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Shiba Inu's Welly Transfers First Set Of Community Rewards In ETH To Wallet
Shiba Inu's Welly sends initial batch of community rewards in ETH to wallet.
Ankita K.
8:01 23rd Jul, 2022
Altcoins

The Welly team has announced that the first batch of community rewards has been sent to the Doggy DAO wallet — an amount of 37.5 ETH valued at $58,511.25.

After announcing its partnership with Shiba Inu, the Italian fast-food restaurant Welly's underwent a complete rebranding in February. As a result, the Shiba Inu-themed burger joint announced "full" 15% ownership of the Welly Company by the Shiba Inu community.

It said that this percentage would encompass earnings from all Welly activity and would be collected in a Shiba Welly wallet. The Shiba Inu community, or the "ShibArmy", will have control over how the funds are used for burns or other purposes through the Doggy DAO.

Here, members of the Welly community will be able to make major decisions in regards to Welly's future: from new locations, new menus and ways to spend or receive the accumulated rewards, to distribution to the NFT holders, rewarding employees of the company or burning SHIB.

Welly also allocated 10% for rewards and burning outside the 15% "fully" owned by the SHIB community. Here it commits 2% to be burned in what it says will be more of a treasury, allowing the community to choose to burn more than the 2% allocated through the DAO.

At the start of July, Shiba Inu-themed Welly joint shared updates on its upcoming next store, DAO (Decentralized Autonomous Organization), and collaboration with major brands. Regarding the location of its next store, it stated it was considering Milan, where it is located presently.

In regards to the DAO, it reports ongoing work, which might be completed in a month or two. It is also presently reviewing franchise applications while weighing its next move on collaboration with major brands. This comes based on its resolve to strengthen its brand identity.

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