quick read
- K9 Finance has partnered with Shibarium, serving as an official network validator.
- The staking platform has introduced a DAO featuring its native token.
- Lead developers from Shiba Inu have joined K9 DAO as official advisors.
K9 Finance, the eagerly awaited Liquid Staking Derivatives (LSD) initiative on Shibarium, has unveiled KNINE, a fresh cryptocurrency designated as the project’s native token. With the market dynamics evolving, Shiba Inu (SHIB), now positioned among the Top 10 cryptocurrencies, is refocusing its efforts on enhancing the value proposition of Shibarium L2.
KNINE, the newly introduced token, has already captured the attention of crypto enthusiasts on X following an immediate triple-digit surge since its listing on the crypto price aggregator CoinMarketCap. Currently priced at $0.0001254, KNINE reached its initial significant all-time peak at $0.0002426 but has since retraced by 48%.
$KNINE token is now LIVE 🐶
Official Contract Address 👇
0x91fbB2503AC69702061f1AC6885759Fc853e6EaE
K9 Finance DAO is the Official Liquid Staking partner of the $SHIB blockchain: #Shibarium
▶️Official @Shibtoken Partner
▶️Official Shibarium Validator
▶️Fully decentralized DAO… pic.twitter.com/WS40SQLiy2— K9 Finance DAO (@K9finance) March 7, 2024
The future price trajectory of K9 Finance (KNINE) hinges greatly on the performance of Shibarium’s liquid staking initiative, which shares the same name. Although the K9 Finance dApp has not been launched yet, the developers have turned to X to disclose the official contract address of the new token. This move comes amidst a surge in counterfeit coins mimicking legitimate projects in recent times.
Shytoshi Kusama expresses admiration for the KNINE Initiative.
As Shibarium’s Total Value Locked (TVL) edges closer to the $2 million milestone, Shytoshi Kusama has stepped forward to commend the KNINE Initiative. In particular, Kusama acknowledges K9 DAO’s decision to appoint him and another notable Shibarium developer, Kaal Dhairya, as Official Advisors. This move aligns seamlessly with K9 Finance’s primary objective: to enhance liquidity within Shiba Inu’s Layer-2 infrastructure while introducing novel opportunities.
The addition of Kusama and Dhairya to the advisory team reflects K9 Finance’s commitment to fostering growth and innovation within the Shiba Inu ecosystem. Shibarium has experienced significant achievements in its initial six months, marked by the successful launch of decentralized exchange (DEX) platforms like MARSWAP and the introduction of various digital art collectibles curated by the passionate SHIB Army community.
Great to work with the team to bring more power to Shibarium. Another win in this incredible month! https://t.co/igbsx8pFhJ
— Shytoshi Kusama™ (@ShytoshiKusama) March 7, 2024
As of March 5, 2024, Shibarium L2 achieved a remarkable milestone, reaching a new peak of $2.25 million in Total Value Locked (TVL). This achievement has generated significant anticipation among members of the SHIB Army for the imminent introduction of the automated SHIB burn consensus to the public domain. Presently, the Shiba Inu burning mechanism is operational solely on the ‘Puppynet’ testnet, as developers meticulously finalize the necessary adjustments before the groundbreaking SHIB auto burns are rolled out on the mainnet.
