The Shiba Inu community is abuzz with the potential of K9 Finance, a new partner aiming to boost the utility and value of the Shiba Inu ecosystem, particularly its Shibarium network.
The partnership has sparked discussions and excitement surrounding K9 Finance’s ability to significantly impact Shibarium’s Total Value Locked (TVL) and the BONE token.
👇👇👇👀🧐🫡 https://t.co/tSqU45VnSv
— Shytoshi Kusama™ (@ShytoshiKusama) March 1, 2024
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A key aspect of K9 Finance’s proposition is its focus on unlocking the potential of the BONE token. Currently, many BONE holders earn a meager 5% APY (annual percentage yield) on platforms like ShibaSwap and Ethereum.
K9 Finance aims to incentivize BONE staking by offering a significantly higher APY on their Shibarium-based platform. This increased yield could attract more users to stake their BONE tokens, boosting the overall utility and demand for the token.
Introducing knBONE: Staking with Flexibility
K9 Finance introduces knBONE, a novel liquid staking token. Unlike traditional staking methods that lock up your tokens, knBONE represents the value of staked BONE, allowing users to retain liquidity while earning staking rewards.
This means users can stake their BONE and receive knBONE tokens, which can be used for other DeFi activities. For example, users staking $200 worth of BONE would receive an equivalent value in knBONE, enabling them to participate in other DeFi opportunities while their BONE continues to accrue rewards.
K9 Finance’s Proposal: A Game-Changer for Shibarium’s TVL?
K9 Finance’s proposal presents an intriguing possibility of significantly boosting Shibarium’s TVL. An analysis by K9 Finance founder Buzz.Shib suggests that if all currently staked BONE tokens (approximately $22 million) were migrated to K9 Finance, it would represent a 22-fold increase in Shibarium’s TVL.
Furthermore, Buzz.Shib estimates that if the community reaches the industry average TVL of $50 million, Shibarium’s TVL could potentially increase by 50 times.
Common question I get is "how big can @K9finance be for @Shibtoken" but more specifically $BONE & #Shibarium
Let's break it down
Note: these metrics are rough estimates $BONE delegated on ETH = 24 million$BONE staked on @ShibaSwapDEX on ETH (no APY) = 11.5 million
Average %…— Buzz.Shib | Shibarium (@buzzdefi0x) February 26, 2024
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Early Signs of Growth
While these projections are optimistic, Shibarium’s TVL has already experienced a 30% increase since the initial analysis, indicating early signs of growing interest in the platform. As of February 27, 2024, Shibarium boasts a TVL of $1.32 million, according to DeFiLlama.
With the launch of its native token, KNINE, scheduled for March 7, 2024, K9 Finance is poised to play a significant role in the development of the Shiba Inu ecosystem. The community closely watches the platform’s launch and its potential impact on the BONE token, Shibarium’s TVL, and the overall trajectory of the Shiba Inu project.
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