The Shiba Inu official liquid staking partner K9 Finance DAO launches a new proposal that could lead to the burn of 410 million KNINE tokens.
According to K9 Finance, the move is part of efforts to honor Ethereum co-founder Vitalik Buterin, who burned a whopping amount of Shiba Inu (SHIB) on May 16, 2021.
Ethereum Co-Founder Burns 410T SHIB
Recall that to reduce Shiba Inu’s hefty circulating supply, Buterin sent 410 trillion SHIB, or 41% of the circulating supply, to a dead wallet in May 2021.
Buterin initiated the burn shortly after Shiba Inu’s pseudonymous founder, Ryoshi, gifted him 50% of the token’s supply.
The burn played a significant role in putting Shiba Inu in the spotlight, as many investors accumulated the token, leading to its surge to an all-time high of $0.00008845 in October 2021.
K9 Wants to Honor Vitalik Shiba Inu Burn
Notably, the team behind the K9 ecosystem, which became an official liquid staking partner of the Shiba Inu ecosystem in February, launched a proposal to burn 410 million KNINE tokens ($12,127) in honor of Buterin’s 2021 SHIB burn.
K9 Finance said it would obtain the 410 million KNINE from the tokens allocated for marketing purposes within the Treasury. K9 community members are required to vote “Yes” or “No” to the proposal to burn 410 million KNINE tokens.
So far, the majority of K9 community members support the proposal. In particular, 77.32% of the total votes want 410 million KNINE destroyed to honor Buterin’s SHIB burn. The “Yes” votes have accrued 6.9 billion KNINE tokens. However, only 22.68% of the total votes are against the proposal. The “No” votes have accumulated 2 billion KNINE tokens so far.
The proposal, which was created on May 13, will conclude on May 18, 2024.
Notably, the proposed tokens the team seeks to burn are only a fraction of the token’s 1 trillion total supply. For context, of the 1 trillion token supply, only 112.49 billion KNINE is in circulation.
Despite the community supporting the proposal to burn 410M KNINE, the token is down 3.98% over the past day to $0.00002958.
K9 Launches Proposal to Generate Passive Income
Besides the proposal to burn 410M KNINE, K9 DAO also suggested plans to invest its ETH and stablecoins held within the Treasury to earn passive income on Lido Finance, Aave, and MakerDAO.
Voting for the proposal, which commenced yesterday, would end on May 18, 2024. As expected, the vast majority of K9 community members are in support of the proposal. At press time, while 93.84% of users have voted “Yes,” 6.16% are against the initiative.
⚡️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 🔥
🔗https://t.co/Db2mVMSJ6n
2⃣Treasury… pic.twitter.com/U5icMhbjv2
— K9 Finance DAO (@K9finance) May 13, 2024