The release of the initial phase was targeted at gathering community feedback in preparation for the second launch.
Developers of the SHIB project have come out to reward token users by launching the Doggy Dao project. Working towards decentralization, they reported that Doggy Dao will come out systematically in a phase-by-phase fashion to allow users to understand the project’s needs and requirements while at the same time giving due consideration to the project’s potential.
According to available reports, the initial phase release was targeted at gathering community feedback in preparation for the second launch, where $BONE would have more usability. With the initial phase release, the community would be able to choose the cryptocurrency projects and pairs to feature on the ShibaSwap WOOF pools.
They would also decide how $BONE reward points will be distributed amongst users. A fresh system would also take effect, where community members would have voting rights and $tBone holders, those who have $BONE token in its staked form, would be able to choose their favorite projects. Digging deeper into the system’s working mechanism; it follows that a list of the best 50 liquidity/volume pairs will be featured from ShibaSwap, and from these users choose their important votes.
The announcement says that “the votes would make the projects accessible on ShibaSwap’s pools while serving as an enabler for a completely decentralized process.”
It is the developers’ belief, therefore, that when a project has more votes, it will receive more $BONE rewards. This triggers a positive competition where projects are actively competing to get the votes of users. Per the dynamics of the project, the votes of users will attract not more than 30 additional pairs on the WOOF pools over a 2-week period before another voting round commences.
Shiba Inu Developers Eye More SHIB Community Participation with Doggy Dao
According to the SHIB team, this initial release is vital because other than introducing their decentralized exchange, it positions ShibaSwap for growth by means of increased volume and utility. At the same time, the developers are keen on ensuring that SHIB users enjoy the associated benefits, with the hope that it would draw in investors to the platform. This way, the new voting tool will draw in external projects to provide liquidity for their token and or pairs.
Going further in their explanations, the developer envisions that community feedback was subject to whale distortion, thereby making it necessary to devise mechanisms to ensure fairness. However, they also believe in its potential as a powerful tool because the rewarded Liquidity Pools would be solely decided by the community of users.
With developers not having the decision-making authority, the element of decentralization stands out and users have the authority to decide the kind of experience they want to have on the platform.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
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