DAO Call - August 25, 2021
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Summary Notes, Weekly DAO Call, August 25, 2021
Discussion Thread and audio link for this call is https://discord.com/channels/519860537891487745/781846996079083521/880131051152887809
Team in Attendance: none
Members in Attendance: Alan, asiaexpat, Bree, DJSTRIKANOVA, howard k, mikel, polishhodler, Rochelle
Roles: Call Moderator: Bree Recorder: Bree Proposal Tracker: splottingham
ANNOUNCEMENTS:
Congratulations to the community and team for collectively and successfully working to get a farm listing on Orion.
MasterChef farm will begin issuing rewards this Thursday. The MC farm is on bridge.effect.network.
The Ask Effect video released today provides information for when the swap codes will no longer be useable. The oracle used for the swap will be decommissioned December 31st this year. https://twitter.com/effectaix/status/1430449880112238593?s=09
PROPOSALS:
DEADLINE August 20th 12pm ET! Orion Protocol EFX-USDT URGET MESSAGE https://dao.effect.network/proposals/71 Status: Active, Vote, Yes
Community and Team together secured a trade pair, pool, and farm on Orion Protocol’s BSC trade platform.
This proposal is an appeal to the community. The vote itself is after the fact and serves no purpose other than to vote for the sake of voting. This appeal was successful.
For an increase in the amount of rewards, ORN tokens need to be staked and votes given to the EFX/USDT pool. – so if you know of anyone staking ORN given them a lobby for voting for our pool, or do so yourself.
It would be good if the team could work with Orion Protocol to create a spotlight piece for Effect Network to educate and promote EFX within the Orion community.
Incentivised Program for Liquidity on Pancake Swap (part 2) https://dao.effect.network/proposals/70 Status: Processing, Vote: Yes
This ensures there will be enough rewards for the second week.
Will this type of proposal need to be ongoing with each cycle?
Approval for funding will need to be given by the DAO on an ongoing basis.
What is the benefit to the DAO to continually contribute funds for reward distribution in the MasterChef? As is, everyone can contribute LP tokens and receive the rewards from the MC, whether or not they are DAO members.
Anyone who is not already a holder of EFX will need to purchase some from somewhere to contribute to the pools.
Also, reduced volatility. The more volume the more stability to the price of EFX.
Stability is required to support workers and requesters.
The DAO would also benefit from some increase to the reward distribution from Pancake Swap liquidity pool’s increased use, as LP tokens from PCS are used in the MC.
DAO Call Recorder July ‘invoice’ request https://dao.effect.network/proposals/69 Status: Processing, Vote: Yes
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.
When creating a proposal it would be nice to have some more options regarding the dropdown menu for what type of proposal it is. Marketing, governance, etc. and other. Perhaps there could also be an option for sentiment. A way to allow for a (slightly) more complex proposal.
Updates or additions to the ideas of acquiring or using NFX?
Previous discussion points:
Revising P24? (buy and burn NFX)
Proposal for buy and reserve NFX?
Proposal for buy NFX for community Hackathon prizes?
If the Foundation’s NFX (realeffect.ai?) are essentially the DAO’s NFX, why should the DAO be buying NFX from the market to distribute for rewards, burn, or use for prizes?
The Foundation and the DAO are not the same entity. Previously, when the DAO wanted to burn NFX, the Foundation said it was out of scope of the DAO.
Thus far, the Foundation have been really supportive of using EFX at the request of the DAO. They have not yet been asked to use NFX.
But until which time the Foundation is moved to be under the control of the DAO these NFX are outside the purview of the DAO and are in the control of the Foundation.
If the DAO purchases NFX it will only serve to push the price up temporarily.
The Foundation could lower the price by adding more liquidity to lower the NFX price.
What would most likely happen, is that the Foundation would match what the DAO supplies, in the same way the MasterChef is being funded. And this means the DAO would need to obtain NFX.
Best perhaps to wait until the Hackathon regarding NFX rewards. This won’t take long to set up if we decide to go ahead with an NFX reward then.
Community admin for Discord and TG.
Spam attack Aug. 8 on Discord with no admin to delete
Even basic admin privileges, such as the ability to delete comments, or a tag on their name to indicate a safe person to take advice from.
Discord (Miguel.EFX?)
TG (Manfred? Other?)
Post Script: Rochelle responded in the discussion thread.
LIQUIDITY INCENTIVIZATION/VOLUME:
The ultimate gain in liquidity is to have a farm on Pancake Swap. About 500k EFX liquidity in the pool would be amazing. But this will be tough to achieve.
How do we get people outside of EFX to boost up the liquidity pools?
Not sure how to best go about this.
Perhaps being able to use the LP from the Orion pool into the MasterChef.
Is there a possibility to use LP tokens from either Orion Protocol or from Pancake Swap in the MasterChef farm?
This could be possible, but complicated. (Jesse)
We need to see what kind of interaction there will be between the team and Orion, perhaps a Spotlight run on Orion.
Updates to progress on the MasterChef?
MasterChef farming is now open on bridge.effect.network.
Log in using Metamask – BSC wallet.
Rewards should begin accumulating on Thursday this week.
The MasterChef has been funded with the DAO EFX allotment and the Foundation’s allotment should be assigned recently. There are currently enough for one week.
As soon as P70 passes there will be funding for another week there. So far everything looks good.
The rewards will be really good at first, but will slightly decrease as more people entre – so get in early. With more people staking APR will go down.
It would be good to have the APR shown on the Farm page in big green numbers. Currently this is not being shown.
Note: APR is without compounding; APY is with compounding.
The MasterChef is a flat rate, so it should be APR.
The UI should identify specifically which LP tokens are required.
A request will go to Jesse to have APR and which LP added into the UI.
The liquidity in Pancake Swap has gone up recently, from 180k to 233k as a rough estimate.
On Gitbook, the MasterChef can be seen to be added to the bridge front end.
Should the liquidity now placed on OP remain there or should some be moved over to Pancake Swap?
As OP gains traction there may be opportunity for the DAO to gain rewards from the pool on OP, as the Foundation is the largest provider. Currently, there is no benefit directly to the DAO, except one more option for liquidity.
Could the EFX be a reward on Orion?
https://trade.orionprotocol.io/pools/USDT-EFX
USDT / EFX pair
Binance Smart Chain trading of EFX
This is a DEX, sign in through Metamask - BSC wallet.
How can we take the greatest advantage of this?
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:
Chris and Jesse are planning to attend Web Summit in Lisbon to promote the hackathon, in September.
What is the backup plan for reaching these potential participants if COVID-19 protocols shutdown the in person event?
Someone from the Neural Pepe and someone from Orion projects are interested in the hackathon.
Is there something the DAO could be doing to promote the hackathon?
This really is a DAO initiative and shouldn’t all be on the team to promote.
A lot of people in the DAO are traders. Some are maximalists for Effect, but not everyone is. Some people are really into other projects.
If these people could see a connection between Effect Network and their other project interests and promote Effect to their other projects this would help promote the hackathon.
This is how the Neural Pepe became involved and are now interested in participation in the hackathon.
What if we had a reward or commission to promote people bringing in other projects?
This would be good, but there is a complexing factor. After the release of the SDK anybody can build a dApp on the network. When a DAO member onboards another project, who is actually forming the work to build the partnership. Is the BV or is the DAO? The DAO doesn’t actually have any employees. The DAO doesn’t build dApps itself. So then who are you actually onboarding the project for? Is it for one of the dApp exploiters or is it for the DAO or is it for the BV?
An inquiry into Moonlift as a partner was made, but more than one of the DAO members might contact Moonlift, who would the credit go to. Let’s say Moonlift were to use Effect Force to classify their NFTs. Which dApp owner is going to onboard them as a customer? Who is the one going to make money from these tasks getting done? Should Moonlift then be the one to pay the commission as they’d be making money from the dApp? Should the DAO?
The point being it is ambiguous on who should pay out any commissions.
Also, what does onboarding mean? And who would be keeping proper record.
The reward should be for the project using Effect Network and the Force, in that they get an efficient solution to their problem.
The reward for DAO holders is really inherent in the system. In that the more projects using Effect Force, the amount of transaction fees going into the fee pool for rewards will increase.
What if we had our own line of NFTs? Say in partnership with Neural Pepe?
Perhaps we could have some fun with the AI tool they use.
Something that is completely separate from the BV. Purely a DAO initiative.
Discussion about possible partnership with Moonlift liquidity.
Mikel will inquire with Moonlift.
Is it better to build one or two liquidity pairs on one platform PCS, or to diversify platforms?
Some more thought on this may be warranted.
We want to attract as many people to EFX as possible, without sacrificing too much spread and not getting anywhere.
Orion is an aggregator, as is One Inch. If we have a good aggregator as a good resource, then spreading out too thin would not be such as big deal.
Creating more pools is only really going to be valuable if we can tap into more people. Creating pairs with other projects would provide exposure.
We could perhaps create pairs with other projects in PCS or Moonlift for example.
Perhaps marketing partnership to help give exposure to each project.
Where is the best place to put your EFX?
If you have been in the DAO for a while and have a good amount of EP built up this is a good place for your EFX.
But if you want to collect more EFX rewards and you are new and don’t have much EP, putting your EFX into PCS will earn you much higher rewards in EFX, which could be saved to then put into the DAO after the point when the DAO is earning better rewards from the network fees.
In the long-term staking in the DAO would be best. In the short-term staking in PCS Farm will bring higher rewards.
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
Other?
If you would like to participate or have thoughts you’d like to share, feel free to reach out or leave a comment in the DAO Discord chat.
OPEN DISCUSSION:
Perhaps we should consider hiring employees. Consider DAO business models or non-profit models.
So, not just a DAO governance model, but a DAO business model. There are examples beginning to surface, such as Shakepay.
Perhaps a non-profit model would be more suitable for our particular DAO.
Even non-profit organizations have employees, there are specific jobs that need to be done.
Business is the wrong word. The correct word may not exist yet.
The DAO doesn’t have any legal power, this needs to be kept in mind.
For example, if someone promises actions requiring funds on a proposal and it passes, and then does nothing. We aren’t going to hire a lawyer to pursue that someone.
A not-for-profit model is more appropriate for us.
We should avoid calling this a business and reference this as a no-t-for-profit.
We should create a responsibility map.
Which roles are needed? How do they fit together?
There are certain roles that will need to be filled to have this function as an organized body?
The DAO should also be gaining income that is purely under the control of the DAO (HG?).
Charity and education work should become part of our framework.
Education for STEM for underrepresented groups
Continued charity with the UN
Supporting underemployed or disabled
This would be a DAO decision in which way to go
First things first is to establish structures.
Has Chris or Jesse every stated what they want to achieve with the DAO within a certain time frame?
We know we are trying to grow the DAO out and improve the network, but we don’t know when to hit certain benchmarks. There is no roadmap of achievement for the DAO.
This seems to be left in the hands of the DAO to determine.
At what point will the DAO be considered mature enough to have the full controls? What should the DAO look like to be considered ready?
It seems that the timeframe for this is subjective on how comfortable the Foundation is with the maturity of the DAO.
It might be nice to have some guidance from the Foundation to have an understanding on what their idea of ‘readiness’ looks like.
Neural Pepe will be the first independent dApp on Effect Network.
The full suite of tools is being released early to the Neural Pepe team for them to start building themselves. This is an opportunity to see how another team can make use of the tools.
This could give some early feedback.
Rochelle has made an example from them. But this will be a non Effect.AIBV dApp on Effect Network.
The DAO needs a mascot that could become meme-able.
Effect Network is missing something fun and memorable. We could create our own character to have fun with.
We have some sort of mascot, then the workers could create their own variation of this mascot into a meme.
This needs to be something memorable that represents Effect Network that doesn’t have any copywrite infringement.
Perhaps a DAO sponsored competition to create our own mascot.
The first proposal: should we go ahead with this or not. And what should the prize pool be.
Why do we need it
Why do we want it
Go ahead or not
Need a location for submissions. Discord – use thumbs up to vote.
The second proposal refines the vote to the top ten for final vote within the DAO vote system.
This would not replace the logo. This would be aiming to provide a visual connection to Effect DAO and Effect Network.
OLD DISCUSSIONS (tabled)
Discuss further with team about incorporating worker pay in perpetuity of trained algorithms.
Potential Proposals:
Mascot competition
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:
Create a proposal to have a competition for a memeable mascot
Clean up the Community Center Gitbook page
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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