The meme token Shiba Inu (SHIB), which “gifted” half of its total supply (410 trillion SHIB) to Ethereum founder Vitalik Buterin, is keeping itself afloat with a series of community-supported “token burn” events in December. The “Shib army”, which is getting crowded especially on Twitter, has reached its 2022 roadmap with a few important news today. Let’s take a look at the details of the “DOGGY DAO” that will give the meme coin project a DAO structure.
Shiba Inu preparing for DOGGY DAO
The dev team behind Shiba Inu (SHIB) announced in a new blog post that it will launch a Shiba-owned DAO. The DAO of the meme coin project will collectively take the management decisions regarding the project’s ShibaSwap decentralized exchange. Users who staked Shiba Inu’s reward token BONE to receive tBONE will be able to vote. In the beta version of the DAO called “DAO 1”, users will decide how to distribute their token rewards among various liquidity pools. The team shares that this will empower the user community:
Award-winning liquidity pools will be entirely decided by users…. this prevents developers from making these choices.
Users also have a feature that aims to attract liquidity deposits for these assets. They will be able to stake tokens to vote for other cryptocurrency listings and a series of couples. This will happen cyclically, with at least 30 pairs exhibited every 14 days. Next, a new DAO called DAO 2 will allow users to make general recommendations regarding the development of the project.
Things to know about DAO
- Doggy Dao will launch with a phased approach. The first phase, called “DAO 1”, will be rolled out over the next few days.
- Shiba Inu will release a newer version called “DAO 2” once the first phase is complete using community feedback, to allow the community to make public proposals for consideration or review by a “Multisig-Team and Breeds”.
- Shiba Inu noted that “guardians (6/9 wallets)” will have the final say on whether to list a pair, to make sure no one is “really playing the system”, to avoid potential whales controlling the voting process. As
Kriptokoin.com , Steven Cooper, owner of Bigger Entertainment, has prepared a playlist where users can burn SHIB by playing music: