Baby Doge Community Passes Proposal to Renounce Token Contract on Ethereum and BNB Chain

The Baby Doge has successfully passed a proposal to renounce ownership of the Baby Doge token contract on both Ethereum (ETH) and Binance Smart Chain (BNB Chain). 

The proposal initially suggested on May 29, was overwhelmingly approved by the community and marks a significant step toward enhancing decentralization and community trust.

A total of 848 trillion votes were cast for the proposal, with 99.53% voting in favor and only 0.47% opposing it. 

Objectives and Rationale

The primary objectives of the proposal are to enhance decentralization, security, and community trust. According to Baby Doge’s official announcement, the renouncement of ownership aims to align with the true ethos of decentralized finance (DeFi).

Decentralization: Renouncing ownership ensures that no single entity has control over the token contract, which aligns with the principles of DeFi. 

Security: By renouncing ownership, the risk of potential admin misuse or malicious activity is significantly reduced. This reportedly enhances the overall security of the Baby Doge ecosystem.

Communication Plan

The BabyDoge team intends to keep the community informed throughout the process through official channels such as Twitter, Discord, and Telegram. In accordance with reports, regular updates will be provided to ensure transparency and understanding.

The full renouncement process is expected to take approximately 1-2 weeks, including verification and community communication. BabyDoge team has already renounced the BabyDoge token contract on Ethereum.

The primary risk associated with this renouncement is its finality. Once ownership is renounced, no further changes can be made to the contract. 

BabyDoge is trading at $0.00000000194, with almost no change in 24 hours, as of writing.