Shiba Inu’s K9 Drops Buy Tax To Zero In Halving Preparations

SHIB’s K9 crosses a few crucial things from the to-do list as Bitcoin’s halving party is just around the corner.

K9 memedog talking to his accountant.
Created by Kornelija Poderskytė from DailyCoin
  • K9 Finance is now implementing 4 proposals accepted by KNINE holders.
  • K9 DAO halves the sales tax from 6% to 3% in celebration of BTC halving.
  • Slated for Q3, the liquid staking platform aims to bolster Shibarium’s TVL.

Shiba Inu’s (SHIB) official Liquid Staking Derivative (LSD) platform K9 Finance is taking huge strides towards launching a competitor to Lido protocol on Ethereum. Slated for a Q3 release on Shiba Inu’s own blockchain Shibarium, the K9 Finance decentralized application (dApp) aims to bolster Shibarium’s liquidity to unprecedented levels.

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In the meantime, the K9 DAO has orchestrated a community vote in preparation of the upcoming Bitcoin halving, scheduled for April 20, 2024. In four strategic governance proposals, K9 DAO covered significant areas of interest for the protocol’s native KNINE token holders, who were invited to cast their votes.

The four successfully passed governance proposals for KNINE include reducing token taxes, a 6-month marketing budget plan, a 6-month development budget, and an operations budget for the same time period. According to the official announcement by K9 Finance DAO, these new proposals will be activated in the next 1 to 3 business days.

K9 DAO Implements 0% Buy Tax On KNINE

One of the biggest adjustments ahead of the rapidly approaching Bitcoin (BTC) halving is the unanimously implemented 0% buying tax on K9 Finance DAO (KNINE), making the new token, launched by Shiba Inu’s (SHIB) official Liquid Staking Derivative (LSD) partners, more attractive to crypto sharks and whales looking to acquire KNINE.

On top of that, K9 DAO’s official X handle promised a whole package of K9 whale perks coming soon, launching a whale-oriented Telegram group K9 Whale. The KNINE governance proposal has also slashed the KNINE sell tax from 6% to 3%, paying homage to the Bitcoin (BTC) halving that’s set to reduce miner’s rewards from 6.25 BTC to 3.125 BTC per block.

K9 Finance’s KNINE token reacted positively to the news, picking up 13.7% gains over the past 24 hours. Currently trading at $0.00005464, the token’s fully diluted valuation is now at $55,102,970, according to independent crypto market price aggregator CoinGecko.

On the Flipside

  • Blockchain security agency GoPlus Labs have detected two minor security issues in KNINE’s technicals, issuing a recommendation to “confirm with the project team whether it complies with token issuance instructions”.

Why This Matters

The liquid staking derivatives platform on Shibarium aims to bring the same capabilities to diversify crypto portfolios like the Lido protocol on Ethereum. This would allow Shibarians to dynamically stake their digital assets across different DeFi protocols simultaneously.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.