In the last semester of 2021, Decentralized Autonomous Organizations (DAOs) came out en masse, dropping 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 announced the launch of a “Doggy DAO” to empower 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 traded prices between $ 0.0003282 and $ 0.00003450 in the 24 hour range. While SHIB is up 8.1% over the past two weeks, over the past seven days SHIB is down 7.6%. SHIB’s $ 18.5 billion market valuation represents 0.79% of the $ 2.3 trillion crypto economy on Saturday. The same dogecoin coin (DOGE) is the only same crypto market that is larger than that of SHIB at $ 22.7 billion. The SHIB team’s announcement 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 DAO will provide ‘immediate power to the community’
Phase 1 of Doggy DAO will provide “the immediate power to the community to decide which crypto projects and pairs on the WOOF Shibaswap pools will be, and how the $ BONE rewards (allocation points) are to be distributed among them,” explains the blog. . 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 host of decentralized autonomous organizations that have been discussed over the past week in the crypto space. In recent times, digital currency advocates have also been talking about the Opendao airdrop and the Gas DAO airdrop. While these two DAOs are less established, the SHIB team – and the community known as the “Shibarmy” – has been around for some time.
What do you think of SHIB’s Doggy DAO? Let us know what you think of this topic in the comments section below.
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