The recent advancements in decentralized finance (DeFi) are compelling, especially with K9 Finance and their association with the Shiba Inu community. Their latest achievements mark a significant stride in the liquid staking sector, showcasing noteworthy statistics and positive impacts on the Shibarium blockchain.
K9 Finance Celebrates a Major Milestone
In a noteworthy tweet, the official Shiba Inu X account marked the successful launch of K9 Finance’s innovative Liquid Staking and Derivative (LSD) platform, called Bonecrusher. This platform was launched on September 18, and it allows the community to stake their Bone ShibaSwap (BONE) tokens.
Remarkable Staking Performance
In just 48 hours since the launch, Buzz, the pseudonymous founder of K9 Finance, shared impressive statistics about the platform’s performance. Users eagerly staked a staggering 2.5 million BONE tokens on Bonecrusher, which translates to approximately 2,536,219 BONE tokens distributed among 171 users.
- Annual Percentage Rate (APR): The Bonecrusher staking solution offers a generous 33.6% APR for BONE staking.
- Investment in knBONE: In addition to staking BONE, users contributed $1.5 million to farm knBONE, the liquid staking token introduced by K9 Finance.
- Locked Circulating Supply: Buzz also revealed that 50% of the total circulating supply of KNINE has been locked for an average period of 10.5 months.
This achievement positions K9 Finance as Shibarium’s largest DeFi protocol in terms of total value locked (TVL).
Positive Developments for Shibarium
Buzz highlighted that Bonecrusher’s launch has led to a remarkable 82% increase in transaction volume on the Shiba Inu Layer-2 blockchain, Shibarium. Historical data from Shibariumscan corroborates Buzz’s claims, showing a substantial rise in daily transaction volume:
- September 18: Transaction volume reached 7,720, a 70% increase from the previous day’s figure of 4,540.
- Following Day: Transactions swelled to 11,360.
- Current Stats: As of now, Shibarium records a daily transaction volume of 8,210, bringing its total count to 418.22 million.
Further asserting its success, Buzz reported that Shibarium’s TVL is nearing a threefold increase in just 48 hours after Bonecrusher’s introduction.
“Truly humbling to play a small role in growing an ecosystem that is so nascent, yet ripe for opportunity,” commented Buzz, reflecting on the project’s rapid growth.
Community Response and Future Implications
The Shiba Inu team recognized Bonecrusher’s performance as remarkable, celebrating the significant milestone for the SHIB community. As more users engage with the staking solution, the resultant increase in Shibarium’s transaction volume could lead to higher SHIB burn rates.
The mechanism of burning SHIB, a process that reduces the circulating supply, may ultimately enhance the value of the remaining tokens in circulation. This growth potential highlights the ongoing evolution of the Shiba Inu ecosystem and its DeFi capabilities.
The impact of K9 Finance’s milestones extends beyond sheer numbers; it signifies momentum in a highly competitive market, paving the way for both user engagement and investment opportunities.
