Gushiken Yona
K9 Finance DAO, a decentralized autonomous organization, and the official liquid staking platform on Shiba Inu’s Shibarium has proposed a significant move to burn 410 million KNINE tokens in a bid to honor Ethereum co-founder and crypto genius Vitalik Buterin, the organization announced Tuesday.
Honoring Vitalik
K9 Finance DAO has proposed burning 410 million KNINE tokens from its treasury, specifically from the marketing allocation, to honor Vitalik Buterin’s significant burn of 410 trillion SHIB tokens on May 16. This move aimed to celebrate SHIB’s history and encourage unity among SHIB-related projects.
“K9 Finance DAO is proposing as the official liquid staking product for Shib that we burn 410M KNINE tokens from the treasury. These tokens would come from the marketing allocation within the treasury and will not have an impact on long-term operations,” the proposal read.
K9 Finance DAO views this as an opportunity to unite SHIB projects in a collective burn during the month, setting a precedent for other projects within the Shib ecosystem.
“An important catalyst in the success of Shib growing into a behemoth was the burn of 410 trillion Shib by Vitalik on May 16th, and K9 DAO sees an opportunity to unite Shib projects to celebrate and burn together during this month, honoring the history of Shib and setting the tone for other projects in the Shib ecosystem,” the proposal further underlined.
Symbolic Gesture in Crypto History
It may be recalled that three years ago, in May 2021, the crypto world witnessed a dramatic and symbolic gesture by Ethereum co-creator Vitalik Buterin. Unwillingly gifted half of SHIB’s total supply, Buterin made a decisive move by burning 90% of his holdings, worth approximately $7 billion.
He transferred over 410 trillion tokens to a dead blockchain address, effectively removing them from circulation in a single, unprecedented transaction. This act, driven by his desire to avoid becoming a central power figure, left the remaining 10% of his SHIB earmarked for charitable causes, underlining his commitment to ethical principles and decentralization.
Voting Process and Community Support
The voting system for the proposal to burn 410 million KNINE tokens is single-choice voting. It started on May 14, 2024, at 12:08 a.m. and will end on May 19, 2024, at 12:08 a.m. The snapshot for the vote was taken at block 19,862,183.
The proposal to burn 410 million KNINE tokens received strong support, with 83.32% of votes in favor, totaling 10 billion KNINE tokens, and 16.68% against, totaling 2 billion KNINE tokens. The quorum required for the vote was 5 billion KNINE tokens, and the total votes cast were 12 billion KNINE tokens, thus meeting the quorum.
This highlighted the significant approval for the proposed token burn within the K9 Finance DAO community.
Additional Proposals and Community Engagement
The official X account of K9 Finance DAO announced on the social media platform Tuesday that two proposals are now live for voting by KNINE holders. The first proposal suggests burning KNINE tokens to honor Vitalik Buterin’s SHIB burn in May 2021.
The second proposal involves managing the treasury by investing $ETH, $USDT, $USDC, and $DAI into $stETH and other money markets managed by Shima. Voting will be live for five days and end on May 18. Full meeting minutes are available for the community to review all proposals.
Read More
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- K9 Finance Drops Bone Crusher Update and Shibarium’s Puppynet Whitelisting
- Setting New Standard: K9 DAO Leads the Charge in DeFi with Trailblazing Governance Model
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
