Shiba Inu Developers Move To Decentralize Shiba Swap Governance With DAO1
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- Selecting Liquidity Pairs
- tackle whales
The Shiba Inu developers have announced the beta version of the Doggy Decentralized Autonomous Organization in a recent blog post.
As Shiba Inu’s Discord moderator explained during a recent AMA session, The DAO will prevent developers from taking over certain areas, delegating power to the community:
It prevents us from having the ability to possess and control certain areas.
Selecting Liquidity Pairs
The goal of DAO1 is to make it possible for the community to decide which cryptocurrency pairs will be added to the liquidity pool on the Shibaswap decentralized exchange.
As such, projects would be encouraged to be competitive, which would benefit the Shiba Inu ecosystem.
The beta version is meant to gauge sentiment within #ShibArmy and get feedback ahead of the rollout of a more complex version called DAO 2 that will allow a wider range of proposals to be made.
From now on, users will be able to vote on each individual pair by stake (buried) BON tokens to gain voting rights and receive TBON tokens.
Holders will also be able to decide how much the bonafide liquidity providers will receive.
Users can choose up to 30 pairs that will appear in the liquidity pool for a period of two weeks. After that, the community must select a new pack of trading pairs:
This will continue, and the loop will start over once.
tackle whales
Whales remain a threat to decentralization in most crypto projects due to their immense influence. Shiba Inu developers acknowledge the fact that the voting process can be skewed by large holders, but they are going to introduce a mechanism in the coming days to improve the system.
They will soon launch a new staking contract to lock the Bone tokens for a longer period of time.