Popular meme crypto project Shiba Inu (SHIB) is set to launch its very own decentralized autonomous organization (DAO).
In a new blog post, Shiba Inu developers say they are going to release DOGGY DAO, SHIB’s new governance protocol, in two separate phases.
The first phase, which is set to launch in the coming days, will include provisions for users to decide which crypto projects and trading pairs will be included on ShibaSwap, SHIB’s decentralized exchange (DEX).
“DAO 1 is focused on providing immediate power to the community in order 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.”
BONE is the governance token of the ShibaSwap protocol. Its staked version, tBONE, will be used to vote within DOGGY DAO.
“In order to cast a vote to list projects, users must stake their BONE (to get tBONE), also distributing their amount of choice to weigh-in and provide to that very pair. The more they weigh in, the more votes a project achieves, the more added pairing (AP) it will have.
What happens next? On the following Monday, after launch, APs and pairs will be determined depending on the results of the voting process…
The executed pairs will be showcased for a period of 14 days, and their APs will remain there until the next voting occurs and finishes. The week, before the expiry date, voting will begin once again. A batch of new pairs or rewards will be decided and selected by the community.”
The second phase of the DAO will implement a system that allows users to send generic proposals to be considered.
Shiba Inu is exchanging hands at $0.000034 at time of writing, a 13% decrease from its seven-day peak of $0.000039
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/WindAwake