Background: Vitalik Buterin’s SHIB Burn
In 2021, Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB tokens, sparking a surge in the token’s value. This act was seen as a sign of his belief in the project and a gesture of decentralization.
K9 Finance’s Burn
Inspired by Buterin’s burn, K9 Finance, a liquid staking platform for Shiba Inu, has announced plans to burn 410 million KNINE tokens, valued at $12,127. This burn will be funded from the platform’s marketing allocation.
Significance of the Burn
K9 Finance believes that Buterin’s SHIB burn played a significant role in the token’s growth. By replicating this action, K9 Finance aims to boost the value and reputation of KNINE.
Community Support
The burn proposal has received overwhelming support from the K9 Finance community, with 81% of members voting in favor. The proposal is set to close on May 18.
K9 Finance and Shiba Inu
K9 Finance partnered with Shiba Inu in February to provide BONE staking on Shibarium, the project’s layer 2 solution. This partnership demonstrates K9 Finance’s commitment to supporting the Shiba Inu ecosystem.
