- Shiba Inu announced the onset of a DAO launch aiming to bring in community-driven decision making.
- BONE and LEASH holders will also contribute to the DAO governance promoting transparency.
The Shiba Inu (SHIB) cryptocurrency project plans to launch a Decentralized Autonomous Organization (DAO). It is initiated to empower SHIB holders to participate in the project’s governance.
Lucie, marketing lead at the memecoin project, announced the plans for launching DAO on Aug 25 in an X post. The DAO aims to bring transparency, and community-driven decision-making to the Shiba Inu community. According to Lucie, DAO will enable all SHIB holders to vote on important initiatives on the project.
The DAO will be governed by two primary councils called, the “Charity Council” and the “Culture & Heritage Council”. These councils will oversee various community initiatives and reflect Shiba Inu’s commitment to expanding its role in the crypto landscape.
In addition, other tokens within the ecosystem, such as BONE and LEASH, will also play critical roles in the DAO’s governance. BONE holders will focus on advancing education and innovation within the ecosystem. And LEASH holders will concentrate on proposals that promote inclusivity and transparency.
Earlier in the year, the SHIB team moved their decentralized exchange, ShibaSwap, to Shibarium, an in-house Layer-2 blockchain. The project has also announced plans to develop a Layer-3 blockchain to incorporate advanced security features like Fully Homomorphic Encryption (FHE).
Shiba Inu’s Strategic Move Towards Deflation and DeFi Dominance
Recently, Shiba Inu’s “Shib Torch”, a new project for burning SHIB was launched on Shibarium, focusing on burning its surplus supply. The reason for the initiation was to curb inflation and cut down on supply to boost the value.
At the time of writing, the price of SHIB has remained relatively stable, trading at $0.00001484. While SHIB’s market capitalization is still impressive at $8.7 billion, the token is down by 1.15% in the last 24 hrs.
The launch of DAO marks a pivotal moment for Shiba Inu showing a transition from a mere meme coin to a serious player in the DeFi sector. With this initiative, Shiba Inu is publishing the fact, of how decentralized projects can redefine governance and strive towards dominance.
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