According to the project’s developers, the first version of a decentralized autonomous organization for a member of the Shiba Inu community called Doggy DAO was launched on Friday at DEX ShibaSwap.
“De”centralized autonomous organization Doggy DAO
DAOs are ownerless companies that operate on a blockchain, and instead of having a board of directors, CEO or management that decides on behalf of investors, DAOs decide by consensus among their users, which are also investors.
#ShibArmy, we are happy to announce DOGGY DAO will be officially launched in the upcoming hours with our first phase DAO 1! 🐶 #DoggyDao brings community voting rights, while also accomplishing a closer path to our mission for decentralization.— Shib (@Shibtoken) February 18, 2022
From now on, community members will be able to vote on which projects and trading pairs will become part of the ShibaSwap WOOF liquidity pools. ShibaSwap users will be able to vote using tBONE tokens, which can be obtained by staking a BONE token.
Each vote lasts five days. In general, the community will be able to recruit new trading pairs every two weeks, with a total of 30-50 trading pairs added to the liquidity pools.
Developers are urging the community to approach the voting process thoughtfully and responsibly, to prevent risky people from entering ShibaSwap:
Once again, we ask that you do not ignore the risks that may be associated with a nascent, unknown and unverified project. Therefore, please vote responsibly!
The last word on whether ShibaSwap can list a particular project will have “Guardians” who will also prevent crypto whales from taking advantage of the system.
This is interesting because it is a fairly centralized solution, how can an anonymous group become more credible than the CEO or another known entity that could be replaced?
The developers of Shiba Inu also announced that the first iteration of the Doggy Dao project will be accompanied by a new staking contract, which was to reduce the impact of crunchy whales by extending the lock time for the BONE token.