Shiba Inu (SHIB) memecoin announces the first phase of the Doggy DAO with the release of DAO 1 in its Beta version, to make governance decentralized.
Shiba Inu (SHIB) and Doggy DAO
DOGGY DAO is here. Woof!https://t.co/5sEZX50Z1j
— Shib (@Shibtoken) December 31, 2021
“DOGGY DAO is here. Woof!”
The announcement, published on the last day of 2021, describes how Shiba Inu intends to proceed with a phased approach to the release of Doggy DAO, in order to examine the impact that the process will have. On the other hand, the introduction of the post depicts the rationale as follows:
“We believe in reducing the level of accountability that our team must place in each other, and deterring from the ability to exert authority/control over certain areas”.
The first phase of Doggy DAO is DAO 1 in its Beta version, with the aim of giving guidance to ShibaSwap, Shiba Inu’s decentralized exchange. Basically, with DAO 1, users who own tBone (the staked form of BONE) can decide, through voting, which projects and cryptocurrency pairs will be on ShibaSwap’s WOOF pools.
Shiba Inu: DAO 1 and the BONE governance tokens
The first phase of the Doggy DAO, called DAO 1, sees the introduction of governance tokens called BONE, which, after being staked, become tBone, the voting tokens in the decentralized governance of Shiba Inu.
The developers describe that for the first DAO phase 1, there will be a list of the “Top 50 Liquidity/Volume Pairs” of ShibaSwap, and each user will be able to weigh their important votes in the project(s) they are interested in.
A total of 30 pairs will be run, and processed to appear in the ShibaSwap WOOF Pools for 14 days and then, as in a continuous cycle, voting will start again for a new set of pairs and rewards, decided and selected by the community.
In what will later be called DAO 2, the BONE (and tBone) governance token will be released in a more updated version with improved use cases.
The news of Shiba Inu with its Doggy DAO is just the latest new performance of the memecoin, which has seen exponential growth in 2021, coming in just behind its rival Dogecoin, and among the top 20 cryptocurrencies by market capitalization.
Despite Elon Musk, CEO of Tesla and a strong supporter of DOGE, revealing that he does not have any SHIB tokens in his wallet, the memecoin has been supported by a strong community.
The petition to get SHIB onto Robinhood’s trading app, which has yet to receive a response, as well as the confirmation by US cinema chain AMC to add SHIB as a payment method, are just some of the actions that have seen the “Dogecoin Killer” at the centre of the storm.
Certainly, at the time of writing, SHIB’s price of $0.00003 is still quite far from its ATH – All Time High of $0.00008 set last October.