During the last half of 2021, decentralized autonomous organizations (DAO) have been popping out of the woodwork in mass numbers, airdropping tokens and creating governance systems for specific projects. Just before the end of the year on December 31, the developers behind the Shiba Inu crypto protocol have announced the launch of a “Doggy DAO” in order to give more power to shiba inu users.
Shiba Inu Project Announces Doggy DAO
The second-largest crypto meme token in terms of market capitalization, shiba inu (SHIB), has announced the launch of a “Doggy DAO” in order to reward SHIB users. The SHIB development team says the project has always focused on “working towards decentralization.” The meme token has propelled itself into the limelight this year, gathering 43,685,107% against the U.S. dollar in 12 months, and getting listed on numerous crypto platforms, as well as gathering merchant acceptance.
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SHIB/USD on January 1, 2022, via FTX.
On January 1, 2022, SHIB has been swapping for prices between $0.00003282 to $0.00003450 within the 24-hour range. While SHIB is up 8.1% during the last two weeks, over the last seven days, SHIB is down 7.6%. SHIB’s market valuation of $18.5 billion represents 0.79% of the $2.3 trillion crypto-economy on Saturday. The meme coin dogecoin (DOGE) is the only crypto meme market that’s larger than SHIB’s with $22.7 billion. The announcement from the SHIB team on Friday notes:
[The] Doggy DAO will be released in a stage-by-stage metric and phased approach. This allows the community to understand what are the needs, and requirements of the project while also attending to the possibilities that this ecosystem brings to our community.
Shiba Inu’s DAO to Provide ‘Immediate Power to the Community’
The Doggy DAO phase 1 will provide “immediate power to the community to decide which crypto projects and pairs on the Shibaswap WOOF Pools will be, and how the $BONE rewards (Allocation Points) are to be distributed amongst them,” the blog post explains. The governance system will leverage $tBONE for votes and $BONE for staking.
“This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #Shibarmy from such pairs, and welcoming new investors to use the platform,” the SHIB team says.
The Doggy DAO follows a slew of decentralized autonomous organizations that have been discussed during the last week in the crypto space. Digital currency advocates have been talking about the Opendao airdrop and Gas DAO airdrop in recent times as well. While both of those DAOs are less established, the SHIB team — and community dubbed the ‘Shibarmy’ — has been around for quite some time.
What do you think about SHIB’s Doggy DAO? Let us know what you think about this subject in the comments section below.
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