Defi . 6 Jan 2022

Shiba Inu Launches the Beta Version of Doggy DAO.

by Blockonomist Editorial
Shiba Inu Launches the Beta Version of Doggy DAO.
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With the aim of providing the users with control over crypto projects, Shiba Inu launches the Doggy DAO in the beta version.

Shiba Inu, the rival of Dogecoin, will soon release the Doggy DAO (Decentralized Autonomous Organization) in a stage-by-stage approach. Its first phase will be implemented in the next few days.

Launching the DOGGY DAO in a stage-by-stage metric makes it easier to understand the project's needs. 

What is Shiba Inu? 

Shiba Inu (SHIB) is a meme based coin on the Ethereum network named after a breed of a Japanese dog. Founders of Shiba Inu launched the coin to overthrow Dogecoin (DOGE); therefore, SHIB is also known as the "Dogecoin Killer". Recently Shiba Inu gathered some news due to its bullish predictions in 2022 as the coin's popularity continues to grow. Currently, Shiba Inu has surpassed 1.1 million SHIB holders.

There are primarily 3 Shiba Inu tokens, these being:

  • SHIB: SHIB is the primary token of the whole Shiba Inu ecosystem with a fixed total supply of 1 quadrillion.
  • LEASH: LEASH is the second coin of the Shiba Inu ecosystem, with a total supply of 107,646 tokens.
  • Bone: This one is the governance token that allows the ShibArmy to vote on the upcoming proposals on the Doggy DAO. The supply is fixed at 250,000,000 tokens.

Features of DAO include

  • Shiba Inu will release Doggy DAO in a "stage-by-stage" phased and measured approach. The first phase, "DAO 1″, will be implemented in a few days.
  • The first phase, i.e. DAO 1, will be focused on providing power immediately to the community members to decide their crypto pairs and projects on ShibaSwap WOOF Pools and the distribution of $BONE rewards (Allocation Points) amongst the members.
  • The new decentralized autonomous organization will use $tBONE for voting rights.
  • After completing the first phase and analyzing community feedback, Shiba Inu will launch the next version called "DAO 2," to provide its community to make generic proposals for consideration.
  • According to Shiba Inu, the team will take appropriate measures to avoid whales controlling the voting process. For instance, the guardians (6/9 wallet) will decide which pair should be listed. The users will select the liquidity pools, and the developers will not exert any authority.

DAO 1 will provide immediate power to the community:

DOGGY DAO's first phase, called DAO 1, aims to provide immediate power to the community. Phase 1 decides the crypto project and the pairs to be on the ShibaSwap WOOF pools. It also determines the distribution of the $BONE rewards among the community.

$tBone is the staked form of $BONE, and the users can distribute the voting power while holding the $tBone. The new voting system provides the users with the power to make the projects that are available in the official pools.

The users can decide the rewarded liquidity pools, so developers don't need to make these choices. Note that whether the projects will be a part of the WOOF pools or not will only be decided by the voting of the community.

Let’s briefly understand its working:

It will provide a list of the top 50 liquidity pairs from the ShibaSwap. Every user will be able to give their votes to the project of their interests. Hence, the external projects and the developers will get motivated to provide liquidity for their pairs, which will ultimately increase the volume of ShibaSwap.

Note that users are required to stake their $BONE tokens to get $tBONE. And the $tBONE token is required to give the vote on the listed projects. Also, the AP will be decided by the votes a project gets. It means that the more the number of votes for a project, the more will be its AP.

Whales cannot take advantage of the process.

The team has decided to work with the defence directly to avoid the actions of the whales. To prevent the whales from taking advantage of the process, the guardians will decide the listing of the pair on the ShibaSwap.

For the first two rounds, a new staking contract will be used to lock the $BONE for a more extended period before the start of the voting. However, the whales can still enter to make the choices, but it will prevent severe situations.

Closing thoughts

With the Doggy DAO, the platform aims to be a decentralized community that will further help guide the SHIB in the coming future. It gives the users power instead of the developers. In simple terms, it boosts decentralization.

Its launch in different phases will ensure to collect the feedback after every phase. It will ensure that the community finds the network safe and fair.