DAO Call - August 18, 2021
Summary Notes, Weekly DAO Call, August 18, 2021
Team in Attendance: Jesse
Members in Attendance: @ce, Alan, asiaexpat, Bree, howard k, Lehoulme, Raifan, Rochelle, splottingham
Roles: Call Moderator: Bree Recorder: Bree Proposal Tracker: splottingham
ANNOUNCEMENTS:
EFX/USDT is now a trading and pool pair on Orion. https://trade.orionprotocol.io/trade/EFX-USDT
PROPOSALS:
Incentivised Program for Liquidity on Pancake Swap (part 2) https://dao.effect.network/proposals/70 Status: Active, Vote: Yes
This a good indicator of what further requests should produce.
This is fairly straight forward proposal, comes out of discussions with Mikel and Jesse.
This ensures there will be enough funds to keep the pool operational for the proposed timeframe.
DAO Call Recorder July ‘invoice’ request https://dao.effect.network/proposals/69 Status: Active, Vote: Yes
NEW REVISED POLL - Seeking equitable Weekly DAO Call Times https://dao.effect.network/proposals/68 Status: Closed, Accepted (see proposal 66)
There is a strong desire to not have two calls on one day as well to not have alternate times from one week to another.
Going to make use of Discord threads and recordings to encourage participation in the call topics for those who cannot attend the calls.
Participation on threads may need to be encouraged.
It will be helpful if people on this call begin using the threads to engage others in using the threads. We want to normalize the process of using threads.
We can re-evaluate later to see if the threads work to engage dialogue, and not just people listening to the recordings but not participating in discussions.
QUESTIONS/DISCUSSIONS FOR/WITH TEAM:
SDK:
A set of 3 Medium posts are planned, the first has been released, this will provide updates for both the SDK and progress on the Effect Force update.
The first of these posts is found here: https://medium.com/effect-ai/tech-blog-effect-account-system-a3bd8dfe93d4
The next update to post on Medium should be out around the end of the month.
Otherwise, the team is still working hard on development to make sure this is a solid SDK and upgrade.
Some community members have expressed interest with the concept of using NFX for rewards.
Should we consider revising or making active P24, buy back and burn NFX?
Could it be a buy back NFX and burn an equivalent amount of EFX?
See comments on burning EFX.
How would the DAO get more NFX?
There is about 10M supply of NFX.
There cannot be more NFX printed.
The big holders are mostly staked.
The foundation holds about 780k NFX.
NFX can only really be obtained through swap exchanges with EFX.
What about buying back NFX to use as rewards or for prizes for the Hackathon?
To distribute as NFX rewards in addition to EFX rewards
To use as special rewards or prizes.
Hackathon prizes in NFX has been discussed. This will be part of a proposal to the Foundation to support a prize in NFX, but the DAO could also provide a prize in NFX.
NFX prizes to developers would encourage them to join the DAO.
Consideration to create a proposal to buy an amount of NFX from Defibox each cycle using a small percentage of the 30% leftover cycle budget of EFX.
This would be to build up a reserve of NFX to be apart of the cycle budget funds and would be accessible through proposals, as well
to provide a consistent market buy.
This would require a storage location and a smart contract.
Technically this could be done. This would be a ‘recycle’ strategy.
The recycle strategy is what distributes the leftover cycle budget out to rewards.
This would mean additions in logic to the smart contract.
The storage would be in the same wallet as the cycle budget is stored.
The smart contract could be used to fully automate this process. Moving the determined percentage of leftover cycle budget to Defibox for swapping, and putting the NFX into the budget wallet for the DAO to own and control.
This would provide the DAO with some NFX funds to be accessed through proposals, thereby requiring DAO vote approval.
Example proposal would be to provide an NFX prize for the best new project added to Effect Network, or a hackathon prize, coming direct from the DAO.
Perhaps there could be rules in place for the use of the NFX, specifying that it’s intent must promote joining the DAO.
This could start as a small percentage of the leftover cycle fees to begin and be raised through a later proposal.
Should more NFX be required for a specific event than the wallet holds, then a proposal could be made to request the purchase of the required NFX.
A problem is that these funds belong to everyone in the DAO, so these would need to be spent on something constructive, or they should be returned to the members.
Once these NFX are in the budget, they can only be accessed by a proposal. So, the proposal would have to be something that everyone/majority agreed upon.
A Hackathon prize is a perfect example of what they should be used on, but there may be other use case for DAO contributed NFX.
Are there cons to a buy/burn of EFX?
The only con is that this would benefit everyone and there is a strong sentiment that this would not be fair or appropriate to use DAO funds to buy and burn when non-DAO members would also benefit from the results.
Mobile App
The mobile app is in progress to be released around the same time as the SDK and the upgrade to Effect Force as all are connected.
Suspected timeframe is around mid-end November (in time to host a December hackathon)
Social Media/marketing:
There are two new people working in this area.
Has there been progress on hiring another admin for TG?
There is some difference of opinion about whether or not another community admin is needed.
Though the chat is cleaner and more appropriate – not needed.
The chat needs more engagement and participation – needed.
Jesse will give Laurens a nudge about posting an update about swap stats.
LIQUIDITY INCENTIVIZATION/VOLUME:
Progress updates to MasterChef contract?
There is a bit of delay from our original projected release date.
We needed to figure out a lot of new information on how to compose a MasterChef. It is almost ready to deploy.
By next Monday the portal could be open so people can start adding some liquidity.
Guides will be made starting next week, after the tech is in play. These guides will have images and text descriptions to make things easy for people.
If we have the deployment Monday, the guides should take a day or two to complete.
Jesse will make the screenshot tutorials and one of the copy writers will write the text.
LP rewards should start to be distributed by the end of the week.
Jesse will align and share the numbers with the DAO before distribution happens.
The approval of P70 will ensure funding for rewards.
Is there any campaign that the community could participate in? Or some kind of community/DAO participation to promote it?
It would be really helpful if the community worked with the team to promote becoming LP providers.
More discussion on this may be warranted.
Otherwise, individual community members can do their part to spread the news about the LP incentives.
Community members, (Sud and Chris M. Thank you!), created pairs on Orion for EFX/BUSD and EFX/USTD during a 24hr window for community members to add desired pairs.
For information on Orion go to https://orionprotocol.io
The pools need to be approved by Orion admin.
The pool would have little liquidity volume to begin. Community members will need to add liquidity.
https://trade.orionprotocol.io/trade/USDT-EFX
USDT pair has been approved for the trade exchange/swap and for the pool.
This is a BSC trading pair. (note that KuCoin is an EOS trading pair)
This is a DEX, sign in through Metamask - BSC wallet.
Vigor:
Community member Lennie is really involved in Vigor and will look into what needs to happen with EFX for it to be listed with Vigor.
I have not yet heard back from Lennie.
HACK-A-THON:
No significant update from last week.
There is a proposal being put together to request prize funds from the Foundation, this includes prize funds in both EFX and NFX.
We are still structuring out the proposal.
Still figuring out the dates
How much is the prize pools
How many hackathons
Platform costs – Devpost
The Foundation will support in large part.
There may need to be a second proposal requesting support from the DAO to sponsor a second prize pool.
A DAO Community Award, most community votes – or something like that
This would be a really good way to involve the community
The Foundation and the DAO could each buy the NFX from the market. Jesse and Aleks are open to suggestions.
Is there any campaign that the community could participate in to promote the hackathon? Or some kind of community/DAO participation to promote it?
HIGH GUARD:
Possible proposals:
vote Rochelle in
sentiment for voting in members (elections)
sentiment for automatically giving voted in HG members treasurer/multisig authority
Possible small group to work with Mikel.
Andre, Alan, Bree, and Mikel will work together to hash out some of these structures. That’s 2 HG members and 2 non-HG members. Will start September.
Determine the process of election
Outline multi-sig/treasurer role
Rules of conduct/etiquette
Duties and participation expectations
Process for discipline/removal
Determine if role of responsibility with compensation, and what type
If you would like to participate or have thoughts you’d like to share, feel free to reach out to any of the 4 or leave a comment in the DAO Discord chat.
OPEN DISCUSSION:
No one had anything for open discussion today.
OLD DISCUSSIONS (tabled)
Discuss further with team about incorporating worker pay in perpetuity of trained algorithms.
Potential Proposals:
Confidence vote in current HG membership, with conditions set to allow for removals and additions
Giving the HG general Treasurer responsibilities
Funds for the MasterChef contract over the next few cycles.
How to become a guardian guide
Using Effect Captions to update community made guide videos. Especially videos with lasting relevance. Could be used to promote Effect Captions.
Would need to include the quoted price points in the proposal
What languages would be prudent to put into the closed captions
English only would be about $20
Timeline
Proposals to the Foundation:
DAO Store start-up expenses
Hack-a-thon expenses
Tasks:
Listen to July 14th audio regarding future Foundation management
Vigor inquiry
Time zone proposal
Dashboard updates:
Reward calculator (P30)
Timeline
Token Flow Map (team should be working on this as per AMA discussions)
Worker of the Week into DAO dashboard (P29)
Filter system (DJ is considering working on this)
Ambassador TEAM google Drive
Discuss decentralized options or to create an interface to access IFPS storage
GitBook:
Guide on how to become a guardian
Recorder: Rochelle
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