Shiba Inu’s (SHIB) team declared the first phase of DOGGY DAO, known as DAO 1 (Beta), with the aim of continually working towards decentralization.
DOGGY DAO is here. Woof!https://t.co/5sEZX50Z1j
— Shib (@Shibtoken) December 31, 2021
According to Shiba Inu’s (SHIB) official blog post:
“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.”
With the launch of the new community voting system, users will be able to distribute their voting power when holding $tBone (the staked form of $BONE) into their preferred projects in order to effectively challenge the following:
“1). Make those projects available in Shiba Inu’s official pools. 2). Choose how these will affect the APs that will decide the amount of $BONE the pairs will receive as rewards. 3). Encouraging this systematic DAO method to be achieved by a fully decentralized community process.”
The team further said:
“DAO 1 is a powerful tool, as the rewarded Liquidity Pools will be decided fully by the users. This avoids the Developers from making those very choices. The responsibility falls on the community, and what they want to experience within the platform. Therefore, from this point forward, any and all projects that want to form part of our WOOF Pools will need to be decided by community voting.”
Meanwhile, “DAO 2 will be a system that allows the community to make generic proposals to be considered or reviewed by our Multisig-Team, and Breeds.”
DOGGY DAO is planned to be released in a stage-by-stage metric and phased approach, This allows the community to understand what are the needs, and requirements of the project while also attending to the possibilities that this ecosystem brings to the community.
The team further noted this is the vital first step, in their decentralized exchange to grow, while sponsoring all the benefits to the Shib Army from such pairs, and welcoming new shareholders to use the platform.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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