Shiba Inu Project Reveals ‘Doggy DAO,’ Devs Say Phase 1 to Provide ‘Immediate Power to the SHIB Army’

SHIB

During the last half of 2021, decentralized autonomous organizations (DAO) have been popping out of the woodwork in mass numbers, airdropping tokens and creating governance systems for specific projects. Just before the end of the year on December 31, the developers behind the Shiba Inu crypto protocol have announced the launch of a “Doggy DAO” in order to give more power to shiba inu users.

The Shiba Inu project announces Doggy DAO

The second largest crypto meme token by market capitalization, shiba inu (SHIB), has announced the launch of a “Doggy DAO” to reward SHIB users. The SHIB development team says the project has always focused on “working towards decentralization”. The meme token has rocketed into the limelight this year, rallying 43,685,107% against the US dollar in 12 months, and being listed on many crypto platforms, along with merchant acceptance.

On January 1, 2022, SHIB has been swapping for prices between $0.00003282 to $0.00003450 within the 24-hour range. While SHIB is up 8.1% during the last two weeks, over the last seven days, SHIB is down 7.6%. SHIB’s market valuation of $18.5 billion represents 0.79% of the $2.3 trillion crypto-economy on Saturday. The meme coin dogecoin (DOGE) is the only crypto meme market that’s larger than SHIB’s with $22.7 billion. The announcement from the SHIB team on Friday notes:

[The] Doggy DAO will be released in a metric and step-by-step incremental approach. This allows the community to understand what the needs and requirements of the project are while considering the possibilities that this ecosystem brings to our community.

Shiba Inu’s DAO to Provide ‘Immediate Power to the Community’

The Doggy DAO phase 1 will provide “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 blog post explains. The governance system will leverage $tBONE for votes and $BONE for staking.

“This is a critical first step, orienting our decentralized exchange towards growth, while promoting all of the #Shibarmy benefits of these pairs and welcoming new investors to use the platform,” he said. ‘SHIB team.

The Doggy DAO follows a slew of decentralized autonomous organizations that have been discussed during the last week in the crypto space. Digital currency advocates have been talking about the Opendao airdrop and Gas DAO airdrop in recent times as well. While both of those DAOs are less established, the SHIB team — and community dubbed the ‘Shibarmy’ — has been around for quite some time.

admin

Read Previous

Bitcoin Price Analysis: Despite Recent Dip, Some Good News for The Bulls

Read Next

Despite Negative Mining Malware Press, Privacy-Focused Crypto Monero Jumps 36% in 2 Weeks

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon