November 27th, 2024 DAO Call

Effect DAO Call Summary November 27th, 2024

Author: @djstrikanova

• Jesse estimates the snapshot and migration will happen between December and January.

• Jeffrey discusses some technical details of the snapshot and migration, along with how stake rewards will be functioning.

  • Base APY will be offered, but a Bonus APY based on stake age will not be, as Jesse explains that it's too technically complicated.

  • Stake Age will still matter in DAO voting.

• Jeffrey discusses the staking and reward contracts, these contracts will be similar to the Nosana implementation. Partial linear unstakes will be allowed.

  • Jeffrey and Jesse suggest that there will be a 7 + 30 day unstake period. The first 7 days do not result in any EFX being returned, but after that, a proportional amount will be returned every day.

• DJSTRIKANOVA and Jesse discuss allowing non-EFX crypto to be used as settlement for worker payments. Such as a allowing Task Providers to pay with USDC and NOS.

• DJSTRIKANOVA discusses the need for the DAO to be able to have more flexibility with Network Fees, such as burning them in the case of EFX, staking them in Liquidity pools, or storing them in the treasury.

• DJSTRIKANOVA gets side-tracked discussing the long-term vision of how the DAO could work.

• Jesse discusses his suggestion to change the token name from EFX to EFFECT and the many reasons to rename the ticker.

• DJSTRIKANOVA discusses with Jesse ways for the DAO to build up stablecoin reserves for future DAO managed development, either through market makers or decentralized ways.

• Jesse and DJSTRIKANOVA discuss the need for Effect Force, the draw for Effect AI, to be prioritized over the DAO, however Jesse estimates that the DAO will be reconvened in some form in 2025, though likely a limited form.