K9 Finance has announced that KNINE tokens are now bridgeable to Shibarium, SHIB’s Ethereum Layer 2.
This development allows users to utilize KNINE tokens on Shibarium through the official SHIB bridge, enhancing trading opportunities with upcoming ShibaSwap support.
Discover how this can impact the SHIB ecosystem and what to expect next.
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KNINE Tokens Can Now Be Bridged to Shibarium
On July 9, 2024, K9 Finance, a project developing decentralized finance (DeFi) platforms related to Shiba Inu (SHIB), announced that KNINE tokens can now be bridged to Shibarium, SHIB’s Ethereum Layer 2 (L2).
K9 Finance is creating a Shibarium-based DeFi platform that offers “liquidity staking” services, allowing users to earn rewards by operating tokens such as $knBONE.
The project has issued KNINE tokens, an Ethereum-based governance token. The recent announcement reveals that KNINE tokens are now usable on the Shibarium network and can be bridged to Shibarium via the official SHIB bridge.
Furthermore, trading on the decentralized exchange (DEX) ShibaSwap is expected to be possible starting this Wednesday, with more announcements planned.
KNINE Bridge Now Available on SHIB Official Website
The SHIB official bridge, mentioned in the announcement, is available at https://shibarium.shib.io/bridge.
This service allows mutual transfers of SHIB-related tokens between the Ethereum and Shibarium networks. Currently, the site also supports mutual transfers of KNINE tokens.
To convert KNINE on Ethereum to KNINE on Shibarium, use the “Deposit” tab. To convert KNINE on Shibarium to KNINE on Ethereum, use the “Withdraw” tab.
Although Ethereum (ETH) has high gas fees, making frequent transactions inconvenient, Shibarium offers a fast and low-cost transaction environment. Utilizing KNINE on Shibarium allows for easy and affordable trading and transferring of KNINE tokens.
If ShibaSwap supports KNINE tokens on Shibarium, it will facilitate easy exchanges of KNINE tokens for other tokens on the Shibarium network.
This could lead to increased trading activity for KNINE, expanded use of Shibarium, and more SHIB burns.
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