November 13th, 2024 DAO Call

Effect DAO Call Summary November 13th, 2024

Author: @djstrikanova

• The DAO discusses the previous cycle proposal results on different token unification strategies.

• DJSTRIKANOVA and Jesse discuss P182 https://dao.effect.network/proposals/182 a broad proposal by DJSTRIKANOVA to introduce a staking system into the Effect Ecosystem.

  • This discussion included a lot of components

    • What a future vote weight system could look like. This could mean integrating an unstaking period system similar to the one Nosana has. This can also mean keeping the current system but setting a long static unstake period. For example, On Solana it could take 80 days to fully unstake one's EFX. The EFX would be distributed in a linear way, with a proportional amount returned every day relative to the unstaking period.

    • The benefits and drawbacks of different systems and their implementation time cost development-wise

    • An EFX staking rewards system. All EFX holders can have the opportunity to stake their EFX and earn APY rewards just for staking. The Treasury would fund this initiative.

    • DJSTRIKANOVA published a historical chart of EFX/NFX exchange rates, and suggested a flat 7 EFX/NFX rate if a EFX staking rewards system is implemented. This is due to the fact that active DAO members will be the first to join the DAO and be able to earn generous APY until the DAO grows substantially.

    • https://djstrikanova.github.io/efx-nfx-trades-analysis/

  • DJSTRIKANOVA will update the proposal to allow individual parts to be voted on, to better gauge DAO opinions.