The Shiba Inu community is currently voting on a proposal to allocate 37.5 ETH (around $100,000 USD) received from Welly’s partner project.
On August 31, Shiba Inu lead developer Shitoshi Kusama called on the project’s decentralized autonomous organization (DAO) to participate in this important vote. He explained that the proposal is aimed at ensuring transparency and promoting further decentralization in the ecosystem.
Shiba Inu DAO Decides How to Use $100,000 in ETH Funds
Kusama proposed four ways to use the funds. The first option would involve placing the funds in a new multi-signature wallet. A group of individuals, each with one vote, would control this wallet, allowing the DAO to direct the funds as it sees fit.
«[The multisig would include] LC, GOSSIP Shib and Kaal Dhairya, Shytoshi Kusama, and a designated signer chosen by the DAO vote. These funds will go toward a secondary vote on what can be done, where the community can submit their options, and then the signers agree to carry out the decision, regardless of the outcome,” Kusama explained.
The second option is to burn funds by buying SHIB tokens. The third option is to fund a community project, but the wallet owner will manage it without community participation. The last option is for the wallet owner to keep the assets and stop future funding of the ecosystem.
Kusama stressed that the DAO’s decision will be final and binding. He added that this vote marks a major step in the Shiba Inu DAO’s transition from Phase V1 to Phase V2.
The snapshot data shows that voting has begun, with over 55 billion SHIB tokens, or 82% of the votes, supporting the first option. The burn option has received 12 billion votes, or 17% of the total. The third and fourth options have not received any votes yet.
Marketing manager Shiba Inu, known as “Lucy,” expressed support for burning SHIB tokens. However, one community member argued that burning 35 ETH was not enough given the huge supply of SHIB. He suggested that the funds could be better used for liquidity, Shibarium integration, product development, or listing BONE.
In response, Kusama hinted that this burning was just the beginning, noting that “there are more funds, and they keep coming!”
