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Shiba Inu Developers Announces First Phase Of Doggy DAO, 125 Million SHIB Coins Burned In 5 Days

  • The new implementation of Doggy DAO seeks to manage control of the ShushiSwap DEX for members of the Shiba Inu community.
  • Shiba Inu developers have decided on the BONE stakeholder governance signage community voting process.

Shiba Inu, one of the best performing meme bases in 2021 is heading towards major development. Last Friday, December 31, 2021, the developers of Shiba Inu announced the first version of Doggy DAO.

It is a decentralized autonomous organization whose purpose is to take control of the project ShibaSwap DEX for the Shiba Inu community. Developers released DAO 1 in beta last Friday. In addition, they will allow the Shiba Inu community to vote on the projects and crypto pairs they are willing to add to ShibaSwap’s WOOF liquidity pools.

Public voting will help determine the distribution of prizes on the DEX BONE government token. «This is done to spread the potential of community – oriented decisions, so that it can accelerate the growth of Shiba Inu,» the official announcement says. One of the AMAs TwitterSpaces, Queenie, ShibaSwap Discord moderator explained:

It arose because we believe in reducing the level of responsibility our staff must place on others. It takes us away from the ability to exercise authority and control over certain areas; it is about making it more decentralized.

Queenie further explained that DAO 1 will focus on «providing immediate power to the public.» So, members of the public will be able to vote on the crypto projects that will be part of ShibaSwap’s liquidity pools.

Staking the BONE governance sign

As DAO 1 is released in beta, ShibaSwap users can vote on BONE tokens bet listing projects. In return, they receive tBONE, the staked form of government signal. Therefore, the higher the number of votes the project receives, the higher its allocation points (APs), which measure the amount of BONE prizes allocated to the pool.

A maximum of 30 pairs can be executed and processed featured in WOOF Pools. Explaining it, Shiba Inu developers noted:

This is a powerful tool, because the users will decide on the fully awarded Liquidity Pools. This prevents developers from making the same decisions. The responsibility lies with the community, and for what they want to experience within the platform. Therefore, from this moment on, all of the projects that want to be part of our WOOF Pools must be decided by a public vote.

As this is a beta release, the ShibaSwap team will take into account the important feedback from the Shiba Inu community. Queenie explained that the DAO 1 beta is still much higher than other normal beta releases. In addition, the community vote will help developers decide if they are on the right track.

The subsequent release of DAO 2 will add further complexity to «enhanced use cases for BONE / tBONE signals.» DAO 2 will allow members of the public to make ‘generic proposals’.

ShibaSwap also plans to launch new stakeholder contracts with DAO 1. This will allow for greater participation in the BONE governance signal before voting begins. The ultimate goal is to reduce the impact of whales and voting exchanges.

Shiba Inu’s ecosystem has recently seen a major signal flow. In the last five days, 125 million SHIB coins have been «burned» to reduce circulation.

Jean Simmons

Jean Simmons has been a cryptocurrency enthusiast since 2014 and has been dedicated to the topic on a daily basis since she first learned about Bitcoin and blockchain technology. Besides cryptocurrency, Jean studied computer science and worked for two years at a blockchain startup. At Mercayala, he is responsible for technical issues. His goal is to bring cryptocurrencies to the world in a simple and understandable way.

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