Shiba Inu has taken the’ DAO’ part to provide more authority to the users on deciding crypto projects on its platform. Finally, Shiba Inu has launched a beta version of its decentralized autonomous organization (DAO). Through this, users can decide on crypto projects/pairs on the ShibaSwap platform.
The popular meme coin will launch is Doggy DAO on a ‘gradual’ basis. Moreover, the first phase, known as “DAO 1”, will release in the next few days. This 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.”
As for the voting rights, the DAO will use $tBONE. $tBONE is a new staking contract to lock $BONE for a long period of time. Post the first phase, Shiba Inu will release the next version known as “DAO 2”. This will allow the community to make generic proposals.
According to their blog post, “Multisig-Team, and Breeds”, will review and consider these generic proposals. Also, Shiba Inu noted that “the guardians (6/9 wallet)” will give a final decision on whether any particular pair will show on the platform.
This is to ensure that no one is “truly gaming the system.”
Arch rival of DOGE, Shiba Inu, has seen staggering growth this year. However, in terms of market cap, Shiba Inu is still behind DOGE with $20.8 billion compared to $52.87 billion. Nevertheless, the meme coin still got massive traction, and its recent price spike came from whales buying millions of that token.