Shiba Inu, Dogecoin’s main rival, is planning to release the Doggy DAO (Decentralized Autonomous Organization) in stages. The first phase of the project has already been implemented. Industry experts believe it is easier to grasp the project’s requirements if the DOGGY DAO is launched in stages. But what exactly is the reason Shiba Inu launched Doggy DAO, and what are the things you need to know before you buy Shiba Inu? Read on to find out more.
Why Shiba Inu Launched Doggy DAO
The DAO’s goal is to empower Shiba Inu owners and everyone who intends to buy Shiba Inu to make decisions on crypto initiatives. The SHIB community will run Doggy DAO and have complete control over it. The community will have immediate control over which crypto projects and pairs will be available on the ShibaSwap WOOF Pools during the DAO 1 phase.
The guardians are expected to have the final say on whether a pair should be listed or not, in order to avoid possible whales influencing the voting process.
Following the first phase, Shiba Inu will release “DAO 2,” an enhanced version that will allow the public to submit generic suggestions for evaluation or review by a “Multisig-Team, and Breeds.”
Shiba Inu developers have made several announcements recently, encouraging investors who want to buy Shiba Inu. One of the announcements is related to the DAO. Shibarium, a layer-2 solution, is being developed by Ryoshi, the creator of Shiba Inu Coin. Transaction costs will be decreased as a result of the initiative, which is an important step toward the Shiba Inu ecosystem’s development, which will include gaming and non-fungible tokens.
Understanding Shiba Inu
Shiba Inu (SHIB) is an Ethereum-based meme coin named after a Japanese dog breed. Shiba Inu’s founders created the coin in order to dethrone Dogecoin (DOGE); as a result, SHIB is dubbed the “Dogecoin Killer.” As the coin’s popularity grows and more investors choose to buy Shiba Inu, the coin has recently gained attention for its bullish predictions for 2022. Shiba Inu currently has over 1.1 million SHIB cardholders and Shiba Inu tokens are divided into three categories: SHIB, the Shiba Inu ecosystem’s primary token, with a fixed total quantity of one quadrillion, LEASH, the second coin in the Shiba Inu ecosystem, and Bone, the governance token that allows the ShibaArmy to vote on the Doggy DAO’s next proposals.
What You Can Expect from Doggy DAO Before You Buy Shiba Inu
Before you buy Shiba Inu, it is important to know what to expect. First, Doggy DAO will be released in a phased and measured manner by Shiba Inu. The first phase, dubbed “DAO 1,” has gone live.
The initial phase, known as DAO 1, will focus on giving community members direct influence over their crypto pairs and projects on ShibaSwap WOOF Pools, as well as the distribution of $BONE prizes (Allocation Points) among members to others who buy Shiba Inu. $BONE will be used for voting rights in the new decentralized autonomous organization.
Shiba Inu will launch the second iteration, dubbed “DAO 2,” after completing the first phase and reviewing community comments.
The team will take adequate procedures, according to Shiba Inu, to prevent whales from influencing the voting process. The guardians, for example, will decide which pair should be listed. The liquidity pools will be chosen by the users, with no authority held by the developers.
DAO 1 will give the community immediate power
DOGGY The first phase of DAO, dubbed DAO 1, promises to provide the community with immediate control. The crypto project and pairs that will be on the Shiba Swap WOOF pools are decided in Phase 1. It also decides how the $BONE awards will be distributed across the community. Users can distribute voting power while holding the $T-bone, which is a staked version of $BONE. The new voting method empowers individuals to create projects from official pools. Developers are not required to make these decisions because users can choose the rewarded liquidity pools. The community will vote on whether or not the projects will be included in the WOOF pools.
Tackling Whales
To avoid the whales’ actions, the Shiba Inu team has opted to work directly with the defense force. The guardians will assess whether the pair should be listed on the Shiba Swap in order to prevent the whales from abusing the system. A new staking contract will be implemented for the first two rounds to lock in the $BONE for a longer amount of time before voting begins. The whales will still be able to enter and make decisions, but it will avoid dangerous circumstances.
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