Shiba Inu partner K9 Finance has announced the approval of four key proposals aimed at enhancing its ecosystem and ensuring its growth and sustainability. K9 Finance, which serves as the designated liquid staking partner of the Shibarium blockchain, recently confirmed that these proposals passed after a participatory vote by the KNINE community. The results indicate strong support for the initiatives. The approved proposals include changes to the tax structure on KNINE tokens and the allocation of budgets for marketing, development, and operations for the next six months.
The first proposal seeks to modify the tax model for KNINE token transactions, eliminating taxes on purchases and introducing a 3% tax on sales. This change is intended to encourage new investments and long-term commitment to the platform. The community also approved a monthly operational budget of $25,000 for the next six months to support the platform’s stability and functionality. Additionally, a monthly development budget of $50,000 for the next six months was approved to advance the technical development of the platform, while a $30,000 per month marketing budget for the next six months will focus on raising awareness and attracting new users to the platform.
The overwhelming support from the community for all four proposals is reflected in the high quorum levels ranging from 508% to 601%. The approved changes are expected to take effect within one to three business days.
The partnership between K9 Finance and Shiba Inu is significant, as the progress of the former project is expected to benefit the Shiba Inu ecosystem. Buzz.shib, a co-founder of K9 Finance and developer advocate for Shiba Inu, emphasized the importance of achieving competitive staking rates for BONE. K9 Finance has recently appointed Shiba Inu ecosystem developers Shytoshi Kusama and Kaal Dhairya as advisors, further strengthening the collaboration between the two projects.
The approval of these key proposals and the progress made by K9 Finance in its partnership with Shiba Inu demonstrate the commitment to the development and success of the ecosystem.