K9 Finance DAO, the official liquid staking partner of Shiba Inu, has put forward a proposal to burn 410 million KNINE tokens. The move is to commemorate Ethereum co-founder Vitalik Buterin’s historic burn of Shiba Inu (SHIB) tokens in 2021.
The Proposal and Community Engagement
The initiative by K9 Finance aims to pay tribute to Buterin’s notable action. Three years ago, the Ethereum co-founder carried out a burn of a significant portion of SHIB tokens gifted to him by the pseudonymous founder, Ryoshi.The tokens at the time was worth $6 billion per Coindesk report.
This symbolic gesture from Buterin significantly contributed to SHIB’s rise to prominence. The gesture culminated in an all-time high of $0.00008845 in October 2021.
The proposal from the K9 Finance team outlines the intention to obtain the 410 million KNINE tokens for burning. This sum comes from the allocation designated for marketing purposes within the Treasury.
⚡️Snapshot Voting Now Live⚡️
The Roundtable of Dogs met to discuss all proposals in the DAO forum. 2 are NOW LIVE for all $KNINE holders to vote on 👇
1⃣Burn $KNINE to honor @VitalikButerin burning $SHIB in the month of May 2021 🔥
2⃣Treasury… pic.twitter.com/U5icMhbjv2
— K9 Finance DAO (@K9finance) May 13, 2024
Interestingly, community participation is pivotal in this decision-making process. The K9 community members are required to cast their votes either in favor (“Yes”) or against (“No”) of the proposal.
Shiba Inu: Community Consensus and Market Response
Currently, an overwhelming 77.32% of total votes support the burning of 410 million KNINE tokens to honor Buterin’s SHIB burn. The “Yes” votes represent a substantial 6.9 billion KNINE tokens.
Conversely, 22.68% of total votes oppose the proposal, with “No” votes totaling 2 billion KNINE tokens. The voting period is set to conclude on May 18.
Notably, the proposed burn of 410 million tokens constitutes only a fraction of KNINE’s total supply, which stands at 1 trillion tokens. Despite the significant support for the proposal, with 77.32% “Yes” votes, the market performance of KNINE has seen a decline of 3.98% over the past day. It is trading at $0.00002958.
With less than 4 days to the end of the proposal period, the “Yes” voters might eventually have their way. The outcome will shed light on the community’s sentiment regarding the tribute to Buterin’s SHIB burn and its potential impact on KNINE’s ecosystem and market dynamics.
Meanwhile, Shiba Inu ecosystem tokens are uniting ahead of the potential launch of the Shibarium L3 protocol to enhance utility.