Shiba Inu Community Votes on $100K Fund for Transparency

Shiba Inu Community's $100,000 Vote

The Shiba Inu community is currently voting on how to allocate 37.5 ETH (approximately $100,000), received from the partner project Welly’s. The vote is seen as a significant move towards promoting transparency and decentralization within the Shiba Inu ecosystem.

On August 31, Shiba Inu’s lead developer, Shytoshi Kusama, called on the project’s decentralized autonomous organization (DAO) to participate in this crucial vote. Kusama emphasized that the proposal is designed to decentralize the ecosystem further and ensure greater transparency in how funds are managed.

Four Options for Fund Allocation

The proposal outlines four potential uses for the funds. The first option suggests placing the ETH in a new multisig wallet managed by a group of appointed individuals, each having one vote. This would allow the DAO to control and direct the funds according to community decisions.

Kusama elaborated on this option, stating that the multisig wallet would be managed by individuals such as LC, GOSSIP Shib, Kaal Dhairya, Shytoshi Kusama, and another signer chosen by a DAO vote. The community would be able to submit ideas on how to use the funds, and the signers would execute the decisions made without interference.

The second option proposes using the funds to burn SHIB tokens by purchasing and destroying them. The third option suggests funding a community project, but this would be managed by the wallet holder without community input. The final option would allow the wallet owner to retain the assets and stop any future ecosystem funding.

Kusama highlighted that the DAO’s decision will be binding and that this vote is a critical step in evolving Shiba Inu’s DAO from its V1 to V2 phase.

Community Preferences and Discussions

According to snapshot data, the voting has already begun. Over 55 billion SHIB tokens, or 82% of the votes, have supported the first option of using a multisig wallet. The option to burn SHIB has received 12 billion votes, or 17% of the total. The third and fourth options have yet to receive any votes.

Shiba Inu’s marketing lead, known as “Lucie,” voiced support for the burn option. However, a community member argued that burning 35 ETH would have minimal impact given the massive SHIB supply. He suggested that the funds could be better utilized for liquidity, Shibarium integration, product development, or BONE listings.

In response, Kusama hinted that this initial burn is just the beginning, and there are “more funds there and incoming!” This suggests that the community may have additional opportunities to influence the direction of the Shiba Inu project.

Conclusion

The ongoing vote within the Shiba Inu community represents a significant push towards greater transparency and decentralized decision-making. With multiple options on the table, the outcome will not only shape how the $100,000 in ETH is utilized but also influence the future direction of the Shiba Inu ecosystem as it continues to evolve.