Bone crusher buy burn lock competition

Marketing
1

Proposal: Bonecrusher Buy & Lock Competition

(1) Introduction and Objective

This proposal outlines a 3-month weekly “Bonecrusher Buy & Lock Competition” designed to drive increased attention, participation, and Total Value Locked (TVL) in the K9 Finance Real Yield Staking protocol.
The current “Quest” system, while valuable, does not specifically target direct token acquisitions and long-term locking on Shibarium. This competition aims to incentivize users to acquire and lock KNINE tokens for the maximum 12-month period on Bonecrusher, thereby securing long-term liquidity, reducing circulating supply through a burn mechanism, and generating sustained excitement within the K9 Finance and broader Shibarium communities.

(2) Benefits to K9 Finance Community

• Increased Long-Term TVL: By incentivizing 12-month locks, the competition directly contributes to a substantial and sustained increase in KNINE tokens locked within the Real Yield Staking protocol, enhancing platform stability and security.
• Enhanced KNINE Utility & Value: The competition actively promotes KNINE acquisition and its core utility within Bonecrusher. The burn component further strengthens KNINE’s tokenomics by reducing circulating supply.
• Double Community Engagement: The combination of significant KNINE prizes for winners and a simultaneous burn of an equal amount of KNINE is designed to create substantial buzz, attract new users, and encourage participation from existing loyal holders.
• Shibarium Ecosystem Support: By requiring locking on Bonecrusher (Shibarium), the competition directly supports activity and TVL on the Shibarium network, aligning with K9 Finance DAO’s mission to bring DeFi to Shibarium.
• Leveraged Infrastructure: The proposal utilizes existing tracking mechanisms similar to the “Quest” system, minimizing additional development overhead for implementation.
• Transparency & Excitement: Weekly live announcements of winners and burns, potentially hosted by prominent community members, will foster transparency, excitement, and consistent engagement.

(3) Proposal Details

(a) WHAT

A 3-month competition with weekly prize drawings and token burns:

• Eligibility & Tickets:
• Participants must acquire/transfer KNINE and lock it for 12 months on the Real Yield Staking section of the Bonecrusher dApp.
• For every 50 million (50,000,000) KNINE newly locked for 12 months (or re-locked for 12 months after a previous shorter lock-up period ends), participants will receive one (1) ticket for the current week’s drawing.
• Tickets are based on the net increase of 12-month locked KNINE within a wallet each week, compared to its previous recorded 12-month locked high.
• All KNINE locked for 12 months (including re-locks from loyal holders) contribute to ticket accumulation for the respective week.
• Weekly Drawing:
• At the end of each week (Sunday 24:00 UTC), a random winner will be selected from all accumulated tickets for that week using a picker wheel.
• The drawing will be announced live, ideally in a community Voice Chat (VC) hosted by designated community members.
• Prize & Burn:
• The selected winner will receive 25 million (25,000,000) KNINE tokens sent to their Shibarium wallet address.
• Concurrently, 25 million (25,000,000) KNINE tokens will be sent to the official K9 Finance burn address.
• Competition Duration: The competition will run for a period of 3 months (12 weekly drawings). The DAO may extend the competition if it proves successful, subject to a future proposal.
• Visibility: A tracking system, similar to the “Quest” structure, will be implemented to publicly display ticket counts for participants and overall competition metrics. An extra button may be added to the existing “Quest” interface for this competition’s details.

(b) WHO

• Participants: Any K9 Finance community member who acquires and locks KNINE for 12 months on Bonecrusher’s Real Yield Staking.
• K9 Finance DAO: Provides oversight, funding, and ultimately benefits from increased TVL and community engagement.
• Marketing Sub-DAO: Primary responsibility for managing the competition, promoting it, and coordinating the weekly drawings.
• Development Team: Responsible for adapting existing “Quest” tracking infrastructure to monitor qualifying locks and ticket allocation.
• Community Hosts: Designated community members (e.g., @Toxon or @My_Name_Is_Mudd, @Radar) to host weekly live VC announcements for transparency and excitement.

(c) WHERE

• K9 Finance Bonecrusher dApp: The primary platform for users to lock KNINE.
• Shibarium Network: All KNINE locks and prize/burn distributions will occur on the Shibarium network.
• DAO Forum & Social Channels: Used for competition announcements, updates, and community engagement.
• Community Voice Chats (e.g., Telegram): For live winner announcements.

(d) WHEN

• Proposal Approval: Seek approval via the standard DAO governance process.
• Competition Start: The competition will commence approximately 2-4 weeks after official proposal approval to allow for technical setup, communication, and initial promotion. The exact start date will be announced via official K9 Finance channels.
• Competition Duration: 3 months, with weekly drawings.
• Prize/Burn Distribution: Weekly, shortly after the Sunday 24:00 UTC cutoff and winner announcement.

(e) HOW

• Funding:
• The KNINE tokens for prizes and burns will ideally be sourced from the Marketing Sub-DAO’s existing budget.
• If the Marketing Sub-DAO budget is insufficient, funding will be requested from the general DAO treasury.
• Technical Implementation:
• Leverage existing data tracking from the “Quest” system to identify qualifying wallets and calculate tickets based on new 12-month KNINE locks.
• Develop a secure and transparent method for the random drawing of winners (e.g., using a provably fair random number generator if possible, or a publicly verifiable manual process).
• Automate the weekly prize distribution to winners and the burn transfer to the burn address where feasible, or ensure clear multi-sig execution with public transaction hashes.
• Promotion & Engagement: The Marketing Sub-DAO will lead comprehensive promotional efforts across social media, Telegram, and the DAO forum to ensure high participation. This includes clear communication of rules, prize details, and weekly updates.

(4) Impact Assessment

• Short-Term Impacts:
• Immediate surge in KNINE buying and 12-month locking activity on Bonecrusher.
• Increased visibility and social media buzz around K9 Finance and Bonecrusher.
• Direct rewards for active community members and a tangible reduction in KNINE supply.
• Potential for new users to join the K9 Finance ecosystem due to the attractive incentive.
• Long-Term Impacts:
• Strengthened overall TVL and long-term commitment to the Real Yield Staking protocol.
• Reinforced deflationary narrative for KNINE through consistent burns, contributing to potential long-term value appreciation.
• A more engaged and active community, consistently participating in platform features.
• Positive precedent for future innovative community-driven campaigns.
• Risks and Mitigation:
• Risk: Insufficient Participation: The campaign might not attract enough engagement to justify the allocated resources.
• Mitigation: Clear and aggressive marketing leading up to and during the competition. Actively involve community leaders in promoting and explaining the competition. The tiered reward system (tickets per 50M) is designed to make participation accessible across various investment levels.
• Risk: Price Volatility due to Prize/Burn: The weekly 25M KNINE distribution and burn could cause temporary price fluctuations.
• Mitigation: The impact should be relatively balanced due to the simultaneous prize and burn. Overall trading volume generated by the competition could mitigate individual transaction impact.
• Risk: Funding Depletion: The budget for prizes/burns might be depleted before the 3-month period.
• Mitigation: The fixed weekly prize/burn amount (25M KNINE each) ensures the budget is predictable for 12 weeks. If successful, a new proposal can be submitted for extension and additional funding.
• Risk: Manual Overhead: Manual processes for winner selection, distribution, or verification could be resource-intensive.
• Mitigation: Leveraging existing “Quest” infrastructure for tracking and automating as much as possible. Clearly defined roles for community hosts.
• Metrics for Success:
• Weekly and cumulative increase in KNINE locked for 12 months on Real Yield Staking.
• Total number of unique participants and tickets earned throughout the 3 months.
• Social media engagement (mentions, impressions, new followers) and community sentiment related to the competition.
• Transaction volume of KNINE purchases / transfers to Shibarium (if data is obtainable without privacy concerns).
• Successful execution of all weekly drawings and prize/burn distributions.

Budget Considerations:

This proposal suggests utilizing the Marketing Sub-DAO’s existing budget. However, if the Marketing Sub-DAO’s allocation for such campaigns is limited, or if the success of this competition warrants a larger scale, a future discussion on re-allocating funds from the general DAO treasury (or seeking external funding if expanding significantly beyond the proposed 3 months) would be necessary. The current budget for the Marketing Sub-DAO is $15,000 USDT/month, which would need to cover the prize/burn allocation, emphasizing the need for efficiency and strategic financial planning for any tokens used.

4 Likes
2

That sounds really good. :+1:

Something like that always attracts new people, especially because there are weekly winners.

Whether a ticket should cost 50 million $KNINE can be discussed.

But I think it’s a good idea because it can bring new people to Shibarium and K9Finance.

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This is interesting some that can bring more people will be increasing the Real Yield on Staking the old days were really good

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4

I can tell you used Agent IX and I commend you for that. With that said, this proposal is read with a lack of statistical analysis.

  1. We have 200B $KNINE locked and staked in under 1 year of Bonecrusher existing. A major feat for any project.

  2. The average lock period is 11.35 months right now, meaning people are locking their $KNINE long-term and mostly for 1 year.

  3. The Quest campaign DOES target direct token acquisitions and long-term locking on Shibarium. There are 7 sections under the Earn XP > K9 Protocol tab that rewards participants in many ways for buying, locking, staking, and farming.

Burning 300M $KNINE is only ~$1K worth and there is no risk, and no reward in doing so. I was against the 410M burn to “honor” the VB burning of SHIB because it was only symbolic and does nothing for our tokenonmics or price impact. We have roughly 999,589,999,999 tokens and without a constant burn, random campaign burns just don’t make sense to me. The token doesn’t have a native deflationary aspect, so forcing burns doesn’t receive my :+1: .

Most of our proposals can be funneled down to Incentivization. I ask you all, how does this project not already incentivize you to be involved as is?

  • When you stake ETH $BONE, you receive $knBONE 1:1 on Shibarium. Liquid Staking! Who else does that on the Shibarium network?

  • When you lock/stake your $KNINE, you receive $BONE, while still maintaining your right to vote in the DAO. Who else does that on the Shibarium network?

  • When you farm your $BONE/$knBONE, you receive $esKNINE to vest into $KNINE.

All of this creates a passive loop of rewards without having to leave the platform. I ask again, who else does this on the Shibarium network?

We need to think more about educating our friends and community members to use DeFi and build the trust needed for them to take a step away from CEXs or just holding their tokens.

The incentivization is already there. Coaxing them with more tokens when we’re already the most generous doesn’t make sense to me anymore. I think this will just reward our existing users who already believe in the project and have little to no effect in expanding outward to bring people in.

The marketing Sub-DAO and community is already pushing with information and education to bring in more adoption, but most people ignore and continue to sit on their hands.

This turned into a rant, but I hope you get what I’m laying down here. Our proposals need to get away from ‘incentivizing’ and more toward expanding what the project can accomplish.

13 Likes
5

Thanks for your feedback.

I think it’s 100 % clear i am enthusiastic and loyal holder from k9. I mean nothing negative about quest. The proposal can support quest with extra attention.
The burns i suggested are symbolic, again its about attention, postive flow.

Ofcourse Education is imported, we have a perfect project and people must know and learn what is possible.

In my opinion it can be a combination from winning, burn and educate.

6 Likes
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I am 50/50 with incentivized participation, given that majority of people come for the incentive. Having the 12 month lock required does ensure at least 12 months of the knine participation being locked, which would be a good thing in my opinion. The issue I have with this proposal is the whole burning of knine. As a project with substantial utility and use case, I do not like the idea of burning knine. I believe we can achieve our goals without burning knine.

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Hi Hondabmw,

Thank you for your detailed proposal and initiative.

I believe that current Quest and the staking rewards structure already incentivise locking for longer periods of time. I don’t think that we need anything additional at this stage.

Once Quest is over and rewards are distributed - then the effectiveness of Quest can be assessed and decision on whether to proceed with season 2 of Quest or something different can be taken.

I would recommend tabling this proposal until that time and reassessing then.

Blessings.
No One

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Heyyyy! Nice to see you on here Honda. Also, a proposal, whaaaaat!? Haha

Okay my thoughts- I think this is essentially just rewarding people for what they’re already doing.

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Haha, yes also here on forum and hopefully contribute for the growing from our project.

I agree, we rewarding people for using bone chruser. There are still a lot off holders that keep there coins on eth side ore only stake and not lock.
My proposal have idea for bringing in new investors but also currently investors to bring coins too shibarium and lock their coins for 12 months.

More coins locked for 12 moths give more stabilty and get people familiar with bone chruser.

The burning element is symbolic and main goal is too get attention. Even when people complaining that the burns are low its still attention.

In my opnion is repeating in marketing important. When people hear over and over about k9 its going too feel familiar, make people curious, what is k9, what is Bonecrusher etc etc.

4 Likes