Shiba Inu Developers Announced First Phase of ‘Doggy DAO’ to Empower $SHIB Holders
The developers behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) have announced the first phase of the project’s upcoming decentralized autonomous organization (DAO) that is set to empower $SHIB token holders.
According to a blog post the developers wrote, the first phase of the DAO is “focused on providing immediate power to the community in order to decide which crypto projects and pairs on the ShibaSwap WOOF Pools will be.”
Members of the community will also be able to decide how $BONE tokens are allocated amongst these projects on the decentralized exchange. A new community voting system is being launched that will allow users holding the staked form of $BONe tokens, $tBone, to vote on their preferred projects.
Effectively, the developers add, these votes will help make projects available on ShibaSwap’s pools and is a step toward a “fully decentralized community process.” The post adds:
This is a powerful tool, as the rewarded Liquidity Pools will be decided fully by the users. This avoids the Developers from making those very choices. The responsibility falls on the community, and what they want to experience within the platform.
The new voting tool, Shiba’s developers added, will “will motivate and allow external projects, and their developers to provide liquidity for their tokens/pairs, while aiding ShibaSwap to continuously increase its utility and volume.”
The more votes a project has, Shiba Inu’s team concluded, the more $BONE rewards it will receive, which to the team means projects will end up competing to receive users’ votes. Users’ votes will see a maximum of 30 new pairs appear in WOOF pools on the platform for two weeks until a new voting round starts.
The DAO’s first phase is meant to gather community feedback in a bid to then release a second one with more uses cases for $BONE, according to the post. The developer acknowledged that such a voting process could be distorted by whales, and as such are planning to introduce a mechanism to make it fairer.
As CryptoGlobe reported, cryptocurrency whales have accumulated billions of SHIB tokens after the meme-inspired cryptocurrency’s adoption grew thanks to a listing on cryptocurrency exchange Kraken, its planned entrance in the world of gaming, and Nasdaq-listed retailer Newegg adding SHIB as a payment method.
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