Welcome to K9 Finance DAO! đź‘‹

We are so glad you joined us.

K9 Finance DAO

Forum for submitting and discussing K9 Finance DAO Proposals

K9 Finance DAO is a community that builds a liquid staking service for Shibarium. K9 allows users to earn staking rewards without locking assets or maintaining staking infrastructure, using a selection of carefully vetted validators.


1. What is K9 Finance DAO?

K9 Finance DAO is building the liquid staking framework for Shibarium, which will launch in Q3 2024. Shib launched their layer 2 blockchain (Shibarium) this past summer. In essence, K9 Finance is bringing DeFi to Shib.

This allows for users to delegate to validators, while receiving a token in exchange on Shibarium that can be used for all DeFi activity while earning yield. This immediately will increase TVL, reduce the need to bridge assets, and contribute to DeFi activity and transaction volume by giving a framework for other developers to build on top of.

2. How does K9 work?

When staking with K9, users deposit BONE and receive knBONE on a 1:1 basis representing their staked BONE. knBONE can be used like regular BONE to earn yields and lending rewards. There are no lock-ups or minimum deposits required when staking with K9.

3. What is liquid staking?

Staking protocols that offer liquidity enable participants to obtain staking rewards without the need to immobilize their assets or handle the technicalities of staking setups. Participants can contribute their tokens and, in exchange, acquire tradeable liquid tokens. These tokens are staked by staking providers selected through the DAO-governed smart contract. Since the DAO oversees the participants’ funds, the staking providers do not have immediate access to the participants’ assets.

4. What is knBONE?

knBONE is a token that represents staked BONE in K9, combining the value of initial deposit + staking rewards. knBONE tokens are minted upon deposit and burned when redeemed. knBONE token balances are pegged 1:1 to the BONE that is staked by K9. knBONE token’s balances are updated when the oracle reports change in total stake every day.

5. What is KNINE?

KNINE has 2 main purposes: The first being membership to the K9 DAO to guide and vote on key decisions for the project. The second being an ability to stake KNINE to earn DAO fees & validator revenue.

6. How is K9 Finance secure

K9 is a secure liquid staking solution for a number of reasons:

  • Use of DAO for governance decisions & to manage risk factors.
  • Open-sourcing & continuous auditing of all code.
  • Committee of elected, best-in-class validators to minimize staking risk.
  • Use of non-custodial staking service to eliminate counterparty risk.

7. What is the benefit of liquid staking

Traditional staking requires the setup and upkeep of complicated hardware, and runs the risk of penalties for mistakes (slashing). When using a liquid staking provider such as K9, there is no hardware requirement, minimum staked requirement, and importantly no risks to losing yield for errors/mistakes. Liquid staking also provides the foundation of DeFi on any successful blockchain, which is why it’s so important for K9 to bring liquid staking to Shibarium.

8. What are the risks of staking with K9?

Smart contract risk exists with all projects. There is always an inherent risk of bugs or vulnerabilities. K9 Finance DAO code is open sourced and regularly audited to minimize this risk. There are also ongoing bug-bounty programs.

K9 is build on experimental technology under active development, and there is no guarantee that ETH 2.0 or Shibarium have been developed error free. Any vulnerabilities on ETH 2.0 or Shibarium bring inherent risk to K9.

The value of KNINE and success of knBONE are predicated on the adoption/growth of Shibarium. If Shibarium fails to adopt a critical mass of users over time, K9 could experience significant challenges and the value of KNINE could fluctuate.

BONE staked via the K9 Finance DAO is held across multiple accounts backed by a multi-sig wallet implementation to minimize custody risk. If enough signatories on the multi-sig get hacked or go rogue, inherent risk exists for the K9 Finance DAO and all it’s participants.

All validators run the risk of slashing events. K9 operates validators with best practices in mind, using an experienced industry team, and only approves validators with strong reputations and heterogeneous setups.

9. What are the proposal guidelines for K9?

See https://www.k9finance.com/governance/guidelines

10. What is the governance process for the K9 Finance DAO?

See https://www.k9finance.com/governance

11. Where can I find the litepaper?

See Litepaper

Here are some things you can do to get started:

:speaking_head: Introduce yourself by adding your picture and information about yourself and your interests to your profile. What is one thing you’d like to be asked about?

:open_book: Get to know the community by browsing discussions that are already happening here. When you find a post interesting, informative, or entertaining, use the :heart: to show your appreciation or support!

:handshake: Contribute by commenting, sharing your own perspective, asking questions, or offering feedback in the discussion. Before replying or starting new topics, please review the Community Guidelines.

If you need help or have a suggestion, feel free to ask in Site Feedback or contact the admins.