Shiba Inu Project Reveals ‘Doggy DAO,’ Devs Say Phase 1 to Provide ‘Immediate Power to the SHIB Army’ – Altcoins Bitcoin News

In the second half of 2021 decentralized autonomous organisations (DAOs) have emerged in large numbers. They are airdropping tokens, creating governance systems, and popping up all over the place. Just before the end of the year on December 31, the developers behind the Shiba Inu crypto protocol have announced the launch of a “Doggy DAO” in order to give more power to shiba inu users.

Shiba Inu Project announces Doggy DAO

The second-largest crypto meme token in terms of market capitalization, shiba inu (SHIB), has announced the launch of a “Doggy DAO” in order to reward SHIB users. The SHIB development team says the project has always focused on “working towards decentralization.” The meme token has propelled itself into the limelight this year, gathering 43,685,107% against the U.S. dollar in 12 months, and getting listed on numerous crypto platforms, as well as gathering merchant acceptance.

SHIB traded prices for $0.00003282-$0.00003450 in the last 24 hours. SHIB has increased 8.1% over the past two weeks. However, SHIB’s performance in the past seven days is 7.6%. SHIB’s market valuation of $18.5 billion represents 0.79% of the $2.3 trillion crypto-economy on Saturday. The meme coin dogecoin (DOGE) is the only crypto meme market that’s larger than SHIB’s with $22.7 billion. This is the announcement by SHIB on Friday

[The]The release of Doggy DAO will take place in stages and be phased. The community can understand the requirements and needs of the project, while simultaneously focusing on the potential benefits this ecosystem offers to their community.

Shiba Inu’s DAO to Provide ‘Immediate Power to the Community’

The Doggy DAO phase 1 will provide “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,” the blog post explains. This governance system leverages $tBONE to vote and $BONE to stake.

“This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #Shibarmy from such pairs, and welcoming new investors to use the platform,” the SHIB team says.

Doggy DAO joins a host of other decentralized autonomous organisations that were discussed in recent weeks within the cryptocurrency space. In recent weeks, digital currency advocates also discussed the Opendao and Gas DAO Airdrops. While both of those DAOs are less established, the SHIB team — and community dubbed the ‘Shibarmy’ — has been around for quite some time.

What do you think about SHIB’s Doggy DAO? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been involved since then. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.