Joining the DAO Quickstart
Quick guide on how to join the DAO and vote on proposals.
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Quick guide on how to join the DAO and vote on proposals.
Last updated
Was this helpful?
Our DAO is located here:
The DAO functions completely on EOS, so it requires an EOS wallet. Anchor Wallet is recommended.
The first step to joining the DAO requires signing the . To be able to sign the constitution you must first stake at least 500 EFX. Please read through it before signing it. After signing the constitution you become a member of the DAO and can link your account to your EOS wallet to view the DAO channels in Discord.
The primary purpose of the DAO is to draft and pass proposals that help grow the Effect Network. Any DAO member can submit a proposal for 100 EFX. This proposal can be an endorsement of some action, a request for funding for some sort of project, an invoice for work already done, or anything else a DAO member thinks the rest of the DAO should vote on. A proposal "passes" if "Yes" acquires a plurality of the vote weight. Currently, if a proposal passes and funding is requested, it is distributed to the author of the proposal. The DAO has a budget of 326,000 EFX every cycle for proposals, 30% of unspent budget is distributed as a reward to voting DAO members and the rest is returned back to the treasury which currently has around 167 million EFX. One final note, after a proposal passes, the high guard do have the power to veto a proposal if they believe it harms the network.
Former High Guard To be able to vote, you must have some vote weight which requires both EFX and NFX to be staked.
Understanding the relationship between EFX and NFX in Vote Weight A calculator tool has also been created to help DAO members calculate how much vote weight they would have with various proportions of EFX and NFX. DAO Members also receive EFX rewards for voting on proposals
Further information can be found here
EFX can be purchased on PancakeSwap, Kucoin, Newdex, and Orion Exchange.
Defibox (EOS DEX)
You may swap your EOS for EFX and EFX for EOS here.
Orion Protocol Exchange (BSC DEX)
There is a relatively new USDT trading pair on Orion Protocol. Volume here may not be significant.
NFX can be acquired on Defibox.io, you can swap EFX for NFX.
There are two trading pairs available for EFX on Kucoin. and . The EFX acquired on Kucoin is EOS based, so withdrawing it requires an EOS wallet.
Through your EOS wallet log into Defibox. There is a trading pair of EFX-EOS.