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- Shytoshi Kusama has called for more SHIB holders to participate in a DAO vote to decide the fate of 37.5 ETH gifted to the community from a partner wallet.
- The vote presented four choices, with the overwhelming favorite for many being to allocate the ETH into a new multi-sig wallet for a later vote on how to use them.
As the Shiba Inu community expands rapidly, democracy becomes pertinent, and a recent DAO vote has shown just how effective it can be in deciding the future of the ecosystem. The vote was on how to use some 37.5 ETH that the community was awarded by a partner wallet, with most members voting against burning the Ether or returning it to the partner.
The ETH, worth $69,000 at press time, was donated to the DAO by Welly’s, a partner wallet. The DAO had four choices:
- The first choice was to have the funds escrowed into a new multisig wallet and have some trusted community members as custodians, including Kusama himself. The community would vote at a later date over what should be done with the funds. According to Kusama, each signee would only have “one vote and are only authorized to use the funds as the DAO sees fit.”
- The second was buying SHIB with the funds and burning it.
- The third was to have the wallet holder decide on his own which projects to fund.
- The fourth was for the wallet holder to withhold the funds.
An overwhelming majority of the DAO members voted for the first option with over 78 billion SHIB. Choice 2 was second, with the holders of 14 billion SHIB preferring the option to burn SHIB worth 37.5 ETH and boost the overall health of the SHIB token. Burning SHIB is a popular occurrence in the community and often happens to reduce the sky-high supply of tokens. Choices 3 and 4 were widely rejected.
The winning option will be executed by the end of the month, according to the proposal.
Some in the community came up with their own creative suggestions.
“I would use the funds for Shibacon, even raffle off all-inclusive trips or Shibarmy tickets so they have the opportunity to enjoy these events instead of burning money,” one suggested on X.
A Democratic Shiba Inu Ecosystem
Democracy is critical for the Shiba Inu ecosystem, and founder Kusama has been doubling down on giving the ultimate power to the people in recent years.
As we reported last month, Kusama stated that “the genius of Shib is the power of the community.”
In a separate blog post over the weekend, he emphasized the need for democracy and called for the SHIB holders to vote on the fate of the 37.5 ETH.
Meanwhile, SHIB trades at $0.00001345, dipping 5% in the past day despite a 24% uptick in trading volume.
