• 28 May, 2024
News

Shiba Inu Partners with K9 Finance DAO to Boost Shibarium’s Economic Activity

Shiba Inu has designated K9 Finance DAO as a critical component in its efforts to expand Shibarium’s economic activities. According to a recent X post by the Shiba Inu team, K9 Finance DAO’s role as Shibarium’s official liquid staking partner is anticipated to drive significant increases in the network’s total value locked (TVL) and trading volume.

The Shiba Inu team envisions K9 Finance DAO playing a pivotal role, similar to the influence Lido Finance has on the Ethereum blockchain. Lido Finance is the leading liquid staking platform on Ethereum, with a TVL of $30.46 billion, based on data from DeFiLlama. By leveraging K9 Finance, Shibarium aims to replicate Lido’s success and bolster its ecosystem’s growth.

Shiba Inu’s upcoming blockchain projects have attracted significant investor interest. On April 22, Shiba Inu’s pseudonymous marketing lead, Lucie, announced that the ecosystem team had secured $12 million in funding for future developments. Notable investors in this funding round included prominent venture capital firms like Animoca Brands, Comma 3 Ventures, and Stake Capital. These funds are expected to support Shibarium’s expansion and further integration of K9 Finance into the Shiba Inu ecosystem.

Shiba Inu (SHIB) has seen notable price growth, with its value reaching $0.00002724, a 3.53% increase in the last 24 hours and a 24.73% increase over the past 7 days. The 24-hour trading volume stands at $732,475,704.19, reflecting significant market activity. With a circulating supply of 590 trillion SHIB, Shiba Inu’s market capitalization is approximately $16 billion.

SHIB’s recent price surge has outperformed the broader cryptocurrency market, which is up 9.80% over the last week. It has also surpassed the growth of similar cryptocurrencies in the Ethereum ecosystem, which recorded an average increase of 12.70%. The rapid growth in SHIB’s value and the strategic partnership with K9 Finance DAO signal promising prospects for Shibarium’s future development and overall success.

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