The Shiba Inu ecosystem is moving closer towards decentralisation as the Doggy DAO launches into its first phase.
First teased by Shiba Inu founder Ryoshi, the Doggy DAO will let the community vote for all new projects set to join the WOOF Pools in ShibaSwap.
As revealed in a new ShibaSwap blog post, here’s a look at how it works.
Doggy DAO Beta Launch
The first period of the Doggy DAO, known also as its beta phase, will let BONE holders choose pairs and projects for the ShibaSwap WOOF Pools.
Voting power comes from the staked version of BONE, known also tBONE. Voters can access the voting process through the Doggy DAO section on the ShibaSwap portal.
Through voting, the community can decide how the BONE rewards are distributed among Liquidity Pairings. However, 50% of the BONE allocation will remain allocated to the Locked Pairs in ShibaSwap, described as “designed for the well-being of the platform, and liquidity”. The Locked Pairs now include 5% for the Shiboshis, divided across the 10,000 NFTs.
In the blog post, the Shiba team stressed its intentions to let the community make project decisions. It said: “ShibaSwap Developers and/or anyone from the Shiba Inu Team are NOT directly involved in the autonomy of the voting process.”
It also told users to DYOR (Do Your Own Research) before voting in a way that “could potentially onboard risky projects onto [ShibaSwap].”
However, the Shiba team is not separate from the decision-making process, as any decisions are vetted and ultimately approved by ‘The guardians’, needing a 6/9 wallet allocation approval. The Defense Breed also has a role in this approval, according to the post. The guardians are listed in the Shiba Woofpaper, under the ‘Emergency Multisig’ section, and includes Shiba developer Kaal Dhairya.
The Shiba Inu team explained this, stating: “This is an empowering effort to avoid any scams, thus overviewing the process of autonomy, as well as factoring in someone truly gaming the system.”