- The DAO is to be rolled out in phases to empower the community.
- Shiba Inu is taking steps to lose the meme coin tag that has followed it since its launch.
The Shiba Inu team has disclosed the launch of its DAO. Developers of the token have said this is in line with their goal to achieve full decentralization.
The crypto sensation is getting a DAO, according to its developers. It is expected that the DAO, dubbed Doggy DAO, will govern decisions on the proposed ShibaSwap exchange. Voting power is to be allotted to community members that have staked their $Bone tokens to receive $tBONE.
Users will select how token payouts are allocated amongst multiple liquidity pools in the beta version of the DAO, known as DAO 1. In their blog post, the team said, “rewarded liquidity pools will be decided fully by the users….this avoids the Developers from making those very choices.”
A certain level of skepticism was consistent in the comments on Twitter following the team’s announcement, as some users felt the $Bone token may be given preference over the native SHIB token.
“Apparently bone is the new focus of the shib team. Maybe I should sell my shib or exchange it for bone… let’s see which way it goes,” said one user.
Users will be able to vote by staking their tokens on other cryptocurrency listings and pairs, a feature designed to bring liquidity deposits for other assets. This type of voting is expected to take place every two weeks, including at least 30 pairs.
“DAO 1, is focused on providing immediate power to the community 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,” read the blog post.
The Doggy DAO is expected to roll out in phases to allow for easy understanding of the process by the community. DAO 2 will allow community members to make decisions on the Shiba Inu project.
Shiba Inu’s Rise And Fighting The Meme Coin Tag
Shiba Inu was the most popular token in 2021, beating even Bitcoin in retail popularity and its rival Dogecoin. The asset was one of the most Googled crypto assets and one of the most tweeted over the last 12 months thanks to the remarkable gains that it notched.
Shiba Inu surged by a massive over 43,000% in 2021 on the backing of a vibrant community that has seen it get listings on exchanges like Kraken in recent times.
The community, however, is pushing to fight the meme coin narrative with the launch of its decentralized exchange and now its DAO to allow for more engagement from institutional investors. Currently, the token sits behind its rival Dogecoin in market cap with $4 billion and still hopes to push past it.