Shiba Inu Launches Doggy DAO to Advance Decentralisation Mission

January 04, 2022, 10:15 AM AEST - 1 week ago

Shiba Inu developers have unleashed Doggy DAO, a decentralised autonomous organisation set to assign control over the project’s ShibaSwap DEX to the memecoin’s community.

DAO 1, launched on January 1 in beta, allows the SHIB community to vote on which crypto projects and pairs are added to ShibaSwap’s WOOF liquidity pools, and how rewards in the DEX’s BONE governance token are distributed among them.

Give the Dog a tBONE

ShibaSwap users can stake their BONE tokens to get tBONE, the staked form of the governance token. The more votes a project receives, the greater its allocation points (AP) – the quantitive measure of BONE rewards allocated to the pool. A maximum of 30 pairs voted on by the community will be executed, with a new batch of pairs decided on every two weeks.

A subsequent DAO 2 launch will allow improved use cases of BONE/tBONE tokens. A new staking contract will launch alongside DAO 1, forcing BONE to be locked up for longer before voting begins to counter the influence of whales and exchanges on the voting process.

ShibaSwap Team in ‘Big Surprise Coming Soon’ Tease

The Doggy DAO announcement has had little effect on SHIB’s price, down almost 12 percent over the past week on the back of an overall slump in the post-Christmas crypto market, though it did spike by a modest 1.7 percent in the 24 hours since the news broke.

This has done nothing to dampen the enthusiasm of the ShibaSwap team, which hinted at an imminent “big surprise” concurrent with its DAO announcement.

DAOs Dominate Crypto News Cycle

DAOs of varying descriptions have dominated the news in recent weeks. Last month, a group of crypto investors announced they were buying a Caribbean island and decentralising it for their community.

In late December, another DAO announced its intention to purchase the Blockbuster video brand and turn it into a decentralised film streaming service, with additional plans for movie financing and production.

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