Shiba Inu Team Says Launching K9 Finance Liquid Staking On Shibarium Tomorrow: Are SHIB Burns Set To Accelerate From Here On Now?
By Benzinga
The official Shiba Inu (CRYPTO: SHIB) account on X has announced that tomorrow at noon EDT, the highly anticipated liquid staking platform, K9 Finance, will launch on the Shibarium network.
What Happened: This new platform will allow users to engage in liquid staking for Bone ShibaSwap (CRYPTO: BONE), a key token in the Shiba Inu ecosystem.
The introduction of liquid staking is expected to significantly benefit SHIB by increasing both the total value locked on Shibarium and the transaction volume on the network, according to the post. These factors are crucial for accelerating SHIB token burns, which reduce the circulating supply and potentially enhance the token’s value over time.
Liquid staking is a mechanism that allows users to earn ETH staking rewards while keeping their assets liquid. Traditionally, when participating in proof of stake networks, users would lock up their assets for the opportunity to contribute to network security and earn staking rewards. However, the process of traditional staking results in illiquid assets and missed opportunities for investors.
Why It Matters: The launch of Shibarium’s liquid staking platform comes at a crucial time for the cryptocurrency market. Prominent trader Michaël van de Poppe recently predicted a significant bull run in the cryptocurrency market, coinciding with the Federal Reserve’s upcoming interest rate decision.
Additionally, the broader cryptocurrency market, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE), has been trading higher ahead of the Federal Open Market Committee meeting.
In another notable development, former President Donald Trump has entered the DeFi space with the launch of World Liberty Financial (WLFI). This new platform aims to capitalize on the growing interest in decentralized finance and blockchain technology.
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Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
