Akita Inu is a decentralized community experiment token launched in February 2021, inspired by Elon Musk and Dogecoin. It is an ERC-20 token launched on Ethereum and bridged to the Avalanche Blockchain.^[1][2]

At its core, Akita Inu pioneers a DAO-like structure known as Akita DAO. Here, token holders wield significant power, able to vote and shape the direction of the project using the ERC-20 governance token HACHI. This governance model empowers the community to collaboratively develop products and applications that directly benefit its members.^[3]

History of Akita Inu

On February 1, 2021, the AKITA token was launched on the Ethereum network, marking its entry as one of the early "meme coins" inspired by DOGE and later SHIB. Akita Inu commenced with a maximum supply of 100 trillion (100,000,000,000,000) AKITA tokens, distinguishing itself by its originality and lack of taxes or fees during transactions.

As part of a "social experiment" or marketing strategy, 50% of the token supply was sent to Vitalik Buterin's wallet, a move intended to be seen as "effectively burned."^[4]

However, the developers behind AKITA later conducted what became known as a "rug-pull," extracting significant value from the community before abandoning the project. This outcome was perhaps foreshadowed by the quality of the original "Akita Inu Token" website, which was characterized by poor craftsmanship, numerous spelling errors, and heavy reliance on Elon Musk and Vitalik Buterin as selling points.

Despite this setback, original investors who retained their tokens opted to collaborate and establish a viable project that could utilize or transform the AKITA token. The peak of meme coin popularity, especially those related to dogs, coincided with Elon Musk's appearance on Saturday Night Live, a renowned American comedy show known for generating many of today's popular memes.^[5]

Overview

Akita Inu (AKITA) is a fully decentralized community experiment that claims to have sent half of its tokens to Vitalik Buterin, with the other half locked to a Uniswap pool and the keys burned. This approach aims to achieve fairness in wealth distribution.^[6]

On May 12, 2021, at 17:47 UTC, Vitalik Buterin transferred all of his AKITA tokens to the multisig treasury of the Gitcoin DAO, an organization dedicated to developing public goods products. Gitcoin assumed ownership of these tokens and has since administered two rounds of Liquidity Bootstrapping Pools (LBPs) on the Balancer platform. LBPs are an automated, algorithmically driven process of buying and selling AKITA tokens over an extended period to minimize price impact while converting them to ETH.

To date, these efforts have raised over 4,038 ETH for Public Goods. The seed program for these LBPs was Akita Fire Rescue, which offered a limited discount on a pool of AKITA. With the ETH raised from Akita Fire Rescue, the first LBP achieved a 95% AKITA and 5% ETH ratio, raising 152.2 ETH for Public Goods. The second LBP, funded with 100 ETH and 23.9 trillion AKITA, ran for one year and raised 3,912.98 ETH for Public Goods.^[7]

Akita Dao

Akita DAO is a decentralized autonomous organization (DAO) dedicated to the development and governance of the Akita token ecosystem. It serves as a community-driven platform where AKITA token holders can propose, discuss, and vote on initiatives, enhancements, and governance decisions. Through the Akita DAO, participants actively shape the future of the Akita ecosystem, contributing to its growth and sustainability as a vibrant and innovative decentralized community.

The Akita DAO is dedicated to developing products and applications that benefit AKITA token holders. These holders, who initially united to transform AKITA into a genuinely community-owned token, have pushed it beyond its origins as a mere meme. Through the Akita DAO, participants can propose improvements and vote in the governance system using the HACHI token to guide decision-making.^[2]

The Akita DAO is in the process of formalizing its structure through a community vote. The DAO encourages leadership from within the community and invites members to consider the time they can dedicate to its activities. This commitment can take the form of a nominated and voted-in role, serving as a Steward who manages delegated votes, or simply participating in discussions and voting on proposals using Snapshot.

Possible roles within the Akita DAO include those focused on marketing and awareness, such as social media management and influencer outreach, as well as roles related to operations and administration, such as community management, treasury management, and business development. There are also advisory roles and liaisons with decentralized application (DAP) stewards.

Compensation within the Akita DAO is based on the level of contribution. Higher-level roles that provide significant value to the DAO may receive compensation in HACHI tokens from the Leadership Allocation, while lower-level roles may earn HACHI rewards for completing tasks.^[8]

Tokenomics

AKITA is the primary currency within the ecosystem, characterized by its Maximum Supply of 100,000,000,000,000 (100 Trillion) tokens. The Circulating Supply is approximately 92,179,736,873,541.85 tokens, with approximately 7.82% burned. Additionally, AKITA is integrated into the Avalanche network.

$AKITA tokens can be traded on centralized crypto exchanges and decentralized exchanges, which include Bitget, Gate.io, BingX, Poloniex, BitMart, OKX, Latoken, MEXC, Bluebit, SuperEx, and Uniswap.

As of January 30, 2023, 7,820,265,157,864.034983659548563721 AKITA have been sent to multiple burn addresses.^[9][10]

$HACHI

HACHI serves as an ERC-20 governance token for AKITA, also known as Akita Inu, providing holders with a stake in the evolving Akita Ecosystem. With Gitcoin's funding committed until March 2027, the Akita DAO holds significant potential to influence the blockchain financial sector.
Holders of HACHI can actively engage in the Akita DAO, a community-driven entity focused on building a sustainable ecosystem. Supported by Gitcoin's funding and future revenue streams, the DAO aims to drive ecosystem growth and development. Through Snapshot integration, HACHI holders can vote on proposals that shape the ecosystem's direction.^[11]

HACHI will also facilitate the future purchase of AKITA.

With a maximum supply of 100,000,000 tokens, HACHI transactions incur no fees. The token's allocation is divided into five categories:

1. Community Claim (10,000,000 HACHI): Acknowledging long-term AKITA holders' contributions.
2. Ecosystem Awareness (10,000,000 HACHI): Supporting initiatives to raise awareness about the Akita Ecosystem.
3. Leadership (10,000,000 HACHI): Vested over a year as compensation for the team securing Gitcoin funding and launching the Akita DAO.
4. Ecosystem Development (35,000,000 HACHI): Supporting growth and development of the Akita DAO's ecosystem.
5. Liquidity (35,000,000 HACHI): Ensuring ample market liquidity, paired with ETH on Uniswap, with plans for liquidity provision on other platforms.^[12]

To qualify for the community claim, holders needed to possess a minimum of 1,000,000 AKITA on Ethereum and/or Avalanche networks at the time of a snapshot taken on November 10, 2022, at approximately 19:10 GMT. Balances on both networks were combined for eligibility.^[13]