The first version of DoggyDAO, a decentralized autonomous organization for members of the Shiba Inu community, has launched on decentralized cryptocurrency exchange ShibaSwap this Friday, according to an announcement shared by the project’s developers.

#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 specific projects and trading pairs will be part of ShibaSwap’s WOOF liquidity pools.

Following the launch of a new version, the team will be gathering community feedback before moving on with a new version.

ShibaSwap users will be able to cast their votes with the help of tBONE tokens, which can be obtained by staking the BONE governance token. Each voting session takes five days before it gets closed.

The community will be able to pick new trading pairs biweekly. A total of 30 trading pairs will be added to the liquidity pools.

The developers are urging the community to do their research before giving their vote to any particular project to make sure that particularly risky cryptocurrencies won’t end up on ShibaSwap:

Once again, we ask you to please understand, while not ignoring risks that could be associated with an infant, unknown, unaudited, or potentially newer project. So please vote responsibly!    

DAO 1, the first iteration of the initiative, was originally announced in late December.

Necessary precautions  

In order to avoid all sorts of scams, the “guardians 6/9 wallet” will have the final say in whether a certain project can be onboarded by ShibaSwap.

As previously announced by the Shiba Inu devs, the first iteration of the DoggyDao project will come together with a new staking contract, which is supposed to reduce the influence of deep-pocketed whales by extending the lock-up period for BONE tokens.

• The developers of shiba inu coin are launching a decentralized autonomous organization called Doggy DAO.
• The first phase, called DAO 1, allows users to vote on crypto projects and trading pairs.

Shiba inu coin is launching the Doggy DAO to give users more power over the cryptocurrency.

In a blog post on ShibaSwap, the coin’s developers said they’re launching a decentralized autonomous organization — like the one that tried to buy the US Constitution — in order to give shiba inu holders voting rights over crypto projects and trading pairs, and how to distribute awards called $BONE.

The DAO will be launched in phases, with the beta version, dubbed DAO 1, launching in a few days. A DAO allows online communities, like the one behind shiba inu coin, to pool resources and coordinate around common goals. Its rules and voting initiatives are implemented via blockchain technology.

“This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #ShibArmy from such pairs, and welcoming new investors to use the platform,” the blog post said. Trading pairs refers to crypto assets that can only be bough and sold with other cryptocurrencies.

In the next phase of the DAO, community members will be able to make generic proposals for consideration.

The shiba inu developers said the “guardians 6/9 wallet” would have the final call over new pairs in order to prevent people, like crypto whales who tend to buy large sums of tokens all at once, from “gaming the system.”

Shiba inu coin, the rival to its predecessor dogecoin, has been on an epic run this year, powered by crypto whales and an avid community that calls itself the SHIB Army. On December 22, the coin spiked after one whale bought up 4 trillion shiba inu tokens for about $136 million. According to data from crypto.com, the coin has rallied about 42 million% in one year.

• The developers of shiba inu coin are launching a decentralized autonomous organization called Doggy DAO.
• The first phase, called DAO 1, allows users to vote on crypto projects and trading pairs.
• The guardians 6/9 wallet will keep crypto whales from taking advantage of the system. 

Shiba inu coin is launching the Doggy DAO to give users more power over the cryptocurrency.

In a blog post on ShibaSwap, the coin’s developers said they’re launching a decentralized autonomous organization — like the one that tried to buy the US Constitution — in order to give shiba inu holders voting rights over crypto projects and trading pairs, and how to distribute awards called $BONE.

The DAO will be launched in phases, with the beta version, dubbed DAO 1, launching in a few days. A DAO allows online communities, like the one behind shiba inu coin, to pool resources and coordinate around common goals. Its rules and voting initiatives are implemented via blockchain technology.

“This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #ShibArmy from such pairs, and welcoming new investors to use the platform,” the blog post said. Trading pairs refers to crypto assets that can only be bough and sold with other cryptocurrencies. 

In the next phase of the DAO, community members will be able to make generic proposals for consideration.

The shiba inu developers said the “guardians 6/9 wallet” would have the final call over new pairs in order to prevent people, like crypto whales who tend to buy large sums of tokens all at once, from “gaming the system.”

Shiba inu coin, the rival to its predecessor dogecoin, has been on an epic run this year, powered by crypto whales and an avid community that calls itself the SHIB Army. On December 22, the coin spiked after one whale bought up 4 trillion shiba inu tokens for about $136 million.  According to data from crypto.com, the coin has rallied about 42 million% in one year.

According to a new blog post, Shiba Inu (CRYPTO: SHIB) developers have launched a beta version of a decentralized autonomous organization (DAO) called Doggy. 

The DAO’s mission is to give Shiba Inu holders more authority to decide on crypto projects. Doggy DAO will be run and be fully controlled by the SHIB community. 

Developers plan to launch the first phase of Doggy called ‘DAO 1’ by Jan. 3. 

The DAO 1 phase will focus on providing immediate power to the community to decide which crypto projects and pairs will be available on the ShibaSwap WOOF Pools.

Shiba Inu noted that to avoid possible whales controlling the voting process, the guardians (6/9 wallet) will have final say on whether a pair should be listed or not. 

It is also going to focus on how Bone (CRYPTO: BONE) rewards (Allocation Points) will be distributed among users.

Following the first phase, Shiba Inu will release an updated version, called “DAO 2,” to allow the community to make generic proposals for consideration or review by a “Multisig-Team, and Breeds.” 

The DAO-related announcement is the latest in a series of plans being unveiled by Shiba Inu developers. Ryoshi, the creator of Shiba Inu Coin, has indicated that a layer-2 solution called Shibarium is under development. The project will allow transaction costs to be reduced, which is a key step to the success of the envisioned Shiba Inu ecosystem that includes gaming and non-fungible tokens.

Related Link: Shiba Inu Breaks Another Burning Record As Deflation Trends In Crypto

 

 

 

The meme-inspired crypto token Shiba Inu ($SHIB) developers have unveiled the first phase of the Decentralized Autonomous Organization (DAO) to empower $SHIB token holders.

The first phase of the DAO seeks to provide more power and control to the community, who will now decide which crypto projects and pairs on the ShibaSwap WOOF Pools reports the blog.shibaswap.com.

$SHIB Holders will have the final say on how $BONE tokens are allocated

The community members will have the final say on how $BONE tokens are issued amongst these projects on the decentralized exchange. Users holding the staked form of $BONe tokens $tBone will be able to vote on their preferred projects through a new community voting system that is being launched.

The latest steps are one more step towards a fully decentralized community process, and these votes will also help make projects available on ShibaSwap’s pools.

It will be a powerful tool since the users will entirely decide the rewarded Liquidity Pools. The developers will be no more making these choices, and responsibility will be on the shoulders of the community, and they will have the final say on what they want to experience within the platform.

DOGGY DAO is here. Woof!https://t.co/5sEZX50Z1j

— Shib (@Shibtoken) December 31, 2021

Shiba’s developers’ latest edition of the voting tool will enable external projects and their developers to provide liquidity for their tokens/pairs while aiding ShibaSwap to continuously increase its utility and volume.

The greater votes a project rakes in, the more $BONE rewards it will receive per Shiba Inu’s team. Thus, projects will try to rake in as many votes as possible. As a result, users’ votes will see 30 new pairs appear in WOOF pools on the platform for two weeks until a new voting round starts.

Whales could disrupt the first phase of DAO.

The Blog post added that this is the DAO’s first phase, and the community feedback will be taken before the release of a second one with more uses cases for $BONE, according to the post. However, the developers have acknowledged the risks posed by whales who will try to disrupt the process. The developers have assured that a mechanism is being developed to make the process fair and provide greater transparency.

According to CryptoGlobe, whales have been accumulating billions of SHIB tokens after the meme-inspired cryptocurrency’s adoption surged due to a listing on cryptocurrency exchange Kraken. Its popularity is also swelling after reports that it will enter the gaming sector and Nasdaq-listed retailer Newegg adding SHIB as a payment method.

Read in the Digest

• The SEC has recruited former Senate aide as Gary Gensler’s crypto advisor.

• prepares for Doggy DAO, bigger SHIB burns incoming with fitness app.

• Binance cancels C2C trading in mainland China, suggests replacement.

• ETH 2.0 staking protocol hits $360 million TVL in five weeks.

• Robinhood (NASDAQ:) looks to expand access to Crypto with options rolling feature.

The SEC Has Recruited Former Senate Aide as Gary Gensler’s Crypto Advisor

As crypto regulation becomes a more prominent issue, the chairman of the Securities and Exchange Commission, Gary Gensler, has hired former Senate aide Corey Frayer to serve as an advisor on matters related to cryptocurrency.

Frayer previously worked with the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The appointment will see him advise Gensler on SEC policies. Frayer will also perform inter-agency work pertaining to crypto asset oversight.

The appointment of a crypto-focused senior adviser falls in line with the SEC’s stated focus of establishing a regulatory framework for the cryptocurrency industry.

Corey Frayer was one of four new staff members to join the SEC, though the roles of the remaining three members do not specifically pertain to cryptocurrency.

Flipsider:

• Along with the announcement, SEC Commissioner Hester Peirce has criticized calls for unified crypto regulations.

Why You Should Care

Many believe that the appointment could be a signal that the SEC is stepping up its efforts to regulate the crypto industry in 2022.

Shiba Inu Prepares for Doggy DAO, Bigger SHIB Burns Incoming with a Fitness App

The developers of 2021’s most viewed cryptocurrency, Shiba Inu, have announced the launch of the beta version of DAO 1 – a Doggy decentralized autonomous organization. The move will increase the decentralization of the network.

The Doggy DAO will be run and fully controlled by the SHIB community, otherwise known as the Shiba Army. It will also give the SHIB community voting rights and the responsibilities in regards to Shiba Inu governance.

Since Buterin introduced a deflationary mechanism via burning on the Shiba Network, over 1,000 independent burns have taken place. While Bigger Entertainment has outlined its roadmap for further burning Shiba Inu in 2022, it also has plans for a blockchain game, ‘MixDraft.’

In addition to the 2.95 billion SHIB which Steven Cooper, the owner of Bigger Entertainment has said will be burned, the company plans on launching a Fitness App. According to Cooper, the app will burn SHIB tokens as users burn calories.

Flipsider:

• The value of SHIB continues to wane, with the coin having lost 60% of its value over the last 60 days.

Why You Should Care

The increasing number of use cases for Shiba Inu is gradually changing the narrative around meme coins, which used to be about its lack of utility.

Binance Cancels C2C Trading in Mainland China, Suggests Replacement

Ending what has been a turbulent year for its relationships with regulators across the globe, Bitchina reports that Binance will suspend customer to customer (C2C) trading for users in mainland China.

In October, the world’s largest crypto exchange suspended the trade of Chinese from its C2C platform. Binance has now bowed to China’s stance against decentralization by shutting down its activities entirely in mainland China.

As Binance leaves China, the exchange has recommended a replacement. Binance suggested that its verified partner, Pexpay, could be used as a substitute C2C trading platform in China.

Flipsider:

• Binance has launched a 100-million-euro ($113-million USD) initiative in France to develop its crypto and blockchain industry.

Why You Should Care

Although Binance has suspended its services in China, the exchange continues to work with regulators towards global adoption.

ETH 2.0 Staking Protocol Hits $360 Million TVL in Five Weeks

Since embraced staking, more options have arisen through which investors can lock their ETH to earn rewards. One of such platform is Rocket Pool (NASDAQ:), a next generation decentralized ETH 2.0 staking pool protocol, which has surpassed $360 million worth of total value locked (TVL).

While there are other ETH 2.0 platforms with more than $360 million in TVL, Rocket Pool reached the milestone within a mere five months of its launch. According to DefiLlama, $368.39 million is currently staked on Rocket Pool.

Rocket Pool now only stands behind the Keep3r Network (October 2020) at $592.34 million, and Lido Finance (December 2020) in first place with $6.19 billion. Rocket Pool claims that it has 635 node operators.

Speaking on the growth of Rocket Pool, Darren Langley, the project’s general manager, stated; “in the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno.”

Flipsider:

• Ethereum’s exchange outflows have seen its largest drop, having reached a four year low in the final week of 2021.

Why You Should Care

Following Ethereum’s transition in mid-2022 liquid staking may become more profitable, which could potentially catalyze a surge in interest.

Robinhood Looks to Expand Access to Crypto with Options Rolling Feature

American financial services company Robinhood, which is preparing for its crypto wallet launch in January, has announced a new feature that will allow more traders to use the platform.

Robinhood has revealed that it is working on a feature for its mobile app to allow options contracts. The feature, which is currently in the beta version of the Robinhood mobile app, will allow traders to extend their options. A small portion of Robinhood’s current customer base, its Level 3 users, already have access to the rolling feature.

Via the Options Rolling feature, traders will be able to close out their positions and simultaneously open new ones with a different date and price. According to Robinhood, Rolling will help traders better manage their options strategies.

Flipsider:

• Options trading accounted for 61% of Robinhood’s third-quarter trading revenue.

Why You Should Care

With the feature already in beta, it is clear that Robinhood is preparing to rollout the feature to its user base on a wider scale.

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