Shiba Inu (SHIB) Launches New DAO | CryptoGazette
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It’s been just revealed that the popular meme coin Shiba Inu (SHIB) launches its very own Decentralized autonomous organization (DAO).
In a brand new blog post, Shiba Inu developers say they were going to release DOGGY DAO this will be SHIB’s new governance protocol, in two separate phases.
Two phases of the DAO
The first phase will include provisions for users to decide which crypto projects and trading pairs will be included on ShibaSwap, SHIB’s decentralized exchange (DEX).
“DAO 1 is focused on providing immediate power to the community in order 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.”
BONE is the governance token of the ShibaSwap protocol. Its staked version, tBONE, will be used to vote within DOGGY DAO, according to the notes.
“In order to cast a vote to list projects, users must stake their BONE (to get tBONE), also distributing their amount of choice to weigh-in and provide to that very pair. The more they weigh in, the more votes a project achieves, the more added pairing (AP) it will have.”
The notes revealed the following as well:
“What happens next? On the following Monday, after launch, APs and pairs will be determined depending on the results of the voting process…”
The notes revealed the following as well:
“The executed pairs will be showcased for a period of 14 days, and their APs will remain there until the next voting occurs and finishes. The week, before the expiry date, voting will begin once again. A batch of new pairs or rewards will be decided and selected by the community.”
The second phase of the DAO will implement a system that allows users to send generic proposals to be considered.
Regarding the coin’s price, at the moment of writing this article, SHIB is trading in the red on CMC.
The coin saw a drop of 11% in price during the past 24 hours. Stay tuned for more news about the price of the digital assets and keep your eyes on the prices.
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