Shibarium ecosystem developer K9 Finance has announced it will launch a new KNINE utility token on March 7, 2024. The announcement comes as SHIB flirts with the $0.00001 level after a resurge in interest in February.
SHIB could touch $0.00001 after the Shibarium ecosystem announces the launch of the KNINE rewards token.
KNINE Holders Will Crunch on BONE Rewards
The token generation event will occur on March 7, 2024, following KNINE’s integration with CoinGecko and CoinMarketCap yesterday. Holders of newly minted KNINE tokens will be rewarded with BONE earned from validating Shibarium transaction blocks. The k9 Finance Decentralized Autonomous Organization (DAO) announced on Jan. 31 that its KNINE token presale sold out and confirmed the token generation as its next major event.
Read more: Top 5 Initial Coin Offerings (ICOs) To Watch For in 2023
Following the March 7 event, the K9 Finance team will make the code available for auditing and bug checks before deploying it on the Hesperocyoniae testnet. Developers will follow this with integrations with the Shibarium Bridge and the Shibaswap decentralized exchange before releasing the final version. More details on the partnership between K9 Finance and Shibarium will likely be revealed in a Twitter Spaces gathering on Feb. 21.
K9 Finance is a liquid staking derivatives platform destined for SHIB’s Web3 ecosystem, Shibarium. The platform will allow users to stake their BONE tokens to secure the network and receive the knBONE liquidity token. The upgrade is part of the Shiba Inu community’s move towards a Web3 nation-state, which lead developer Shytoshi Kusama revealed in January.
SHIB Developments Fuel $0.00001 Prospects
The recent SHIB token developments have generated excitement that could soon see its price lose one zero. The token trended toward $0.00001 earlier this week as developer LUCIE offered a tentative timeline for the anticipated Shibarium upgrade.
LUCIE confirmed that developers are developing new SHIB and BONE token utilities that should roll out as part of a larger upgrade by the end of 2025. In addition, new decentralized apps will destroy SHIB tokens to supplement the burn of SHIB transaction fees.
LUCIE also confirmed a new collection of NFTs built using the embryonic ERC-404 token standard. The new token standard combines the fungibility of an ERC-20 token with the ERC-721 standard used for rare but relatively illiquid NFTs. ERC-404 came to prominence after the release of the PANDORA token.
LUCIE also announced the ‘Sheboshis’ collection that will complement the 10,000-piece Shiboshis collection. NFT buyers can trade Sheboshis on Shibaswap and Uniswap on a date announced on the Shibarium Discord.
Read more: ERC-404 Tokens: A Complete Guide
LUCIE also said that current holders of the Shiboshi pieces will be eligible for a free claim. This could allow the ERC-404 standard to gain traction, given the popularity of Shiba Inu.
“…Shiboshis holders are getting a free claim. Remember, Sheboshis NFTs are not launched yet. Please join our Discord and Telegram for more information. In short, ERC-404 and #SheboshisNFT bring excitement and real value to the NFT world,” LUCIE said.
BeInCrypto has reached out to LUCIE for comment but has yet to hear back at press time.
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