Welly: The SHIB Themed Restaurant Grants 15% Ownership Of Company To Community

The fast-food chain Welly announces to grant the SHIB community a 15% ownership of the company.

This is an amazing way to give back to the community that loves them so much, highlighted Welly.

The SHIB token is currently trading at $0.00002091 and is down by around 2.7% in the last twenty-four hours.

The first restaurant globally to use Shiba Inu (SHIB) as a theme, Welly, has recently announced to grant the Shiba Inu community a 15% ownership of its company, and additional planned token burning commitments.

The restaurant made the announcement via social media, that this 15% ownership would be aggregated to the Shiba Welly Wallet. And it would comprise profits from all of the company’s activities.

It expressed that this is an amazing way to give back to the community that loves them so much.

Doggy decentralized autonomous organization (DAO) will be the one managing the funds within the wallet, which can also choose to utilize them to carry out SHIB burning.

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This percent will be aggregated in a Shiba Welly Wallet and will include profits from all Welly activity. Use of the funds for burns or other purposes will be controlled by the #SHIBARMY through the BONE DAO. See our website for details! WOOF!
— WELLY (@wellyfriends) April 29, 2022

BONE is one of the tokens within the Shiba Inu ecosystem, and the Doggy DAO is actually controlled by the BONE Token holders. And it is the governance token within the decentralized organization.

The fast-food restaurant based in Naples further signified that the 15% ownership does not include the 10% of its gross profit committed to Welly non-fungible token (NFT) holders, or the 2% used to burn SHIB tokens.

This Comes Following The Recent Launch Of SHIB’s Burn Portal

This verification of actively burning SHIB by Welly comes following the launch of the meme-inspired cryptocurrency’s burn portal, which also offers token rewards for the users.

Burning is a common mechanism in the cryptocurrency industry, it is basically a process of sending the tokens to a dead wallet and they can never be retrieved back. This is done to reduce the circulating supply which can contribute to the rise in price.

But Shiba Inu’s burn portal sends “burntSHIB” tokens to the ones who burn tokens, which can then be staked to obtain rewards in the form of RYOSHI tokens. Ryoshi tokens are another token in the SHIB ecosystem.

At the time of writing, the Doge killer is trading at $0.00002091 with a market cap of $11,483,588,832, and currency stands at the fifteenth position by market cap.

Source: https://www.thecoinrepublic.com/2022/05/03/welly-the-shib-themed-restaurant-grants-15-ownership-of-company-to-community/