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Shiba Inu community decides on $100,000 allocation for transparency

Shiba Inu community decides on $100,000 allocation for transparency

GrafaGrafa2024/09/02 00:05
By:Isaac Francis

The Shiba Inu (CRYPTO:SHIB) community is currently voting on how to allocate 37.5 ETH (CRYPTO:ETH), which is worth about $100,000. 

This amount was received from Welly’s, a partner project of Shiba Inu. 

Shytoshi Kusama, the lead developer of Shiba Inu, has urged the decentralised autonomous organisation (DAO) to participate in this vote. 

He emphasised that the voting aims to enhance transparency and further decentralise the Shiba Inu ecosystem. 

The proposal outlines four options for the allocation of these funds. 

The first option involves placing the ETH in a multisig wallet. 

This wallet would be managed by several individuals, including Shytoshi Kusama, LC, GOSSIP Shib, Kaal Dhairya, and an additional signer chosen by a DAO vote. 

The community would then decide how to use these funds through further voting. 

The second option proposes using the funds to purchase and burn SHIB tokens. 

The third option suggests allocating the funds to a community project, which would be managed independently without additional input from the community. 

The fourth option involves retaining the assets in the wallet and halting future funding for the ecosystem. 

As of now, the first option is receiving the most support, with over 55 billion SHIB tokens, or 82% of the votes, favoring the multisig wallet approach. 

The token burn option has received 12 billion votes, making up 17% of the total votes. 

The third and fourth options have not received any votes. 

Some community members support the token burn, while others believe that 35 ETH would have little impact on SHIB's large supply. 

They suggest using the funds for other purposes, such as liquidity, product development, or BONE (CRYPTO:BONE) token listings. 

The vote results will be binding and represent a key step in the evolution of the Shiba Inu DAO toward greater community involvement.

At the time of writing, the Shiba Inu price was $0.0000132.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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