The Shiba Inu community will take ownership over 15% of Welly, the SHIB branded fast-food restaurant.
Welly has already stated that the Shiba Doggy DAO will play a key role in some of its decision-making, with this being a more concrete statement of how. Here’s what it means.
Shiba Community To Get Welly Benefits
As the seventh and final utility announced by Welly, they said: “We’re honoured to grant the SHIB decentralised community a full 15% ownership of the Welly Company.”
It also expanded further on what this means. Welly said this percentage will be “aggregated in a Shiba Welly Wallet and will include profits from all Welly activity.”
The Doggy DAO will then control the use of these funds, with the DAO being able to choose to burn SHIB using this, or do whatever it wants instead.
As such, this means that BONE holders, the governance tokens used in the Doggy DAO, will hold this ownership.
However, we aren’t yet sure whether the 15% ownership also means 15% of the profits go towards the DAO. Nor do we know whether this means the Shiba community owns 15% of shares in Welly, or could sell them.
Outside of this utility, Welly also announced it will burn 2% of SHIB from its company net profits, and also from its franchise fees. Welly already burns SHIB using NOWPayments.
A percentage of its net profits will also go to holders of its upcoming NFTs. These rewards will be distributed in SHIB.
Following this announcement, Shiba project lead Shytoshi Kusama defended Welly after comments made about the company in a Twitter Spaces.
“Incredible to hear YouTubers ask why we are building outside of SHIB with things like Welly and just ignore the 15% we announced will be owned by the SHIB community,” he said in a tweet. “How is this not a great thing? They could have built it without us.”
Welly plans to expand to other locations in Q1 2023, targeting a European capital city for a flagship store.