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According to the developers of the project, the first version of a decentralized autonomous organization for members of the Shiba Inu community called DoggyDAO was launched on Friday on the decentralized cryptocurrency exchange ShibaSwap.
ShibArmy, we are pleased to announce that DOGGY DAO will be officially launched in the coming hours along with our first phase of DAO 1! DoggyDao gives the community the right to vote, and also brings us closer to our mission of decentralization.
#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
From now on, community members will be able to vote on which projects and trading pairs will become part of the ShibaSwap WOOF liquidity pools.
ShibaSwap users will be able to vote using tBONE tokens, which can be obtained by sending a BONE management token to the stake.
Each voting session takes five days. In general, the community will be able to choose new trading pairs every two weeks, a total of 30 trading pairs will be added to the liquidity pools.
The developers urge the community to take a thoughtful approach to the voting process in order to exclude risky cryptocurrencies from entering ShibaSwap:
Once again, we ask you not to ignore the risks that may be associated with an emerging, unknown and untested project. So please vote responsibly!
In order to avoid all types of fraud, the last word on whether ShibaSwap can connect a certain project will be with the "Guardians 6/9 wallet".
Shiba Inu developers also announced that the first iteration of the DoggyDao project will be accompanied by a new staking contract, which should reduce the impact of cryptocurrencies by extending the blocking period for BONE tokens.
