Shiba Inu Revolutionizes DeFi with Liquid Staking on ShibaSwap – BitRss

Shiba Inu’s decentralized exchange (DEX), ShibaSwap, is set to introduce liquid staking, marking a significant upgrade. The announcement came from Shibarium Updates (@Shibizens), a prominent X channel focused on the Shibarium ecosystem.

“Liquid staking is coming to ShibaSwap,” the channel stated, calling it the next step in decentralized finance (DeFi) innovation. The announcement aligns with information on Shiba Inu’s newly rebranded website.

How Liquid Staking Works

Liquid staking allows users to stake tokens while maintaining liquidity. This means users can stake tokens on ShibaSwap, earn rewards, and still access their locked assets. Upon staking, users receive liquid tokens representing their staked assets, which can be traded or used as collateral on other DeFi platforms.

Related article: Shiba Inu’s Developer Sets the Record Straight on Shiba Eternity

For ShibaSwap, stakers of TREAT tokens will receive liquid Treat tokens (veTREAT). These tokens not only represent user stakes but also grant governance rights, enabling holders to influence reward allocations for liquidity mining. However, TREAT is not yet available for public use.

ShibaSwap’s update will also introduce a Karma Point system. Users can earn points by participating in specific activities like transferring Shiba Inu ecosystem tokens (SHIB, BONE, LEASH, and TREAT) or providing liquidity on the DEX. Accumulated Karma points will enhance users’ voting power within the upcoming Shib Doggy DAO.

Although the Shib Doggy DAO is not yet live, developers plan to launch it before the end of next year. This DAO will allow token holders to vote on key Shiba Inu-related initiatives.

Current Liquid Staking Option via K9 Finance

While ShibaSwap’s date remains undisclosed, users can currently stake tokens through K9 Finance, a liquid staking platform based on Shibarium. The platform serves as the official liquid staking partner of the Shiba Inu ecosystem.

Related article: Shiba Inu’s K9 Finance Set to Transform Staking with New Platform

Since its launch on September 18, K9 Finance has attracted 248 stakers who have collectively staked 2.42 million BONE tokens. K9’s liquid staking token, knBONE, has a market cap of $1.45 million as of press time.

Since its launch on Ethereum in July 2021, ShibaSwap has undergone several key upgrades. It transitioned to Shibarium earlier this year, transforming into a multi-chain DEX. This change allowed users to swap tokens between Ethereum and Shibarium networks while supporting SHIB token burns.

In October, Shiba Inu’s development team launched ShibaSwap 2.0, introducing features like seamless migration and centralized liquidity pools. These upgrades aim to enhance user experience and drive greater participation in the Shiba Inu ecosystem.

The post Shiba Inu Revolutionizes DeFi with Liquid Staking on ShibaSwap appeared first on FXcrypto News.