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Liquid Staking Solution for Shibarium Blockchain
Client: K9 Finance
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K9 Finance is a decentralized liquid staking protocol specifically developed for the Shibarium blockchain ecosystem and governed by a decentralized autonomous organization (DAO). The platform’s focus is on creating accessible, flexible staking opportunities for users of the Shibarium network by leveraging liquid staking solutions.
About the Client:
The project aimed to establish a seamless liquid staking experience on the Shibarium blockchain, enabling users to stake their ERC20 BONE tokens on Ethereum and receive knBONE tokens on Shibarium. The goal was to streamline the staking process without requiring users to manage their own staking infrastructure, thus expanding participation in staking while enhancing the utility and security of the Shibarium ecosystem.
Project Overview:

Challenges & Objectives

The key requirements of the K9 Finance team included:
  • Liquid Staking Mechanism: Developing a system where users could stake BONE tokens on Ethereum and receive knBONE tokens on Shibarium, allowing them to maintain liquidity and control over staked assets.
  • Validator Delegation: Ensuring a secure staking process by delegating BONE tokens to a set of validators approved by the K9 Finance DAO.
  • Cross-Chain Integration: Enabling the transfer of staking rewards and user interactions across Ethereum and Shibarium blockchains.
  • User-Friendly Interface: Crafting an intuitive interface that simplifies staking and token management for the end user.
Implementation
To realize this project, K9 Finance utilized cutting-edge technologies and blockchain infrastructure:
01
ERC20 Staking on Ethereum
Users are able to stake BONE tokens on the Ethereum mainnet, enabling widespread access to the staking process.
02
knBONE Liquid Token Deployment
We introduced the knBONE token on Shibarium, allowing users to redeem staking rewards while retaining flexibility over their assets.
03
Validator Delegation System
BONE tokens are delegated to a select group of validators, carefully chosen by the DAO, ensuring network security and optimized staking returns.
04
Cross-Chain Protocols
Custom cross-chain protocols were implemented to allow smooth operations and secure transfers between Ethereum and Shibarium, enhancing interoperability within the K9 Finance platform.

Outcomes & Business Impact

The liquid staking protocol developed for K9 Finance successfully delivered on its objectives, providing a secure, efficient, and user-friendly staking experience:
  • Increased User Engagement: By enabling liquid staking, K9 Finance opened new opportunities for users to participate in staking without losing liquidity, making it a highly attractive solution within the Shibarium ecosystem.
  • Enhanced Network Security: Validator delegation by the DAO added an extra layer of security, ensuring only trusted validators could participate.
  • Streamlined Experience: With the cross-chain integration between Ethereum and Shibarium, users could effortlessly manage their tokens and staking rewards, aligning with K9 Finance’s vision for accessible, decentralized staking solutions.
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