The first step to participating in the EffectDAO is to become a member. This can be done by signing the constitution on the DAO page of the Effect Dashboard. As a member you are able to participate in the governance of the project, including the option to post proposals and receive funding.
The constitution is an essential document that binds all members of the DAO. Once the constitution is signed your signature is stored on the blockchain and you have become a member. The current active version can be found here. If the constitution is updated in a significant way it’s required to re-sign it from the dashboard.
After becoming a member you can acquire a rank by staking an amount of tokens. This is an overview of the ranks and requirements:
|Member||500 EFX||Submit proposals, join DAO channels|
|Guardian #1||200,000 EP + 10,000 NFX||Vote weight of 1|
|Guardian #2||348,326 EP + 15,505 NFX||Vote weight of 2|
|Guardian #3||606,655 EP + 24,042 NFX||Vote weight of 3|
|Guardian #4||1,056,569 EP + 32,276 NFX||Vote weight of 5|
|Guardian #5||1,840,152 EP + 57,797 NFX||Vote weight of 9|
|Guardian #6||3,204,864 EP + 89,615 NFX||Vote weight of 16|
|Guardian #7||5,581,687 EP + 138,950 NFX||Vote weight of 28|
|Guardian #8||9,721,233 EP + 215,443 NFX||Vote weight of 49|
|High Guard Member||Election only||Special and Extraordinary Resolutions|
A Guardian is a DAO member with a certain amount of stake in the network. They have the privilege to vote on resolutions and proposals that determine what changes are made to the network and how funds are assigned.
As an active Guardian you play an important role in the EffectDAO. This comes with the advantage of receiving rewards in the form of network fees. The specifics on how the rewards are accumulated and distributed will be discussed in a future chapter.
There is no explicit cap on the number of Guardians, but if we estimate that the total supply of NFX to never exceed 10,000,000 then there can never be more than a 1,000 Guardians.
Once the EffectDAO Phase 1 is launched it’s important for Guardians to stay in tune with the voting cycles and changes in the regulations. It’s highly recommended to keep an eye on the Discord server.
The High Guard is an elected group of Guardians that represent the global community. In Phase 0 the High Guard Members are also tasked with approving every proposal that is voted in by the Guardians and have the ability to execute Special Resolutions to make adjustments to the DAO. This is a security measure to ensure that the DAO can’t be manipulated by malicious sources in its early stages.