TVL by up to 50 times.
Currently, Shibarium’s TVL stands at $1.15 million, a sharp decline from its peak of $3.9 million in March. A projected 50x increase could bring the TVL to $58.65 million.
