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Shiba Inu Partner Announces Approval of Four Key Proposals

source-logo  thecryptobasic.com 19 April 2024 12:56, UTC

Shiba Inu partner K9 Finance confirms the approval of key governance proposals to enhance its ecosystem and ensure its growth and sustainability.

K9 Finance, the designated liquid staking partner of the Shibarium blockchain, recently confirmed the passage of four governance proposals after a significant participatory vote by the KNINE community.

The governance results, recently spotlighted by the K9 Finance decentralized autonomous organization (DAO) in a post on X, indicate remarkable support for the initiatives.

All four proposals received substantial backing from the community. The proposals include changes to the tax structure on KNINE tokens and the approval of budgets for marketing, development, and operations for the next six months.

🗳️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

Detailed Overview of the Approved Proposals

The first proposal passed will modify the tax model for transactions involving KNINE tokens. The revised tax model makes the tax on purchases 0% and brings in a 3% tax on sales, designed to encourage both new investments and long-term commitment to the platform.

In addition, the community also settled on a monthly operational budget of $25,000 for the next six months. This funding is allocated to support the operational features, stability, and functionality of the K9 Finance platform.

Thirdly, the K9 Finance DAO approved a proposal with 75.88% of the vote to allocate a monthly development budget of $50,000 for the next six months. The development funding will advance the platform’s technical development, focusing on enhancing existing features and expanding capabilities.

The community also voted in favor of a $30,000 per month marketing budget for the next six months with 83.02% approval. Notably, the DAO aims to leverage this budget for bolstering efforts toward raising awareness of the platform and attracting new users.

Remarkably, the results from all four proposals demonstrate an overwhelming support from the community, with quorum levels ranging from 508% to 601%. The approved changes are scheduled to occur within one to three business days.

K9 Finance and Shiba Inu

The progress of the K9 Finance project is expected to spill into the Shiba Inu ecosystem due to their partnership. Buzz.shib, a co-founder of K9 Finance and a developer advocate for Shiba Inu, emphasized the importance of such progress in achieving competitive staking rates for BONE.

$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

Following their partnership, K9 Finance announced Shiba Inu ecosystem developers Shytoshi Kusama and Kaal Dhairya as its advisors. Earlier this month, the K9 Finance team released the roadmap of its launch on Shibarium. Last month, Buzz explained how K9 Finance can be beneficial for Shibarium amid sustained questions.