Shiba Inu team announces first phase of DOGGY DAO

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2022-01-02 10:24:20

The Shiba Inu development team announced DAO 1, the beta version of the Doggy decentralized autonomous organization, in a recent blog post.

As Discord moderator Shiba Inu explained during a recent AMA session, the DAO will prevent developers from using power over certain regions, giving power to the community: “It prevents us from doing so. capable of exercising power and control over certain areas.”

Selection of liquid pairs

The goal of DAO 1 is to make it possible for the community to decide which crypto pairs should be added to the liquidity pools on the ShibaSwap decentralized exchange.

In this way, projects will be incentivized to compete, which will benefit the Shiba Inu ecosystem.

The beta is intended to gauge the response in the #ShibArmy community and get feedback before launching a more complex version called DAO 2 that will allow for multiple recommendations.

From now on, users will be able to vote for individual pairs by staking BONE tokens and receiving tBONE tokens for voting rights.

Holders will also be able to decide how much liquidity providers will receive.

Users can select up to 30 pairs that will appear in the liquidity pool over a two-week period. The community will then have to choose a bundle of new trading pairs.

Dealing with whales

Whales remain a threat to decentralization in most crypto projects due to their enormous influence. The developers of Shiba Inu acknowledge the fact that the voting process can be skewed by large holders, but they will introduce a mechanism in the coming days aimed at making the system more fair.

To lock up BONE tokens for a longer period of time, they will soon launch a new staking contract.

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