Meme coin projects are accelerating the transition process of the DAO structure. Volume giant Shiba Inu (SHIB) announced in a December 31 blog post that it will launch a Shiba-owned DAO. In recent developments, FLOKIDAO, which also supports centralized crypto exchanges, plans to roll out DAO token functionality to its community in the near future.
Meme coin takes on DAO structure
Floki Inu’s (FLOKI) Twitter account shared the news that (tomorrow) on January 22nd, Floki will begin his transition to the DAO. Crypto exchanges plan to support the upgrade. A blog post on Medium explains why this upgrade is important and what it will bring to the Floki Inu platform and community.
Potential CEX listings and greater decentralization for FLOKI
According to the article on the FLOKI blog, the transition to the DAO will provide greater decentralization for the cryptocurrency and ecosystem, potentially allowing Floki Inu to be listed on centralized crypto exchanges (CEXs). DAO stands for decentralized autonomous organization collectively owned and managed by community members. Decisions on DAOs are made by voting, DAO tokens can be purchased by members to fund the further development of the organization, and DAO token holders also receive a fixed percentage of trading volume on crypto exchanges. Therefore, holding such cryptocurrencies is comparable to holding stocks of a company. Furthermore, the FLOKI team believes that converting Floki Inu to a DAO will increase its adoption and increase its chances of becoming one of the top-ranked cryptocurrencies.
Currently popular DAO tokens include UNI, MAKER, DASH, SUSHI, ZRX, AAVE, and COMP.
Upgrade starts on January 22
The upgrade will take place on Saturday, January 22 and will last approximately 48 hours. The team shared that more details will be provided as soon as the process begins. The developers warn that FLOKI holders do not need to take any action to participate in the first part of this DAO migration. All CEXs where FLOKI is listed will support the upgrade, so community-held FLOKI will be covered, whether held on an exchange or an off-exchange wallet.
