K9 Finance DAO, the official liquid staking partner of Shiba Inu, has launched an exciting new proposal that could result in the burning of 410 million KNINE tokens. This move is in tribute to Vitalik Buterin, the co-founder of Ethereum, who famously burned a significant amount of Shiba Inu (SHIB) tokens in May 2021.
To provide some context, Buterin initiated the burn after receiving 50% of Shiba Inu’s token supply as a gift from the token’s founder, Ryoshi. This burning of 410 trillion SHIB tokens, which accounted for 41% of the circulating supply at the time, played a crucial role in catapulting Shiba Inu into the limelight. Many investors flocked to the token, leading to its impressive surge to an all-time high of $0.00008845 in October 2021.
In light of Buterin’s impactful gesture, the K9 Finance team, which became an official liquid staking partner of Shiba Inu in February, has proposed burning 410 million KNINE tokens ($12,127) as a tribute to Buterin’s SHIB burn in 2021. To execute this proposal, K9 Finance plans to utilize the tokens allocated for marketing purposes within the Treasury. Community members of K9 Finance are currently voting on whether to proceed with the burn of the 410 million KNINE tokens.
At present, the majority of K9 community members support the proposal, with 77.32% of the total votes in favor of destroying 410 million KNINE tokens to honor Buterin’s SHIB burn. The “Yes” votes have accumulated a total of 6.9 billion KNINE tokens. Conversely, only 22.68% of the total votes are against the proposal, with the “No” votes amounting to 2 billion KNINE tokens.
It is worth noting that the proposed burn of 410 million KNINE tokens represents only a fraction of the token’s total supply of 1 trillion tokens. To provide further context, only 112.49 billion KNINE tokens are currently in circulation out of the total supply.
Despite the community’s support for the proposal, the KNINE token has experienced a 3.98% decline in value over the past day, currently sitting at $0.00002958.
In addition to the proposal to burn 410 million KNINE tokens, K9 DAO has also put forth plans to generate passive income by investing its Ethereum and stablecoin holdings in Lido Finance, Aave, and MakerDAO. Voting for this proposal began yesterday and will conclude on May 18, 2024. As expected, the majority of K9 community members are in favor of this initiative, with 93.84% of users voting “Yes” and only 6.16% opposing the proposal.
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