December 27th, 2024 DAO Call

Effect DAO Call Summary December 27th, 2024

Author: @djstrikanova (DJ)

Final Effect DAO call of 2024 and on EOS

• Jesse recaps Snapshot details

  • Jan 1st 12PM UTC, 2025

  • Self-custody addresses only, liquidity pools and exchanges are invalid.

  • Liquidity will be pulled 24 hours before the Snapshot, this includes EFX/WBNB and EFX/EOS

  • All accounts with less than 5 EFX or 5 NFX will be ignored in snapshot for efficiency reasons.

• Jeffrey states that everything is looking good, ready to go, only last minute visual tests of the front-end are remaining. All smart contracts audited, tested and ready to go.

  • All Wallets should work for claiming on Jan 5th.

    • EOS: (Anchor, Trust, Tokenpocket, Wombat)

    • BSC: (Metamask)

    • Solana: (Phantom, Solflare)

    • Hardware Wallets: Ledger

    • Mobile wallets will need a Desktop to finish the claim.

    • Some SOL will be required to process the claim.

  • Discussion of Effect AI's past and EOS's lack of good ecosystem.

• Jesse posts a rough outline of EFFECT distribution, based on a test snapshot taken recently, so there may be slight changes after the official Snapshot.

  • Unstaking Period confirmed to be 7 days of lock followed by 30 days of linear unstake.

  • Staking incentives of 50,000.000 EFFECT to fund 10% APY

  • Blacklisted EFFECT will not be migrated and consequently EFFECT supply decreases to ~530 million EFFECT

  • The 100 million in Foundation EFFECT funds will be vested over a 4 year period.

• Discussion over avoiding scammers. EFFECT contract address will be posted on https://effect.ai and official social media accounts. For any tech support, visit the discord at https://discord.gg/effectnetwork and read FAQ to learn how to create a ticket.

• The day Liquidity will launch on Solana will be 1-6 days after Claiming on Jan 5th begins, precise date TBD.

• Cycle 104 is to be considered the final official cycle of EOS Effect DAO. With Proposal 209 stipulating a new DAO constitution shall be drafted for Solana. The High Guard will draft a new constitution adapted for Solana and execute a transaction confirming it before the DAO reconvenes.