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