Gitcoin community passes "Sell Dog Proposal"! All AKITA donated by Vitalik Buterin will be liquidated into ETH.

The Gitcoin community has decided through a proposal vote to sell all the Shiba Inu tokens (AKITA) previously donated by Ethereum co-founder Vitalik Buterin to Gitcoin, and convert them into ETH. The proposal has not been executed yet, and AKITA has dropped by 11% in the past 24 hours.

Vitalik's Dog Charity

According to reports, Ethereum founder Vitalik received a large number of tokens airdropped during the frenzy of meme coins. However, possibly displeased with these tokens that had no practical use occupying Ethereum network resources, Vitalik sold or donated all airdropped tokens in the early hours of May 13. Among them, 49 trillion AKITA tokens were donated to the decentralized fundraising platform Gitcoin, valued at $432 million at the time without considering slippage.

Gitcoin announced the formation of a decentralized autonomous organization (DAO) and the issuance of governance token GTC at the end of May. The first batch of issues passed by the community was how to handle Vitalik's donation of AKITA.

Full Liquidation of AKITA to ETH

On June 1, the Gitcoin community initiated a governance proposal on Snapshot to discuss how to liquidate Vitalik's 49 trillion AKITA tokens. The proposal included 7 options, such as full liquidation into ETH, retaining AKITA for future sponsorships, liquidating 10% with the remaining linearly unlocked over two years, retaining 5% for community burns, 100% for market liquidity, complete burning, or returning to the issuing address.

The governance proposal ended on June 6, and the final voting result showed that "full liquidation into ETH" received 50.27% of the votes (totaling 1.57m GTC). This means that the 49 trillion AKITA tokens held by Gitcoin (approximately $84 million) will be fully converted into ETH. The proposal has not yet been executed, but AKITA has dropped over 11% in the past 24 hours. It is currently unclear whether the final trading strategy will involve selling all at once or in batches, as selling such a large amount of tokens at once is likely to cause significant slippage issues.