- Shina Ibu has announced that it plans to embrace a DAO-based governance model
- The DAO will allow the memecoin’s community to participate in running the project
- The DAO will have two primary councils to tackle different aspects of the project
Popular memecoin project Shiba Inu has announced it’s in the process of creating a DAO. Members of the DAO will have the power to support or reject upgrades to the project, with two primary councils handling different aspects of the project such as charity and culture. The project disclosed that it plans to empower the outfit to become a leading player in the DAO landscape, increasing Shiba Inu’s projects after launching a decentralized exchange and network.
SHIB DAO Comprises of Charity and Culture Councils
According to a post by Shiba Inu’s pseudonymous team member Lucie, the DAO will comprise all SHIB token holders “regardless of the size of their stake.” Lucie disclosed that the DAO is yet to be fully implemented.
Lucie also noted that the SHIB DAO governance structure will have the “Charity Council and [the] Culture & Heritage Council.” The Charity Council will focus on “charitable outreach” while the other council will help preserve the project’s culture.
The post revealed that the DAO is part of the project’s mission to reinforce its “relevance beyond the crypto space.” It added that the move is part of strengthening Shiba Inu’s “governance and real-world applications.”
Shiba Inu launches Ethereum Layer 2 and DEX
Plans to launch SHIB DAO come roughly a year after the launch of Shibarium, an Ethereum layer 2 meant to expand Shiba Inu’s ecosystem. Shibarium’s launch was followed by ShibaSwap, a decentralized exchange.
The memecoin project hasn’t always had a smooth path. In 2022, its founder, pseudonymously known as Ryoshi, deleted all content about Shiba Inu from his social media and Medium accounts. The scaling layer also encountered issues during launch with over $1.5 million locked in the Shabarium bridge.
With Shiba Inu giving SHIB holders a say in the project through a DAO, it’s to be seen whether other memecoin projects like Doge and Pepe will follow the same path.
