SHIB Devs revealed Doggy DAO’s first phase. With the introduction of Doggy DAO, the ShibaSwap DEX is taking the first step in ceding control of its governance to the Shiba Inu community.
Shiba Inu (SHIB) developers have unveiled the first iteration of Doggy DAO, a decentralized autonomous organization designed to give the community of the meme coin power over the project's ShibaSwap DEX.
The Shiba Inu community will be able to vote in DAO 1, which was just released in beta, on which cryptocurrencies will be added to ShibaSwap's WOOF liquidity pools and how their rewards in the DEX's BONE governance token would be split among them.
DAO 1, according to Queenie, aims to "provide immediate authority to the community" by giving users the ability to vote on the crypto projects and currency pairs that will be included in the ShibaSwap's liquidity pools.
Doggy get a tBONE
Users of ShibaSwap will be able to vote on which projects are featured with the launch of DAO 1 by staking their BONE tokens in order to obtain tBONE, the staked version of the governance token. A project's allocation points (AP), which represent the percentage of BONE prizes awarded to the pool, increase in proportion to the number of votes it receives. Every two weeks, a new group of partners will be chosen, with a cap of 30 pairs chosen by community voting.
The ShibaSwap team will be soliciting feedback from the Shiba Inu community as this is a test launch. Technically speaking, the first phase will be a beta phase, but it will be far more advanced than what you would typically consider a beta, according to Queenie. "We just want to be able to obtain community feedback so we can make sure everything is working as planned,"
The system would become "more complicated" in a subsequent DAO 2 launch thanks to "enhanced use cases of BONE/tBONE tokens." According to Queenie, DAO 2 will let community members submit "generic recommendations," which the ShibaSwap multisig team would evaluate.
To lessen the impact of whales and exchanges on voting, a new staking contract will debut alongside DAO 1, requiring BONE to be locked up for a longer period of time before voting starts.
The price of SHIB, which has grown by a small 1.7% over the last day but is down 11.3% over the past seven days as a result of the crypto market's post-Christmas downturn, doesn't seem to have changed as a result of the announcement.
The ShibaSwap team's enthusiasm hasn't been diminished by this. They also hinted at an impending "huge surprise" in their DAO statement.
