Albert Brown
Shiba Inu (SHIB) is reportedly planning to introduce Yield Farming to its decentralized exchange ShibaSwap.
The development was revealed via a community feedback forum created by the Shiba Inu team on its Discord channel.
According to images shared by popular Shiba Inu official Team member MILKSHAKE, the team behind the project created a new forum on Discord, calling on the community to make suggestions, which will determine whether the project will launch Yield Farming.
Per the screenshot shared by MILKSHAKE, suggestions about the Yield Farming proposal have already commenced and will end by Thursday, June 9, 2022, at 00:00 UTC.
“The @Shibtoken Discord opens forum, and a community feedback channel for farming-proposal-feedback for #ShibaSwap. Deadline for Feedback on the channel is up until Wednesday 5pm PST // 8pm EST,” MILKSHAKE tweeted.
📢The @Shibtoken Discord opens forum, and a community feedback channel for farming-proposal-feedback for #ShibaSwap.
Deadline for Feedback on the channel up until Wednesday 5pm PST // 8pm EST
More information on the attached images: pic.twitter.com/x0KuZEnYBJ
— MILKSHAKE (@shibainuart) June 6, 2022
Reason for the Initiative
Analyzing the screenshots shared by the Shiba Inu enthusiast, the SHIB team has been observing the operations and functionality of its decentralized exchange, ShibaSwap.
Since the decentralized trading platform was launched, it has executed numerous functions, including distributing rewards to beneficiaries on numerous occasions.
However, the Shiba Inu team believes ShibaSwap is yet to reach its full potential and it can achieve more successes in other areas, including Yield Farming.
“Based on the characteristics mentioned above, we are working on a new proposal for the community, but also want to hear everything from supporting comments, promoting feedback for Yield Farming, so that we can make some of the ideas a reality,” an excerpt of the announcement reads.
Possible Upcoming Proposal
Furthermore, the Shiba Inu team suggested three features it plans to implement on ShibaSwap and they include:
“Cumulative WOOF for all rewards instead of woofing individually – single button, 2. Outside projects are able to provide rewards themselves for their pairs in the form of their own token(s), [as well as] improved gas structure.”
Per the announcement, after all suggestions have been made, the Discord admin said all input will be given to the Dev team, who will now launch a proposal based on the suggestion received.
The proposal will be passed via Doggy DAO, which launched earlier this year, to enable the community to vote on whether the Yield Farming initiative would go live.
More Ways to Earn Passive Income
The initiative, if implemented, will add to the numerous ways Shiba Inu enthusiasts can earn passive income.
Yield Farming enables users to earn rewards via decentralized finance. With Yield Farming, members of the SHIBArmy will be allowed to borrow and lend Shiba Inu ecosystem tokens, and earn rewards.
Meanwhile, the Shiba Inu community has been presented with more ways to earn passive income, including from burning SHIB and locking $LEASH and Shiboshi in the designated tools.
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