The SHIB Decentralised Autonomous Organisation (DAO) is key to what the document describes as a “true decentralised ecosystem”. With the SHIB ecosystem set to expand with the Shibarium Layer-2 and Shiberse metaverse project, the Doggy DAO is yet another project on the growing Shiba Inu Roadmap.
Set to put more power into the hands of the ShibArmy, here's everything we know about the Doggy DAO so far.
What Is The Shiba Inu Doggy DAO?
The SHIB Doggy DAO is a decentralised organisation controlled by the Shiba Inu community (the ShibArmy) that will have an influence on the future of SHIB.
Powered by the BONE token, members of the Doggy DAO will use this as a governance token to vote on proposals. “The more BONE you hold, the more weight your vote carries in these future endeavours,” said the WoofPaper. Users must stake their BONE to gain tBONE for these votes.
The Doggy DAO will also let members use tBONE to vote on future ShibaSwap pairings. However, 50% of the allocated BONE will stay with the Locked Pairs, which the Shiba team says is for the wellbeing of the platform.
However, the decisions are not solely in the community's hands. Nine 'Guardian Wallets' will have the final say on new ShibaSwap listings, claiming this is "to key in the factor of someone truly gaming the system."
While the Doggy DAO garnered criticism for its use of SHIB over BONE, Shiba project lead Shytoshi Kusama defended the use of BONE, as it prevents large exchanges or whales from having too much power in the DAO.
Given the ShibArmy has not been one to shy away from expressing its thoughts in the past, the now one-million-strong community has a strong opportunity to shape the Shiba Inu ecosystem. But when can they expect to join in?
The Doggy DAO was first revealed in the Shiba WoofPaper. “[BONE] is a Governance token which will allow the ShibArmy to vote on proposals for 2022,” said the WoofPaper.
Shiba Inu Doggy DAO Release Date
The Shiba Inu Doggy DAO will release in 2022, with Phase 1 of the ShibaSwap live as of February 18 in its beta.
As explained in its announcement tweet, the SHIB team said: "Doggy DAO brings community voting rights, while also accomplishing a closer path to our mission for decentralisation."
According to the Shiba blog, the DAO will launch in a phases, stage-by-stage approach. The first stage focuses on the ShibaSwap pairings, while additional phases will add extra features and "complexities" to the governance system.
Alongside this, Welly gave the DAO 15% ownership of its fast food franchise.
It now seems we are into this second phase of the Doggy DAO. The DAO was used to vote on BONE minting for Shibarium, opting to halt minting when it reached 230 million tokens, to save the remaining 20 million for Shibarium validators. This BONE minting halted in early September.
For more articles like this, take a look at our Planet Crypto page.