- shiba inuDAO 1, the first version of ‘s decentralized autonomous organization, went live on the ShibaSwap decentralized exchange.
According to a recent announcement by the developers of the project, the first version of DoggyDAO, a decentralized autonomous organization for members of the Shiba Inu community, was launched on the decentralized cryptocurrency exchange ShibaSwap this Friday.
“ShibArmy, DOGGY DAO, in the next hours We are happy to inform you that it will officially launch alongside our first phase, DAO 1! DoggyDao brings us closer to our goal of decentralization while providing community voting rights.”
#ShibArmy, 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.
Read..https://t.co/BcFkMqehxI
— Shib (@Shibtoken) February 18, 2022
Members of the ShibaSwap community can now vote on which specific projects and trading pairs to include in ShibaSwap’s WOOF liquidity pools.
Following the release of the new version, the team will now collect community feedback before moving to a new version.
ShibaSwap users will be able to vote with the help of tBONE tokens, which can be obtained by staking the BONE governance token. Each voting session will run for five days before closing.
The community will be able to select new trading pairs every two weeks. A total of 30 trading pairs will be added to the liquidity pools and the liquidity pools will be expanded to include a total of 30 trading pairs.
In addition, the developers invite the community to research widely before voting on any project to ensure that risky cryptocurrencies are not found on ShibaSwap:
“Once again, we ask you not to ignore the risks that may be associated with an infant, unknown, unsupervised or potentially newer project. So please vote responsibly/wisely!”
The initial release of the initiative, DAO 1, was first announced to the community in late December.
Necessary precautions
In order to avoid any scam, the “protective 6/9 wallet” will have the final say on whether a particular project can be accepted by ShibaSwap.
As previously announced by Shiba Inu developers, the initial release of the DoggyDao project will include a new staking contract that is expected to reduce the impact of deep pocketed whales by extending the lock time of BONE tokens.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.