The team behind the 13th-largest crypto by market capitalization, Shiba Inu memecoin, is getting ready to introduce a decentralized autonomous organization (DAO).
Shiba Inu’s (SHIB) pseudonymous marketing head Lucie said in an Aug. 25 post on X that the Shiba Inu team will be launching a DAO, giving memecoin holders the ability to vote on upcoming projects and influence the project’s future course.
Shib’s forthcoming DAO launch will position it as a significant participant in decentralized governance. Thanks to this shift, every stakeholder will be able to influence the community’s future, regardless of the size of their investment.
https://t.co/mj7SRzf6yi
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 24, 2024
The Shiba Inu DAO will be governed by two main councils: the “Charity Council” and the “Culture & Heritage Council.”
According to Lucie, these councils will direct communal projects, including philanthropic outreach and the preservation of Shiba’s distinctive culture. These initiatives, which prioritize inclusion and openness, guarantee that Shib’s expansion stays loyal to the principles that have guided it from the beginning.
Real-world integration
Shib’s marketing lead also hinted at the integration’s incorporation into practical use cases to guarantee its continued relevance and usefulness. Shib’s success isn’t only based on its market performance; it also has broad recognition and real value. As a valuable commodity with practical applications, Shib has been accepted by hundreds of retailers globally, helping it stand out in the crowded cryptocurrency market, according to Lucie.
Shib’s strategy for the future calls for expanding its practical applications and improving its governance system. Launching a DAO is anticipated to significantly increase Shib’s presence in decentralized finance (DeFi).
This project exemplifies the meme coin’s dedication to incorporating practical applications into its network. The digital asset has advanced significantly in the last year, introducing several improvements to improve its blockchain network and launching Shibarium, a Layer-2 scaling solution.
One of these projects aims to construct a Layer-3 blockchain on top of Shibarium, the current Ethereum Layer-2 network. Thanks to the integration of Fully Homomorphic Encryption (FHE) in the L3, developers will be able to safely handle data without the need for decryption.
Leading Shiba Inu developer Shytoshi Kusama added more information about the significance of the LEASH coin inside the ecosystem in addition to Lucie’s observations. “Leash holders can vote on conflicts in the Leash DAO and act as a class of moderators to maintain order and safeguard the system. Kusama clarified through X (formerly Twitter) that the Shibizens are protected by karma, reputation, and other exclusive protocols.
Remarkably, Kusama hinted that he would relinquish his position as the head of Shiba Inu by the end of the year, presumably to allow for the launch of the DAO.
Following the most recent news, the SHIB price did not respond strongly; it is presently trading at $0.091834, up 5.23% over the previous week. According to Coinmarketcap data, SHIB has decreased 83.36% from its all-time high of $0.00008616 hit in October 2021, even if its market cap is still $183,361.
The post Shiba Inu Prepares to Launch DAO Offering Community Governance Rights appeared first on Coinfomania.
