Shiba Inu’s Welly Sends First Batch of ETH Community Rewards to Wallet
The Welly team has announced that the first batch of community rewards has been sent to the Doggy DAO wallet — an amount of 37.5 ETH valued at $58,511.25.
After announcing its partnership with Shiba Inu, Italian fast food restaurant Welly’s underwent a complete rebranding in February. As a result, the Shiba Inu-themed burger joint announced “full” 15% ownership of Welly Company by the Shiba Inu community.
It said that this percentage would encompass earnings from all Welly activity and would be collected in a Shiba Welly wallet. The Shiba Inu community, or the “ShibArmy”, will have control over how the funds are used for burns or other purposes through the Doggy DAO.
Here, members of the Welly community will be able to make major decisions regarding the future of Welly: from new locations, new menus and ways to spend or receive accumulated rewards, to distribution to NFT holders, rewarding employees company or by burning SHIB.
Welly also allocated 10% for rewards and burning outside the 15% “fully” owned by the SHIB community. Here it commits 2% to be burned in what it says will be more of a treasury, allowing the community to choose to burn more than the 2% allocated through the DAO.
Welly is looking to expand
At the beginning of July, Welly joins on the subject of Shiba Inu shared updates on its next upcoming store, DAO (Decentralized Autonomous Organization), and collaboration with major brands. Regarding the location of his next store, he said he was considering Milan, where he is currently located.
In regards to the DAO, it reports ongoing work, which might be completed in a month or two. It is also presently reviewing franchise applications while weighing its next move on collaboration with major brands. This comes based on its resolve to strengthen its brand identity.
