$SHIB Holders To Be Empowered After Completion Of First Phase Of ‘DOGGY DAO’ By Shiba Inu
The first phase of the Decentralized Autonomous Organization (DAO) was unveiled by the Shiba Inu ($SHIB), the meme-inspired crypto token, to provide more benefit to the holders of the token.
The community of Shiba Inu token holders will now have more power after the completion of the first phase of the DAO as they would now have the power to decide which crypto projects and pairs on the ShibaSwap WOOF Pools reports the blog.shibaswap.com.
They will also be the ultimate decision-maker about how $BONE tokens within these projects on the decentralized exchange.
The community members, or the users who hold the staked form of $BONe tokens $tBone, will now have the power to vote on the projects that they prefer through a new community voting system which is being launched in the first phase.
These voting will also contribute to making projects available on ShibaSwap’s pools, which is another step forward towards making it a fully decentralized community process.
It will also be a powerful instrument `because the rewarded Liquidity Pools will be totally determined by the users. The developers will no longer make these decisions – instead, the community will be in charge, and they will be allowed to have the last word on what they want to see and do on the platform.
External projects and their developers will be able to provide liquidity for their tokens/pairs through ShibaSwap’s latest iteration of the voting mechanism, which will help ShibaSwap continue to grow in usability and volume.
According to Shiba Inu’s staff, the greater number of votes a project receives, the greater will be the $BONE incentives that it will get per Shiba Inu’s team.
As a result, projects will attempt to garner as many votes as possible from the token holders. As a consequence of the users’ votes, 30 new pairings will be added to WOOF pools on the site for the next two weeks, till such time that a new voting round begins.
The first phase of DAO however could be disrupted by whales.
According to the blog post, this is the first phase of the DAO, and community feedback will be sought prior to the introduction of a second one with more $BONE use cases.
The developers, on the other hand, have highlighted the dangers posed by whales who may try to sabotage the process. The creators have stated that a method is being established to ensure that the process is fair and transparent.
Whales have been acquiring billions of SHIB tokens, according to CryptoGlobe, after the meme-inspired cryptocurrency’s acceptance soared following its debut on cryptocurrency exchange Kraken. Its popularity has grown as a result of rumors that it may join the gaming industry, as well as the addition of SHIB as a payment mechanism by Nasdaq-listed store Newegg.