Shiba Inu Launches Beta Version of DAO to Give Users More Authority Over Crypto Projects

The dogecoin rival is aiming to provide its users with more control over crypto projects and pairs on the ShibaSwap platform.

AccessTimeIconDec 31, 2021 at 6:19 p.m. UTC
Updated Jan 3, 2022 at 8:16 p.m. UTC

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

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 be implemented within the next few days.
  • 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.
  • 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.
  • 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.
  • 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.”
  • 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

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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

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