Shiba Inu Looks To Improve Yield Farming Rewards Via Doggy DAO Vote

Shiba Inu Yield Farming
Credit: Unsplash

Shiba Inu Yield Farming
Credit: Unsplash

The Shiba Inu team is exploring adding more yield farming to ShibaSwap, and has asked SHIB holders for their suggestions before it is proposed to the Doggy DAO.

Creating a brand-new channel in the Shiba Inu Discord, SHIB moderator Trophias first announced the updated Shiba Inu yield farming plan on June 6, with several potential upgrades to the DEX.

So, with SHIB holders still awaiting the delayed burn portal rewards, here’s what the next rewards could look like.

Shiba Inu Yield Farming Proposal

In the new farming proposal channel, SHIB holders are being asked to provide feedback relating to ShibaSwap and yield farming.

Much of the reasoning behind the yield farming proposal seems to stem from a desire to streamline the rewarding aspects. “We understand that, specifically for the reward processing aspect, things can be better,” Trophias said.

“ShibaSwap has provided a path to providing users with the ability to DIG (Provide Liquidity), BURY (Stake) in order to Woof returns through its sophisticated and innovative passive income reward system,” he continued. “Yet we are always looking to improve things.”

Yield farming is the act of liquidity mining that rewards holders for locking up cryptocurrency via liquidity pools.

ShibaSwap Rewards Upgrade

One listed new feature to improve ShibaSwap include implementing a single reward for all activities rather than various individual rewards. It also hopes to offer further reward options for outside projects. The proposal could also improve gas structure - a key issue Shibarium also hopes to solve.

This could also signal that ShibaSwap 2.0 is not too far away if new updates are coming to the DEX.

The deadline for feedback is June 8 at 8PM EST/1 AM BST. After collating the suggestions, these will then go to the Shiba Inu developers. The developers will then construct a proposal to be voted on by the Doggy DAO. This will be the first DAO vote in quite some time, too.

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