- February 8, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The Shiba Inu (SHIB) team has shown their commitment to constantly building the ecosystem, and that hasn’t changed, going by recent developments. One of these recent happenings includes a partnership that could end up being really beneficial for the SHIB token.
Update On Shibarium’s Partnership With K9 Finance
Shiba Inu’s Marketing Lead, Lucie, revealed in an X (formerly Twitter) post that Liquid Staking Derivatives (LSD) were set to launch soon. LSD is being introduced for the BONE tokens as part of Shibarium’s recent partnership with K9 Finance, an LSD platform built on Shibarium. K9 Finance is expected to play a similar role to what Lido plays for Ethereum.
This move is believed to be very beneficial for the SHIB token, and its price as an increase in BONE’s utility equates to more SHIB tokens burned. As part of their roadmap, the Shibarium team had already committed to converting a portion of BONE (received as gas fees on the network) to SHIB and burning them as part of the community’s burn initiative.
Lucie also highlighted how this partnership will increase liquidity and participation in the Shibarium network. The LSD mechanism allows stakers to have access to their staked BONE tokens, which they can use for other transactions on the network. Meanwhile, more users will also be encouraged to stake their tokens, further strengthening the network in the process.
The Shibarium has also gained more attention recently, thanks in no small part to crypto data aggregator CoinGecko. The platform launched a page dedicated to the Shibarium ecosystem, which allows users to explore tokens native to the layer-2 network. This move puts more focus on Shibarium and can help attract more investors to the ecosystem.
Shiba Inu’s Lead Developer Might Be Up To Something
Kuro and some other SHIB community members were recently speculating on Shiba Inu’s lead developer, Shytoshi Kusama’s location. They highlighted how Kusama’s location had changed on different occasions, with the lead developer’s X profile showing that he was once in Hong Kong, Brazil, and Singapore.
Kuro, in particular, stated that Kusama was hinting at something about SHIB with the change in his locations. Meanwhile, another user suggested that the developer was likely on business trips, possibly to secure more partnerships for the Shiba Inu ecosystem and foster its growth.
Having been on some kind of hiatus from posting on the X platform, he recently released a cryptic post in which he simply said, “Confirming with the guys. Nice to meet you!” This post has further fuelled speculation that he might indeed be up to something.
