K9 Finance, the partner of Shibarium blockchain known for its liquid staking services, has recently announced the successful approval of four key governance proposals. These proposals were voted on by the KNINE community and received overwhelming support.
One of the approved proposals involves a modification to the tax structure on KNINE tokens. The new model eliminates taxes on purchases and introduces a 3% tax on sales, encouraging both new investments and long-term commitment to the platform.
Additionally, the community agreed on a monthly operational budget of $25,000 for the next six months. This funding will be used to ensure the stability and functionality of the K9 Finance platform.
Furthermore, a monthly development budget of $50,000 for the next six months was approved by the K9 Finance DAO with a 75.88% vote. This funding will be dedicated to advancing the technical development of the platform, focusing on improving existing features and expanding capabilities.
In terms of marketing, the community also voted in favor of a $30,000 per month budget for the next six months, with an approval rate of 83.02%. This budget will be utilized to raise awareness of the platform and attract new users.
The results of these proposals reflect overwhelming support from the community, with quorum levels ranging from 508% to 601%. The approved changes are expected to take effect within one to three business days.
It is worth noting that the progress made by K9 Finance will have a positive impact on the Shiba Inu ecosystem, as the two entities are partners. Buzz.shib, a co-founder of K9 Finance and a developer advocate for Shiba Inu, emphasized the significance of this progress in achieving competitive staking rates for BONE.
As part of their partnership, K9 Finance has appointed Shiba Inu ecosystem developers Shytoshi Kusama and Kaal Dhairya as advisors. The roadmap for the launch of K9 Finance on Shibarium was also released by the team earlier this month. Buzz previously explained the benefits of K9 Finance for Shibarium amidst ongoing inquiries.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
