K9 Finance, the official liquid staking partner for the Shibarium blockchain, announced the successful approval of four strategic governance proposals aimed at fostering growth and sustainability within the Shiba Inu ecosystem. This result was achieved through a decentralized voting process involving holders of KNINE tokens.
The official communication of the decentralized autonomous organization (DAO) K9 Finance on detailed the results: “The votes have been cast and the results are in!” Our KNINE holders have spoken loud and clear! All 4 proposals PASSED our last instant vote: reduce taxes on KNINE tokens, 6-month marketing budget, 6-month development budget, 6-month operational budget. Thank you to everyone who participated and made their voices heard! Let’s go!! Proposals will be implemented within 1-3 business days.
Shiba Inu: K9 paves the way for a prosperous future
Here is an overview of the proposals and their implications:
- Reduce taxes on KNINE tokens: The proposal to change the tax structure on transactions involving KNINE tokens was approved with the greatest turnout. The new tax model includes a 0% tax on purchases and a 3% tax on sales, a strategy aimed at reducing entry frictions while maintaining long-term holding incentives.
- Operational budget over 6 months: A monthly operational budget of $25,000 for the next six months has been ratified. This DAO budget is intended to maintain and improve the operational aspects of the K9 Finance platform, ensuring stability and functionality.
- Development budget over 6 months: With 75.88% approval, the proposal for a monthly development budget of $50,000 over the next six months was adopted. This budget is intended to accelerate the technical development of the platform, with the aim of improving functionality and expanding capabilities.
- Marketing budget over 6 months: The community approved a monthly budget of $30,000 for marketing over the next six months. With an approval rating of 83.02%, this budget will support efforts to increase platform awareness and user adoption, which are crucial for long-term viability.
Each proposal not only passed, but it passed with substantial support, reaching quorum levels ranging from 508% to 601%, indicating strong community participation and consensus.
Buzz.shib, co-founder of K9 Finance and developer of Shiba Inu, commented on the importance of these proposals to align with industry standards. He said: “BONE is only about 8-9% and it’s all on Ethereum. K9 Finance will help us achieve industry standard levels (such as Ethereum Staking rate of 27%). This remark highlights the strategic intent to elevate the platform’s staking mechanics to competitive levels within the broader Ethereum ecosystem.
The approval of these proposals constitutes a crucial step for K9 Finance and the Shiba Inu community, laying the foundation for improved growth and operational efficiencies. The implementations, which are expected to take place in the coming days, are expected to have a significant impact on the trajectory of the platform and its position in the decentralized finance landscape.
At press time, Shiba Inu was trading at $0.00002232.
Featured image created with DALL·E, chart from TradingView.com
