Dogecoin competitor Shiba Inu (SHIB) founds new decentralized autonomous group (DAO) – The Every day Hodl

The popular meme crypto project Shiba Inu (SHIB) will set up its own decentralized autonomous organization (DAO).

In a new blog post, Shiba Inu developers say they will release DOGGY DAO, SHIB’s new governance protocol, in two separate phases.

The first phase, set to start in the coming days, contains provisions for users to decide which crypto projects and trading pairs to include in ShibaSwap, SHIB’s decentralized exchange (DEX).

“DAO 1 is focused on providing instant power to the community to decide which crypto projects and pairs will be in the ShibaSwap WOOF pools and how the BONE rewards (allocation points) will be distributed among them.”

BONE is the governance token of the ShibaSwap protocol. Its staked version, tBONE, is used to vote within DOGGY DAO.

“In order to cast a vote for the listing of projects, the users have to insert their BONE (to get tBONE) and also distribute their selection of weights and make them available to exactly this pair. The more you bring in, the more votes a project receives, the more additional pairings (AP) it has.

What happens next? On the following Monday, after the start, APs and pairs are determined depending on the results of the voting process …

The running pairs will be presented for a period of 14 days and their APs will stay there until the next voting takes place and ends. In the week before the expiration date, voting starts again. A number of new pairs or rewards will be decided and selected by the community. “

The second phase of the DAO will implement a system that will allow users to submit general suggestions for consideration.

Shiba Inu is trading hands at $ 0.00034 at the time of writing, a 13% decrease from its seven-day high of $ 0.000039

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are made at your own risk and that any losses you incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock / Tithi Luadthong / WindAwake


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