Shiba Inu Devs Announce Launch of DoggyDAO. Here’s Why This Is Important

Shiba Inu Dev team has announced the launch of DoggyDAO, a decentralized autonomous organization (DAO) for Shiba Inu community members.

According to the recent announcement, the Shiba Inu-based DAO launched on the decentralized crypto exchange ShibaSwap this Friday.

The new development implies that community members will be able to vote on which projects and trading pairs will be part of ShibaSwap’s WOOF liquidity pools.

Shiba Inu Dev team tweeted, “SHIShibArmy, 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.”

Following the launch of a new version, the team will be gathering community feedback before moving on with a new version.

ShibaSwap users will be able to cast their votes with the help of tBONE tokens, which can be obtained by staking the BONE governance token. Each voting session takes five days before it gets closed.

The community will be able to pick new trading pairs biweekly. A total of 30 trading pairs will be added to the liquidity pools.

The developers are urging the community to do their research before giving their vote to any particular project to make sure that particularly risky cryptocurrencies won’t end up on ShibaSwap:

“Once again, we ask you to please understand, while not ignoring risks that could be associated with an infant, unknown, unaudited, or potentially newer project. So please vote responsibly”

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.