The move comes as a continuation of Shiba Inu’s original mission to work towards decentralization and aims to “ broadcast the capacity of community-oriented decisions, in ways that can accelerate the growth of Shiba Inu”, says the official blog post of the Shiba Inu team.
According to the statement, the Shiba Inu team is happy to announce and share the first phase, of DOGGY DAO, which comes under the name of DAO 1.
The first phase or the Beta version of DOGGY DAO will focus on the community voting system.
As the blog post says, the community has to decide “which crypto projects and pairs on the ShibaSwap WOOF Pools will be, and how the $BONE rewards are to be distributed amongst them.”
SHIB community will be able to distribute their votes through the BONE token, which now serves as a governance token of the Shiba Inu ecosystem.
DOGGY DAO will be released stage by stage. The newer version, DAO 2, will come after DAO 1 will receive the proper community feedback and observe the workflow.
The DAO-related announcement is the latest one from the Shiba Inu community. The team behind the popular meme token teased the crypto space with some major news to come at the beginning of 2022.
Why You Should Care
Shiba Inu is one of the top 20 cryptocurrencies by market capitalization and one of the most popular speculative assets on crypto market. The token has a massive (over 1.1 billion) holders community, its price swings always attract impressive price volumes.
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Source: Cryptocurrency - investing.com
