K9 Finance, the official liquid staking solution for Shibarium, recently secured strong community support for four key governance proposals. This vote signifies a significant step forward for K9 Finance and is expected to benefit the broader Shiba Inu ecosystem.
🗳️The votes have been cast and the results are in! 🗳️
Our $KNINE holders have spoken loud and clear! All 4 proposals have PASSED from our latest Snapshot vote:
✅ Reduce KNINE Token Taxes
✅ 6 Month Marketing Budget
✅ 6 Month Development Budget
✅ 6 Month Ops Budget… pic.twitter.com/1AupumrXxx— K9 Finance DAO (@K9finance) April 16, 2024
Community Backs Changes
All four proposals passed with overwhelming approval, with participation exceeding 500% of quorum levels for each vote. The successful proposals include:
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- Tax Structure Revamp: KNINE token purchases will now incur a 0% tax, while sales will have a 3% tax. This aims to incentivize new investors and encourage long-term holders.
- Operational Budget: A $25,000 monthly budget will ensure smooth operation, stability, and functionality of the K9 Finance platform.
- Development Funding Boost: A substantial $50,000 monthly budget will be allocated for development over the next six months. This will fuel advancements in existing features and expand K9 Finance’s capabilities.
- Marketing Focus: A monthly marketing budget of $30,000 will be used to raise awareness and attract new users to the K9 Finance platform.
These changes are expected to be implemented within the next few business days.
K9 Finance and Shiba Inu Synergy
The K9 Finance project’s success is intertwined with the Shiba Inu ecosystem due to their official partnership. Co-founder of K9 Finance and Shiba Inu developer advocate, Buzz.shib, emphasized the importance of these developments in achieving competitive staking rates for BONE, Shiba Inu’s governance token.
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$BONE is only about 8-9% and it’s all on @ethereum @K9finance will help us get to industry standard levels https://t.co/kLiRItPucO
— Buzz.Shib | Shibarium (@buzzdefi0x) April 16, 2024
Further solidifying the partnership, K9 Finance recently welcomed Shiba Inu developers Shytoshi Kusama and Kaal Dhairya as advisors. Additionally, the K9 Finance team released a roadmap detailing their launch on Shibarium, and Buzz.shib previously explained how K9 Finance can benefit Shibarium in a time of frequent inquiries.
Looking Ahead
The strong community support for K9 Finance’s proposals demonstrates confidence in the project’s future. This, coupled with their close collaboration with Shiba Inu, positions K9 Finance to play a vital role in the growth and development of the Shibarium blockchain.