On Friday, Shiba Inu developers announced the launch of the first version of DoggyDAO — a decentralized autonomous organization for members of the Shiba Inu community. And according to the announcement, the DAO launched on decentralized cryptocurrency exchange ShibaSwap. This means that, going forward, community members can now vote on whatever projects and trading pairs will be available in ShibaSwap’s WOOF liquidity pools.
Features of the DoggyDAO
Recall that the DAO 1 — the first iteration of the initiative, was originally announced in late December 2021. But following the launch of this new version, the team will first be looking to gather community feedback, before thinking of releasing a newer version.
Also, ShibaSwap users will now be able to cast their votes using tBONE tokens — obtainable by staking the BONE governance token. However, each voting session runs for five days before getting closed.
Furthermore, community members can now be picking new trading pairs biweekly. And this is coupled with the fact that at least, 30 trading pairs will be added to the liquidity pools.
Meanwhile, the developers are also urging the community to carry out a thorough research on projects before giving their votes. This is so as to avoid the eventuality of risky cryptocurrencies ending 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!”
Security Precautions
Meanwhile, for all sorts of scams to be avoided, the “guardians 6/9 wallet” will play a decisive role in whether a certain project can be onboarded by ShibaSwap.
And as previously announced by the Shiba Inu developers, the first iteration of the DoggyDao project will team up with a new staking contract. This is in a bid to help it reduce the influence of deep-pocketed whales, which will be made possible by extending the lock-up period for BONE tokens.
