Discover how K9 Finance DAO's bold move to burn 410 million KNINE tokens is making waves in the crypto community.
This strategic decision, aimed at honoring Ethereum's co-founder, marks a pivotal moment in the project's trajectory.
Dive into the details of the ongoing vote and its implications for the future of decentralized finance on Shibarium.
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The Proposal: Burning KNINE Tokens as a Tribute
K9 Finance DAO, which has built a decentralized finance (DeFi) platform based on Shibarium—a Layer 2 solution associated with Shiba Inu (SHIB)—commenced a community vote on May 14, 2024, regarding a proposal to burn its native KNINE tokens.
The initiative aims to burn a total of 410 million KNINE tokens as a gesture of respect to Ethereum co-founder Vitalik Buterin, who burned approximately 410 trillion SHIB tokens on May 16, 2021.
This proposed token burn will utilize tokens allocated for marketing expenses stored within the project's Treasury. The DAO has assured that burning 410 million KNINE tokens will not impact the long-term operations of the project.
Current Voting Outcomes and Participation Details
The voting process started on May 14, 2024, and will continue until May 19, 2024. Holders of KNINE tokens at block height 19,862,183 are eligible to vote through a dedicated page.
The proposal requires a minimum of 5 billion votes to pass. As of the writing of this article, over 13 billion votes have been cast, with 81.4% in favor and 18.6% against the proposal.
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