Shiba Inu Launches Beta Version of DAO to Give Users More Authority Over Crypto Projects
December 31, 2021 by Mitchell Jhon
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Shiba Inu has launched a beta version of a decentralized autonomous organization (DAO) to give users more authority to decide on crypto projects and pairs on the ShibaSwap platform, according to a blog post. The Dogecoin rival will release Doggy Dao in a “stage-by-stage†metric and phased approach. The first phase called “DAO 1″ will
Shiba Inu has launched a beta version of a decentralized autonomous organization (DAO) to give users more authority to decide on crypto projects and pairs on the ShibaSwap platform, according to a blog post.
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The Dogecoin rival will release Doggy Dao in a “stage-by-stage†metric and phased approach. The first phase called “DAO 1″ will be implemented within the next few days.
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The DAO 1 phase will focus on “providing immediate power to the community to decide which crypto projects and pairs on the ShibaSwap WOOF Pools will be, and how the $BONE rewards (Allocation Points) are to be distributed amongst them,†the team said.
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The Dao will use $tBONE for voting rights, which is a new staking contract, to lock $BONE for a longer period of time before voting begins.
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Once the first phase is complete, using community feedback, Shiba Inu will release a newer version, called “DAO 2,†to allow the community to make generic proposals for consideration or review by a “Multisig-Team, and Breeds,†according to the blog.
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Shiba Inu noted that to avoid possible whales controlling the voting process, “the guardians (6/9 wallet)†will have final say on whether a pair should be listed or not, to ensure no one is “truly gaming the system.â€
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On Dec. 22, Shiba inu’s price spiked after whales added to existing positions, with one wallet buying nearly $134 million of the token.
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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets