Shiba Inu Is Launching a DAO

January 1, 2022 - Around 2 mins mins to read

According to a new blog post, the Shiba Inu (SHIB) development team has announced the birth of a DAO.

Shiba Inu is going to get a DAO.

Shiba Inu’s DAO will jointly make governance choices for the project’s ShibaSwap exchange. Users who have staked SHIB’s reward token $BONE to get $tBONE can vote.

Users will select how token payouts are divided across several liquidity pools in the DAO’s beta version, known as DAO 1.

The team explains that this empowers its user community. “Rewarded liquidity pools will be fully decided by users….this avoids the Developers from making those very choices,” it added.

Users will also be able to stake tokens to vote for other cryptocurrency listings and pairings, which encourage liquidity deposits for such assets. This will happen cyclically, with at least 30 pairs being shown every 14 days.

Later, a second DAO dubbed DAO 2 will let people make broad suggestions about the project’s progress.

SHIB was introduced in August 2020 as one of the numerous Ethereum-based tokens attempting to leverage Dogecoin’s popularity. Despite the fact that many other comparable tokens fell out of favor, Shiba Inu remained popular. With a market valuation of $18.4 billion, it is currently the 13th biggest cryptocurrency.

The announcement came around a week after Dogecoin released an extensive roadmap with various new features.

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