Shiba Inu Developers Announce “Doggy DAO” Launch
DAO 1, the first version of the Shiba Inu Decentralized Autonomous Organization, has gone live on the ShibaSwap Decentralized Exchange
The first version of DoggyDAO, a decentralized autonomous organization for members of the Shiba Inu community, launched this Friday on the decentralized cryptocurrency exchange ShibaSwap, according to an announcement shared by the developers of the project.
#ShibArmy, we are pleased to announce that DOGGY DAO will be officially launched in the coming hours with our first phase DAO 1! #DoggyDao brings voting rights to the community, while also bringing a closer path to our mission for decentralization.
— Shib (@Shibtoken) February 18, 2022
From now on, community members can vote on which specific projects and trading pairs are part of ShibaSwap’s WOOF liquidity pools.
After the launch of a new version, the team collects feedback from the community before moving forward with a new version.
ShibaSwap users can cast their vote using tBONE tokens, which can be obtained by staking the BONE governance token. Each voting session lasts for five days before closing.
The community can pick new trading pairs every two weeks. A total of 30 trading pairs will be added to the liquidity pools.
The developers urge the community to do their research before voting on any particular project to ensure particularly risky cryptocurrencies don’t end up on ShibaSwap:
Again, we ask for your understanding, without ignoring the risks that may be associated with a small, unknown, unsupervised or possibly newer project. Therefore vote responsibly!
DAO 1, the first version of the initiative, was originally announced in late December.
To prevent all kinds of scams, the “guardians 6/9 wallet” has the final say on whether a particular project can be included by ShibaSwap.
As previously announced by the Shiba Inu developers, the first iteration of the DoggyDao project will come together with a new strike contract, which is supposed to reduce the influence of deep pocket whales by extending the blocking period for BONE tokens.