Shiba Inu (SHIB), the popular meme crypto project, is planning to launch its own decentralized autonomous organization (DAO).
According to a new blog post by Shiba Inu developers, DOGGY DAO, SHIB’s new governance protocol, will be released in two phases.
The first phase, set to launch soon, will feature provisions for users to decide which crypto projects and trading pairs will be included on ShibaSwap, SHIB’s decentralized exchange (DEX).
DAO 1 is focused on providing immediate power to the community in order 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 ShibaSwap protocol uses BONE as its governance token. Its staked version, tBONE, will be used for voting within DOGGY DAO.
“In order to cast a vote to list projects, users must stake their BONE (to get tBONE), also distributing their amount of choice to weigh-in and provide to that very pair. The more they weigh in, the more votes a project achieves, the more added pairing (AP) it will have.
What happens next? On the following Monday, after launch, APs and pairs will be determined depending on the results of the voting process…
The executed pairs will be showcased for a period of 14 days, and their APs will remain there until the next voting occurs and finishes. The week, before the expiry date, voting will begin once again. A batch of new pairs or rewards will be decided and selected by the community.”
In the second phase of the DAO, users will be able to submit generic proposals for consideration.
Via this site
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