The Baby Doge token contract on both Ethereum (ETH) and Binance Smart Chain (BNB Chain) is undergoing a process that is expected to take 1-2 weeks. This process involves calling the renounceOwnership function on both networks, which will ensure that no further changes can be made to the contract.
The proposal to renounce ownership of the Baby Doge token contract was initially suggested on May 29 and has been overwhelmingly approved by the community. This move is a significant step towards 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. The primary objectives of the proposal are to enhance decentralization, security, and community trust. Renouncing ownership aligns with the true ethos of decentralized finance (DeFi).
By renouncing ownership, the risk of potential admin misuse or malicious activity is significantly reduced, which enhances the overall security of the Baby Doge ecosystem. The BabyDoge team will keep the community informed through official channels such as Twitter, Discord, and Telegram.
The renouncement process is expected to take approximately 1-2 weeks, including verification and community communication. Once ownership is renounced, no further changes can be made to the contract. As of writing, BabyDoge is trading at $0.00000000194 with almost no change in the past 24 hours.