Shiba Inu has continued its expansion beyond a simple meme coin, with the developers announcing the introduction of a decentralised autonomous organisation (DAO).Shiba Inu to Launch DAO for Token Holder Governance, Unleashing Community Power
The project’s DAO is set to bring new governance powers to the community, allowing holders of the token to have a say on its future.
Shiba Inu’s developers have been strong on the coin, continuing to build real-world utility, especially as a mode of payment.
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The DAO release date is yet to be announced, but will likely integrate with current Shibarium ecosystem apps and tokens (such as BONE and LEASH).
Shiba Inu has long tried to position itself as more than just a meme coin. The popular cryptocurrency paying homage to the community’s favourite fluffy puppy, burst onto the scene in 2020 and has since cemented itself as the world’s second-biggest meme coin.
Starting out as a token with no real utility, Shiba Inu has transformed into a functioning ecosystem comprising a decentralised exchange, native blockchain and liquidity mining.
Now, the Shiba Inu developers are taking things to the next level with a decentralised autonomous organisation (DAO) to hand governance powers to its dedicated community.
DAO Will Comprise Multiple “Councils”
Shiba’s DAO will be split into two “councils” – the Charity Council and the Culture & Heritage Council. As the names suggest, one council will focus on expanding the utility of Shiba Inu tokens while also contributing to charities that align with the token’s vision.
Meanwhile, the Culture & Heritage Council will keep an eye on maintaining Shiba’s fundamentals and representing the community’s ideals.
Shiba Inu to Continue Building “Real-World Applications”
Shiba Inu’s impending DAO will “empower every holder, regardless of the size of their stake, to have a say in the community’s direction.”
The post announcing the project’s DAO went on to say:
The use of SHIB as a mode of exchange appears to be a key goal of the cryptocurrency’s developers going forward. The team believes that entrenching Shiba as a legitimate currency – rather than a “buy and hold”, like many other tokens – will deliver the project staying power to weather unpredictable market conditions.Shiba Inu to Launch DAO for Token Holder Governance, Unleashing Community Power
How exactly the DAO will operate in tandem with the current Shibarium ecosystem is unclear, however, the project’s commitment to developing real-world utility is a positive sign for the community.
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