Shiba Inu Team Explains Why KNINE Presale Investors Have Not Received Their Tokens

Shiba Inu Team Explains Why KNINE Presale Investors Have Not Received Their Tokens

Time Stamp: March 17, 2024 5:53 AM
Shiba Inu Team Explains Why KNINE Presale Investors Have Not Received Their Tokens PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Lucie, the Shiba Inu marketing lead, has taken to X (formerly Twitter) to explain why KNINE presale investors have not received their tokens. 

The content specialist provided an educational piece regarding token vesting and cliff with respect to K9 Finance DAO’s official native token, KNINE. 

KNINE Presale

For context, some crypto investors who participated in the KNINE presale earlier this year have complained that they have yet to receive their tokens despite the presale tokens selling out on January 31, 2024, as disclosed by K9 Finance founder Buzz.

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The K9 team allocated 76.02 billion KNINE (7.6% of the total supply) for the presale, with each token priced at $0.000009.

Following the presale, the K9 team officially launched KNINE on March 7. Some investors who participated in the presale and hoped to receive their tokens were disappointed, prompting widespread outbursts across social media platforms. 

Lucie Weighs In 

To address the complaints, Lucie explained why KNINE presale investors have yet to receive their tokens. She said a cliff and vesting period were attached as conditions of the KNINE presale.

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She explained that a cliff represents a period when no tokens are awarded to investors who participated in the presale. After the cliff time ends, the vesting period automatically begins. In the vesting period, tokens are distributed to presale investors based on a predetermined timeframe. 

For instance, a token with a six-month cliff period will be distributed after the sixth month and locked for vesting, depending on the duration imposed by its developers. 

According to Lucie, the motives behind imposing a cliff and vesting period for presale tokens are to foster long-term commitment and reduce the dangers of potential dumping. The cliff and vesting initiative also serves as a tool to align the incentives of all parties. 

KNINE Vesting and Cliff Period 

In particular, Lucie stated that KNINE has a cliff time of 30 days and another 30-day vesting period. Notably, the first claim of the KNINE presale tokens will occur 30 days after the vesting period.

Data from CryptoRank shows that only 8.6% of KNINE, representing 86 billion tokens of the total supply, have been unlocked so far. The next unlock is slated to occur on April 7, exactly one month after the token launched on Uniswap. 

Specifically, 19.38 billion KNINE tokens (1.94% of the supply) will be unlocked by April 7, according to the data. At the time of writing, KNINE was changing hands at $0.000201, up 2,133% from its presale price of $0.000009. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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