Shiba Inu (SHIB) developers have announced the first phase of Doggy DAO, a decentralized autonomous entity that aims to transfer control of the project’s ShibaSwap DEX to the SHIB community.
DAO 1, released in beta today, will allow the Shiba Inu community to vote on which crypto projects and trading pairs will be added to ShibaSwap’s WOOF liquidity pools and how the rewards in DEX’s BONE governance token will be distributed.
ShibaSwap’s Discord moderator Queenie said during the Twitter Spaces AMA, “it’s all about making it more decentralized.”
With DAO 1, ShibaSwap users will be able to vote on which projects to list by staking their BONE tokens to receive tBONE, the staked version of the governance token.
Queenie said the first phase will be beta-like: