Days after announcing the proposed Shiba Inu DAO, the Shiba Inu (SHIB) community has voted to move forward with the initiative, bolstered by a significant 37.5 ETH donation from Project Wellys, one of the network’s major partners.
The vote, which closed on September 4, 2024, now sets the stage for the next steps in the Shiba Inu ecosystem’s decentralized governance.
In an announcement endorsed by the network’s lead developer, Shytoshi Kusama, on Wednesday, a community member declared, “The voting has concluded. ShibArmy has spoken loud and clear. Thank you to everyone who participated. Stay tuned for more DAO votes on key decisions as Shiba State continues to evolve.”
Notably, the vote offered Shiba Inu holders four distinct options for managing the funds:
1. Escrow the funds in a new multi sig wallet to be managed by community members with public voting rights.
2. Burn the funds by purchasing and destroying SHIB tokens.
3. Allocate the funds to community projects at the discretion of the wallet holder.
4. Retain the funds while halting any negative commentary about the ecosystem.
Per a screenshot shared by the member, the results were decisive, with 84.95% of participants opting for the first choice. The proposal to burn the funds received 15.05% of the vote, while the remaining options were rejected.
Notably, the vote aligns with sentiments expressed by Kusama in a blog over the weekend, where he underscored the importance of community involvement, emphasizing, “The genius of Shib is the power of the community.”
He also assured that the funds will be managed by trusted signers and used according to future community votes, underscoring the DAO’s commitment to transparent and democratic decision-making. Notably, late last month, the pundit hinted at stepping down alongside other ecosystem developers to help Shiba Inu achieve full decentralization.
Last week, Shiba Inu’s head of marketing, Lucie, also emphasized the importance of DAO participation in shaping the community’s future.
“This transition will empower every holder, regardless of the size of their stake, to have a say in the community’s direction,” she had tweeted, echoing the same message on Monday.
That said, this vote is part of a broader initiative to decentralize the Shiba Inu ecosystem’s governance. ZyCrypto reported that the DAO’s role is expected to evolve, with Shibarium’s Layer 2 solution tokens, BONE, and LEASH, contributing to the governance process. BONE holders will prioritize educational and innovative initiatives, while LEASH holders will focus on inclusivity and transparency.
Meanwhile, despite these governance advancements, SHIB’s market performance has been lackluster. It has experienced a 6% drop over the past week. At press time, the token was trading at $0.00001319, reflecting a 1.45% decline over the last 24 hours.
