In the last half of 2021, decentralized autonomous organizations (DAO) jumped out of the wood en masse, tokenized tokens and systems of governance in place for certain projects. Shortly before the end of the year, on December 31st, the developers of the Shiba Inu crypto protocol announced the introduction of a “Doggy DAO” to give Shiba Inu users more power.
Shiba Inu Project announces Doggy DAO. on
The second largest crypto meme token in terms of 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 moved into the spotlight this year, gaining 43.685.107% against the US dollar in 12 months and being listed on numerous crypto platforms as well as trader acceptance.
On January 1, 2022, SHIB traded between $ 0.00003282 and $ 0.00003450 within the 24-hour period. While SHIB has risen 8.1% in the past two weeks, SHIB has fallen 7.6% in the past seven days. SHIB’s market valuation of $ 18.5 billion equates to 0.79% of the crypto economy of $ 2.3 trillion on Saturday. The meme coin Dogecoin (DOGE) is the only crypto meme market that is larger than SHIB’s at $ 22.7 billion. In the announcement made by the SHIB team on Friday, it says:
[The] Doggy DAO is released in a step-by-step metric and phased approach. This enables the community to understand the needs and requirements of the project while also considering the opportunities that this ecosystem offers our community.
Shiba Inus DAO provides the community with “direct energy”
The Doggy DAO Phase 1 will give the community “immediate power to decide which crypto projects and pairs will be in the Shibaswap WOOF pools and how the $ BONE rewards will be distributed among them,” the blog post explains . The governance system will use $ tBONE for votes and $ BONE for staking.
“This is a critical first step in aligning our decentralized exchange for growth, while at the same time promoting all the #Shibarmy benefits from such couples and welcoming new investors to use the platform,” says the SHIB team.
The Doggy DAO follows a number of decentralized autonomous organizations discussed in the crypto space for the past week. Digital currency advocates have also been talking about the Opendao airdrop and the Gas DAO airdrop recently. While these two DAOs are less established, the SHIB team – and the community known as “Shibarmy” – has been around for some time.
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