- K9 Finance DAO opens doors to the BONE Crusher on Shibarium’s mainnet.
- The app comes packed with liquid staking opportunities via BONE & KNINE.
- The bi-folded approach helps maintain liquidity, as evident in the rising TVL.
Shibarium’s official Liquid Staking Derivatives (LSD) partner, K9 Finance DAO, has set its highly-anticipated BONE Crusher dApp afloat. On September 18, 2024, the mainnet of this LSD product went live, garnering immediate recognition from enthusiasts on Shiba Inu’s L2 blockchain.
BONE Crusher Is Pivotal for Shibarium’s Growth
In Shibarium’s case, the platform employs Bone ShibaSwap (BONE) for staking across multiple decentralized platforms simultaneously.
The name BONE Crusher stems from the Latin Borophaginae, a predecessor to modern-day canines. Unlike the already extinct Hesperocyoninae, the Borophaginae were labeled as “bone-crushing dogs” due to their strength. This alludes to the K9 Finance project’s long-term goal of adding long-lasting power to Shibarium by providing liquidity and securing the transactions on-chain via a validator node.
Getting to Know Shibarium’s Liquid Staking dApp
To get started, a step-by-step guide released by K9 Finance DAO’s team asks users to configure the decentralized crypto wallet with two networks, Shibarium and Ethereum. You can skip to the next step if this was done before BONE Crusher’s launch.
That’s where the fun part begins—Shibarians can choose from one of four main products on K9 Finance’s decentralized application (dApp). The liquid staking section requires Ether or BONE, which can be undelegated from the Shibarium ETH validator.
Once staked on the Liquid Staking page, you can receive $knBONE automatically, which can be instantly used for farming in the K9 Finance DAO platform on Shibarium. Traders are also eligible to use the Real Yield Staking page with KNINE, the native token of K9 Finance DAO. KNINE can be acquired on Shibarium DEX and is available for dynamic and locked staking with accelerated APRs.
Finally, the BONE Crusher dApp provides two sections for advanced users. These users can farm their own liquidity pools or vest using the $esKNINE token for even juicier Bone ShibaSwap rewards.
As the first-hour results came in, 62.3B KNINE tokens were bridged to Shibarium L2. Aside from KNINE, the liquid-staked BONE tokens breached the $475,000 mark in the first hour of BONE Crusher’s existence.
Bringing a $850,000 injection to Shibarium’s total value locked (TVL), this has boosted Shibarium’s overall liquidity landscape by a landslide. At the time of publication, Shibarium’s TVL has soared by over 4% in a day, comprising $1.21 million a day into the BONE Crusher’s launch.
On the Flipside
- Both associated tokens, KNINE and BONE, gained single-digit percentage points after BONE Crusher went live on the main net.
- However, K9 Finance DAO’s KNINE token is still 96.2% away from its all-time high of $0.0003468, reached on March 10, 2024.
- Shibarium L2’s official gas fee token, Bone ShibaSwap (BONE), is also far from its all-time peak of $15.50.
Why This Matters
Bringing unprecedented functionality to Shibarium’s blockchain puts Shiba Inu beyond a regular meme coin with little utility. At the same time, the community has a safe environment to indulge in liquid DeFi staking.
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