Annual KNINE Burn Day

Marketing
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INTRODUCTION AND OBJECTIVE

The K9 Finance DAO would like to celebrate the historic burn of Shib that occurred on May 16th 2021 by burning 4.1B KNINE tokens from the treasury.

BENEFITS TO K9 FINANCE COMMUNITY

This proposal benefits the entire K9 Finance DAO and all KNINE holders by reducing the total supply of KNINE in circulation via a burn. This proposal also benefits the broader Shib and Shibarium ecosystem, as K9 DAO intends to establish an annual burn day for all Shib/Shibarium related projects set for May 16th each year.

PROPOSAL DETAILS

WHAT

K9 Finance DAO is proposing as the official liquid staking product for Shib that we burn 4.1B KNINE tokens from the treasury. These tokens would come from the marketing allocation within the treasury and will not have an impact on long term operations. This is a way to commemorate the official burn of SHIB with the aim of establishing an annual burn day for the entire SHIB ecosystem.

Vitalik Buterin’s message when he burned 410 trillion SHIB on May 16th 2021

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WHO

All KNINE holders are impacted by this proposal, as any reduction in supply strengthens the tokenomics of KNINE.

WHERE

This proposal would require the k9safe.eth multisig to execute the burn function on the smart contract to burn 4.1B KNINE tokens.

WHEN

This proposal should pass as soon as possible, which would be the next Roundtable meeting around May 10th-13. Implementation can happen within 1-3 business days of proposal passing.

HOW

There are no special resources required. As outlined above, the k9safe.eth multisig will execute the burn function on the official KNINE smart contract which will remove 4.1B KNINE from the supply if this proposal is passed.

IMPACT ASSESSMENT

If this initiative is passed, every current holder will collectively hold a larger % of the total supply of KNINE. Reducing the total supply of KNINE is one key impact, but the narrative is much bigger. The most important catalyst in the success of Shib growing into a behemoth was the burn on May 16th, and K9 DAO sees an opportunity to unite Shib projects to celebrate and burn together on this day, honoring the history of Shib.

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YES, I’m in agreement.

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For Tradition!

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I am In and Agree for this proposal, Lets go… :fire:

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Sounds like a plan…I’m sure the community will be behind it!?

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Absolutely awesome idea

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Great idea! :fire::fire::fire: I’m excited and support this proposal!

I encourage everyone to consider sending some of their $KNINE to the burn wallet. I will definitely be participating. You might recall that I tried something similar last year, with $Shib, on Shib’s birthday, but it turned out I was the only participant, lol

This time, let’s make a collective effort. Please, everyone, show your love and support for the project! :heart:

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You know me!

I’m all about those burns, bout those burns.

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Not a fan of burns personally. Would rather the 4.1b tokens be left alone and utilized for additional marketing or development.
I do like the idea of commemorating of the VB event in some way.

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Only one thing to say. Burn baby burn.

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Why would we the community EVER burn our (PERSONAL) KNINE, this isn’t Shib. Please don’t waste your hard earned money burning your KNINE.

4 Likes
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I recommend no.

There will be zero impact to the price and will only hurt the project’s ability to raise funds in the future.

Burns have a place, but this should be tied to an outside revenue source. It is my personal opinion that this is just throwing good money away.

If this does pass, and I hope it doesn’t, please make sure to use function 2 of the smart contract so that the total supply is deducted properly. Luckily, this project has the right function whereas popular projects that burn do it all wrong.

MLS

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I recommend no as well.

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I have to agree with you that burns with revenue are far better, that’s why I recommended a burn on tax, to secure some LP in and truly prevent a subsect of tokens that would otherwise be sold from being sold.

However, why I do agree with this initiative is it’s doing what I set out to do, which was establish that this token could and should be deflationary. I don’t have the technical or mathematical prowess to extrapolate the exact amount of tokens that the treasury and all the other stores of token need to operate the utility in a sustainable manner for years to come, but I highly doubt .4% of the supply would be the straw that broke the camels back someday.

So if its a decent marketing tactic with the vitalik theme. Increases the %of total supply everyone is holding and sets a precedent for future burns with revenue, I don’t see much downside :man_shrugging:

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Props to you for at least calling it for what it is. If I were to suspend the principle of it all for a moment, then yes it’s not going to break the bank, but that’s a whole LOT of money.

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Agreed, for all the reasons you mentioned, and more.

This will not effect price.

This will not gain a large amount of new holders.

You would be choosing to throw away approximately $200k at current prices (around $1m at previous ATH) and that money could be better spent in a myriad of ways.

We already crippled the war chest be eliminating most taxes that would replenish the funds, and now we are debating flushing money down the toilet?

Vote no to protect the K9 War Chest. :paw_prints:

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Why do you believe K9 should be deflationary?

Is this in litepaper or roadmap?

If not, why force such an extre change prior to allowing development to fully unfurl?

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Burns just to burn is never going to help a project. K9 has ~ 1T total supply. Burning 4B will not do anything except waste money that the project has already severely crippled flow from when reducing taxes.

I really feel like the DAO proposals are being ran by trolls at this point.

Lowering taxes hurt the project’s budget and now we are asking to throw even more money into an incinerator? Why is this even being flirted with?

The token wasn’t developed to be deflationary. Burning a static amount will do nothing but remove even more money from the already maimed treasury.

Shame on whoever keeps pushing for less and less money for the project to use for the greater good of K9.

I really have to question who keeps pushing the ideas of hurting K9 as a project.

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BURN BABY BURN! I say YAY

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I am very torn on this topic. While I do like the idea of burns, I also agree with Lightspeed and believe it may be leaving money on the table. A better option may be to use it for marketing, development or airdrops. The Shib army does love them some burns and It will draw some attention but so will proper marketing and development updates.

I do really like the idea of burning K9 but in all practicality, is it really worth it? We would be losing that revenue that could also be used by the team to promote and hire more devs and hit major milestones on the upcoming roadmap.

These funds could also be used to get listed on more exchanges… I personally believe that is the #1 main priority at this point. Organic or not, we really need more listing. I personally believe implementing a transaction burn may be a better option.

I trust this team greatly so I am confident that whatever they decide on will be the correct path forward!

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