What are Doggy DAO, Bone, and Treat for Shiba Inu?
What is Doggy DAO?
Doggy DAO is SHIB’s Decentralized Autonomous Organization. It is the key to true decentralization. The Doggy DAO puts the voting power in the hands of the SHIB Army. The Doggy DAO allows the SHIB Army to vote on future SHIB projects with their tBones.
How does Doggy DAO work?
According to the Woofpaper
(SHIB’s Whitepaper), the more Bones you have, "the more weight your vote carries" in the voting process. You will need to
bury (stake) your Bones on Shibaswap in order to get tBones to vote.
Why Bone was chosen for Doggy
DAO?
Bone was not sold in any form of initial coin offering or on any exchanges initially. Initially, you could not buy Bones; you could only earn Bones from bury (stake) or dig (provide liquidity) your SHIB tokens on Shibaswap; then once you earned some Bones, then you could bury (stake) or dig (provide liquidity) your Bones on Shibaswap to earn more Bones. Over time, some exchanges started to list Bone and some Bone holders sold their Bones, so then you could buy Bones. This means that most Bone holders were initial SHIB supporters and SHIB holders and are loyal to the SHIB Ecosystem; thus, the SHIB Development Team wanted to give these Bone holders the voting power.
What is Bone?
Bone is the governance token of the Shib Ecosystem. Its holders form the Doggy DAO (Decentralized Autonomous Organization). Bone allows Bone holders to get tBones to vote. Bone holders get tBone by burying (staking) their Bones on Shibaswap. Bone also has a second function. Bone has been chosen to be the gas of the upcoming Shibarium (SHIB’s own blockchain). As we know, blockchains need validators to validate their transactions. Validators validate transaction on a network and maintain its integrity. Shibarium is going to be operating in the proof of stake (or PoS) mechanism, so validators will need to stake or lock in their Bone tokens in order to get a chance to validate the network and earn Bone rewards. Bone holders can either be validators or delegators. Delegators will not be validating blockchain transactions; instead, they will be choosing validators by staking their Bone tokens and delegate their stakes to certain validator nodes. Bone is expected to be capped at 230 Million tokens.
What is Treat?
Treat was originally
mentioned briefly in the Woofpaper (SHIB’s Whitepaper), but no clear and exact
information was given on how it would fit into the SHIB Ecosystem. Recently,
Shytoshi Kusama, SHIB’s lead developer, released a medium post stated that Treat
will take the place of Bone rewards on
Shibaswap once Bone minting stops. Bone minting is supposed to stop soon
because recently the Doggy DAO voted to allocate 20 Million Bones to
validators to secure the Shibarium network once it is out. Total supply of Bone is expect to be capped
at 230 Million tokens, and at the time of writing, a total of 225 Million Bone
tokens have already been minted. Shytoshi Kusama mentioned that Treat will also
“derive rewards for the Metaverse, and the blockchain version of the Shiba Collectible Card Game, as well as for helping to provide balance to Shi [SHIB’s
upcoming stable coin]”. Lastly, he added
that some Treat tokens will be reserved
for some loyal SHIB Team members because
they have stayed with the project and given their “patience, energy, and
support” to the project; thus, the SHIB Development Team was able to reach many
milestones.
References:
1. Woofpaper(Shib’sWhitepaper): https://github.com/shytoshikusama/woofwoofpaper/raw/main/SHIBA_INU_WOOF_WOOF.pdf
2. Shytoshi Kusama Medium post: https://shytoshikusama.medium.com/shib-army-we-march-on-498bdfb79cff
3. Shib blog post: https://blog.shib.io/community-bonefarmsvote/
4. Shib blog post:https://blog.shib.io/bonefarms-proposal-results/
5. Shib blog post: https://blog.shib.io/notice-bone-farms/
Disclaimer: Our articles are for educational purposes only and NOT financial advice. For your own personal investment decisions, please do your own research and consult a financial advisor. Good luck investing.
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