The team behind the Shiba Inu Coin (SHIB) has announced the launch of the first phase of Doggy DAO – dubbed – DAO 1 (Beta). It aims to accelerate the growth of the token while remaining faithful to the ethics of decentralization.
Handing Power to the Shiba Inu Community
According to the official blog post, the main focus of DAO 1 is to bestow the community members with “immediate power” to decide on the crypto projects and pairs on the ShibaSwap platform. The community will also have a say on how the BONE rewards are distributed amongst them.
ShibaSwap is the native DEX of the Shiba Inu cryptocurrency project. The SHIB Doggy DAO, on the other hand, aims to be a decentralized organization led by the SHIB community that will control the future of the memecoin ecosystem.
With the help of the new community voting system, users will be able to allocate their voting power when holding the staked form of BONE, also called – tBone, into the projects that they wish to work on and monitor various aspects.
The liquidity pools will be chosen by the users, and the developers will not be able to influence or exercise their authority in any way. The end goal of the latest beta launch is decentralization.
It also marks an important step for its decentralized exchange. The devs believe that the first phase release will attract new investors to use the platform.
What’s in store for DAO 2?
The Shiba Inu developer team expects the tool to ‘motivate’ and facilitate external projects and their developers to provide liquidity to their tokens / pairs. This, in turn, should increase the utility and volume of the ShibaSwap platform.
Having selected a phased approach, the team anticipates to encounter proper community feedback once the beta version starts running. It will also observe the workflow closely to ensure that the community finds the system seamless, secure, and fair.
Going forward, the newer and more complex version, dubbed – DAO 2, will involve improved and improved use cases of BONE / tBONE tokens. New phases of the same system will be introduced simultaneously via the same screen. In addition, DAO 2 will also allow community members to make generic proposals which will be reviewed or reviewed by the Multisig team at SHIB and Breeds.
