Shiba Inu (SHIB), a popular meme cryptocurrency, is preparing to build its own decentralised autonomous organisation (DAO).
Shiba Inu developers announced in a recent blog post that they would release DOGGY DAO, SHIB’s new governance system, in two parts.
The first phase, which is scheduled to start in the next days, will allow users to choose which crypto projects and trading pairings will be featured on ShibaSwap, SHIB’s decentralised exchange (DEX).
“DAO 1 is focused on giving the community instant control over which crypto projects and pairings will be included in the ShibaSwap WOOF Pools and how the BONE awards (allocation points) will be allocated.”
BONE is the ShibaSwap protocol’s governance token. Its staked variant, tBONE, will be utilised for DOGGY DAO voting. “In order to vote on projects, users must stake their BONE (in order to get tBONE), as well as distribute a quantity of their choosing to weigh-in and offer to that specific pair. The more voices they provide, the more votes a project receives, and the more added pairing (AP) it receives.
What happens next? Following launch, the following Monday, APs and couples will be decided based on the results of the voting process…
The executed partners will be shown for 14 days, and their APs will stay on display until the next round of voting begins and concludes. Voting will resume the week before the expiration date. The community will pick and choose a batch of new pairings or awards.”
The DAO’s second phase will develop a mechanism that will enable users to submit generic suggestions for consideration. Shiba Inu is now trading at $0.000034, down 13% from its seven-day high of $0.000039.
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