- K9 Finance’s launching liquid staking on Shibarium could dramatically increase SHIB burns and BONE staking.
- The recent 3,348% surge in the SHIB burn rate highlights the token’s deflationary potential.
- Liquid staking boosts Shibarium’s TVL and transaction volume, directly fueling SHIB’s burn mechanism.
K9 Finance, the official liquid staking platform for Shibarium, is set to launch on September 19. The platform will enable liquid staking for BONE tokens, which is expected to boost SHIB’s burn rate by increasing both total value locked (TVL) and transaction volume on the Shibarium network.
This development is significant for the Shiba Inu ecosystem, as burning SHIB tokens is a key mechanism for reducing the total supply and potentially driving up the token’s value. By increasing the total value locked (TVL) on Shibarium, liquid staking could attract more investors and boost the network’s overall security. Coupled with a rise in transaction volume on Shibarium, the burn rate for SHIB could see a dramatic increase.
SHIB’s Burn Rate Surges 3,348%
Burning SHIB tokens bears a direct effect on reducing the total supply, which in turn could drive up its value. Recently, SHIB’s burn rate saw an astonishing 3,348% increase, eliminating 7.8 million tokens in just 24 hours. The surge in burning activity came in as a pleasant surprise for the community as it helped reduce the inflationary pressure on the meme coin.
Liquid Staking: Could This Unlock SHIB’s Price Potential?
While SHIB’s price recorded a minor dip alongside the burn event, the reduction in sell-offs and a positive trend in staking suggest a potential price recovery may be on the horizon. Liquid staking, if adopted widely, could further accelerate these burn events, potentially leading to a stronger price rally for SHIB in the future.
That said, Shibarium’s liquid staking platform has garnered significant traction from both the SHIB community and the wider crypto space. By staking BONE tokens, users can actively contribute to increasing TVL and transaction volumes, directly benefiting the SHIB burn rate.
Read also: SHIB Burn Rate Explodes: Prices to Turn Bullish?
As the Shiba Inu ecosystem continues to evolve, liquid staking could serve as a crucial catalyst in maintaining momentum for the token’s deflationary goals. Whether this will lead to sustained price growth remains to be seen, but one thing is clear: liquid staking is set to play a pivotal role in shaping SHIB’s future trajectory.
With the K9 Finance team preparing to launch the official liquid staking platform on Shibarium, the community eagerly awaits the potential boost in SHIB burns and network activity.
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