- Shiba Inu Launches DOGGY DAO to empower the Community.
- Phase 1 will decide which pairs are to be added in ShibaSwap’s WOOF liquidity pools.
- $SHIB Holders will have the final call on how $BONE tokens are allocated.
SHIB continues with its original mission of always working towards decentralization. This year it advances from Meme coin to DAO. Shiba Inu announced the launching of DOGGY DAO.
The purpose of the DAO is to reduce accountability, while also removing the ability to administer or regulate the ecosystem. For the ecosystem, the DAO will hand the power to the Shiba Inu community, achieving greater decentralization.
“It’s arisen because we believe in reducing the level of accountability that our team have to place on each other,” ShibaSwap’s Discord moderator Queenie explained. “It deters us from the ability to exert authority and control over certain areas; it’s about making it more decentralized.”
The first phase called the DAO 1(Beta) seeks to provide more power and control to the community, who in lieu will decide which crypto projects and pairs will be added to ShibaSwap’s WOOF liquidity pools, according to the blog post.
Furthermore, the $BONE rewards (Allocation Points) distribution will also be decided by the community.
A maximum of 30 pairs voted on by the community will be executed, with a new batch of pairs decided upon every two weeks. 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.
However, to avoid whales from controlling the voting process the guardians (6/9 wallet) will have final say on whether a pair should be listed or not.
Being a beta launch, the ShibaSwap team will be campaigning the Shiba Inu community for feedback. “The first phase will technically be considered a beta phase, but a lot more developed than what you would normally consider a beta,” Queenie explained. “We just want to be able to get the feedback from the community so that we ensure that things are going as intended.”
Through “improved use cases of BONE/tBONE tokens,” a subsequent DAO 2 launch will bring “additional complexity” to the system. DAO 2 will allow members of the community to submit “generic proposals,” Queenie further explained.
The idea is to reduce the voting effect of whales and exchanges to keep potential fraudsters and scamsters at bay.
Earlier, Shib developers also warned the community over possible fraudsters using fake telegram channels. It appeared that scammers were impersonating Shiba Inu’s official accounts while creating fake user IDs.
The ShibaSwap team’s enthusiasm has reached new heights and also foreshadowed a “major surprise” coming soon in their DAO announcement.