Shiba Inu Community Votes Against Burning 37.5 ETH, Favors Multisig Wallet

The Shiba Inu community has voted against burning 37.5 ETH, opting instead to secure the funds in a multisig wallet controlled by trusted community members.

These funds, donated by partner wallet Welly’s, are currently valued at around $69,000 and will be held until the community decides on their specific use. This decision emphasizes the community’s commitment to transparency and collective decision-making, ensuring that the funds will be used according to the DAO’s collective will.

Important Shiba State Announcement❗️

The voting has concluded.#ShibArmy has spoken loud and clear.

Thank you everyone who participated.

Stay tuned for more DAO votes on important decisions coming our way as Shiba State rises. pic.twitter.com/pdNoOxZ4k1

— No One 🛡️ (@NoOneHasSpoken) September 4, 2024

The DAO vote offered four options: securing the funds in a multisig wallet, burning the ETH by converting it to SHIB, allowing the wallet holder to decide on their use, or letting the wallet holder keep the funds. The first option, securing the funds, received an overwhelming majority, with over 78 billion SHIB votes in favor.

Burning the funds by converting them into SHIB tokens was the second most popular choice, garnering 14 billion votes. This method is often favored by the community to reduce the circulating supply and potentially increase the value of SHIB. However, the community ultimately chose to retain control over the funds for future use. The third and fourth options, giving the wallet holder more control, were widely rejected.

That said, this decision marks a significant step for the Shiba Inu ecosystem, reflecting the community’s strong desire for decentralization and collective governance. Shytoshi Kusama, the lead developer of the Shiba Inu project, has been a vocal advocate for greater democratic participation within the community. He has recently emphasized the importance of DAO involvement, urging SHIB holders to actively participate in decision-making.

Kusama’s focus on democracy was further underscored in a blog post where he called on SHIB holders to be active in the DAO, not just in this vote, but in shaping the overall direction of the ecosystem.

The winning option will be implemented by the end of the month, with the Shiba Inu community collectively deciding how to use the 37.5 ETH. This vote highlights the DAO’s growing role in shaping the Shiba Inu project’s future as the community strives to balance growth and responsible governance.

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