Shiba Inus Burn Rate to Soar Amidst Liquid Staking Platform Launch
Shiba Inu partner firm K9 Finance will launch the official liquid staking platform for Shibarium on September 19. This move is set to enable liquid staking for BONE tokens, fuelling SHIBs burn rate by ramping up both total value locked (TVL) and transaction volume on the Shibarium network.
Burning SHIB tokens is a key mechanism for reducing the total supply and potentially driving up the tokens value. By increasing the total value locked [TVL] on the layer-2 protocol, liquid staking could attract more investors and enhance the networks overall security. With a rise in transaction volume on Shibarium, the burn rate for Shiba Inu could see a marked increase.
Besides that, sending a portion of SHIB tokens to dead wallets directly reduces the total supply, which in turn could drive up its value. Not long back, SHIBs burn rate jumped by a whopping 3,348%, incinerating 7.8 million tokens in just 24 hours. The surge in burning activity came in as a pleasant surprise for the community as it helped reduce the inflationary pressure on the meme coin.
Will Liquid Staking Fuel Shiba Inus Price Surge?
Despite its price drop in tandem with the burn event, SHIBs reduced sell-offs, and a positive trend in staking hints of a potential price recovery soon. Market experts believed that widespread adoption of Liquid staking, with time, could further accelerate these burn events, potentially leading to a robust price rally for SHIB in the future.
Having said that, Shibariums liquid staking platform has secured the attention of both the SHIB community and the wider crypto space. As the Shiba Inu ecosystem continues to evolve, liquid staking could be the lead catalyst in maintaining momentum for the tokens deflationary goals. Whether the price growth remains to be seen, liquid staking is undoubtedly a cornerstone of SHIBs future.
With the K9 Finance team gearing up to launch the official liquid staking platform on Shibarium, the community eagerly awaits the potential boost in SHIB burns and network activity.
Read more: https://www.tronweekly.com/shiba-inu-burn-rate-soar-liquid-staking-launch/
Text source: TronWeekly
