ShibaSwap is now set to launch liquid staking, referring this enhancement as the next evolution in decentralized finance.
The Shiba Inu decentralized exchange (DEX), ShibaSwap, is preparing for a significant upgrade with the eagerly awaited launch of liquid staking.
This announcement was made over the weekend by Shibarium Updates (@Shibizens), an X channel dedicated to sharing news about the Shibarium ecosystem.
For more updates and insights into the crypto space, consider subscribing to a crypto newsletter.
The channel highlighted that “liquid staking is coming to ShibaSwap”.
The details of this upgrade were revealed on Shiba Inu’s newly rebranded website.
The liquid staking feature will allow users to stake their tokens on ShibaSwap while still maintaining liquidity.
This means users can earn rewards on their staked assets without losing access to them.
When users stake their tokens, they will receive liquid tokens that represent their staked assets, which can be used for trading or as collateral on other DeFi platforms.
In the case of ShibaSwap, users who stake their TREAT tokens will receive liquid Treat tokens (veTREAT).
These tokens not only represent their staked assets but also provide governance rights, allowing holders to influence the distribution of rewards for liquidity mining.
It’s important to note that TREAT tokens are not yet publicly available.
Another exciting feature in the pipeline is the Karma Point system, where users can earn points by engaging in various activities, such as transferring Shiba Inu ecosystem tokens (SHIB, BONE, LEASH, and TREAT) or providing liquidity on ShibaSwap.
These Karma points will enhance users’ voting power within the upcoming Shib Doggy DAO, which is expected to launch before the end of next year, giving token holders a say in important decisions regarding the Shiba Inu ecosystem.
As for the specific launch date for liquid staking on ShibaSwap, the team has not yet provided a timeline.
In the meantime, users looking to stake their tokens can do so on K9 Finance, a Shibarium-based platform specializing in liquid staking and derivatives.
K9 Finance has already seen considerable activity since its launch on September 18, with 248 stakers having staked over 2.42 million BONE tokens, and its liquid staking token, knBONE, currently has a market cap of $1.45 million.
ShibaSwap has undergone significant upgrades since its initial launch on Ethereum in July 2021, transitioning to Shibarium earlier this year.
This change has enabled users to swap tokens between the Ethereum and Shibarium networks while also increasing SHIB token burns.
In October, the Shiba Inu development team launched ShibaSwap 2.0, introducing features such as seamless migration and centralized liquidity pools, further enhancing the user experience on the platform.
For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Follow us on CoinMarketCap.
Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
About The Author
Leave your thoughts below
Read Daily Market News – https://franknez.com/ for more news and updates like this