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DAO
This walk through looks at how you can become part of the Symmetric DAO which governs the Symmetric ecosystem.
Symmetric is governed using a Decentralised Autonomous Organisation (DAO) which allows anyone holding one or more SYMM coins to become part of the Symmetric governance process.
As a member of the DAO you can sponsor proposals, vote on proposals and help shape the future of Symmetric.
One of the objectives of Symmetric is to make DeFi affordable and that extends to the DAO. Therefore, the Symmetric DAO runs on the xDai network which greatly reduces transaction fees to a few cent. This is makes it affordable for anyone to partake in votes without worry about the cost.
But this means that you need to be set up to create and pay for transactions on the xDai network.
The first step is to have a wallet set up on the xDai network. In this tutorial we will use MetaMask but you will shortly be able to use the Cent mobile wallet to greatly reduce the number of steps required.
Install MetaMask into your browser. MetaMask can be installed from the Chrome or Firefox extensions stores.
Once installed you need to add support for the xDai network.
Details for how to add xDai support to MetaMask can be found at https://www.xdaichain.com/for-users/wallets/metamask/metamask-setup
Once you have your wallet set up in MetaMask and you're on the xDai network you'll need at least 1 SYMM coin to pay for a voting share plus a small amount of XDAI to pay for transaction gas fees.
One way to do this is to buy your SYMM coin and DAI on the Ethereum blockchain and then use a bridge to move these coins over to xDai. SYMM and DAI can be bought on the Uniswap exchange and then moved across to the xDai network using Omnibridge at https://omni.xdaichain.com/bridge. However, this is quite complex and incurs Ethereum fees both for the trades and the bridge.
A more cost effective and simple way is to buy coins directly on the xDai network which removes multiple steps and cost.
We recommend using the Cent wallet at https://cent.finance/ but you can use any wallet that allows you to buy XDAI on the xDai network.
If using the Cent mobile wallet you will be able to buy XDAI which you can then send either to your MetaMask wallet or by importing your Cent wallet key into MetaMask which will allow you to directly access the funds held in your Cent wallet. The next version of the Cent wallet will include full xDai support which will allow you to skip the above MetaMask steps and simply sign the joining transaction directly from your wallet.
To get your SYMM coin, simply head to the Symmetric exchange at https://xdai.symmetric.exchange to swap some of your XDAI for SYMM. For more detailed steps you can follow the Trade walkthrough.
To get started you should visit the Symmetric DAO at https://app.daohaus.club/dao/0x64/0xfbf938211af2b7aaf0c87cf522355d837f3f4ca4
Anyone can explore the Symmetric DAO including its members and proposals but to be an active part of the DAO you will need to join as a member.
Start by clicking on the "Connect Wallet" button in the top right of the screen. This presents you with two options, join using MetaMask or WalletConnect. We will soon be recommending the Cent Wallet using WalletConnect to greatly simplify the joining and voting process but for now you should click the MetaMask option.
Cent Wallet is being developed to simplify the DeFi process which will make it a very short and safe process to join and work with the Symmetric DAO, pool manager and exchange.
Clicking MetaMask will open a popup to unlock your wallet if it's locked or it will take you directly to the connection process.
Once connected you will see your address at the top right of the DAO screen.
To join the DAO you should click the Proposals tab on the left hand side menu.
Here you can view current and past proposals as well as click on "New Proposal" at the top to create your joining proposal.
Here's you're presented with a list of proposal types.
You need to click the Membership proposal type. This opens up a dialogue where you need to specify some key details.
You must provide a title and a short description. You can add as much or as little information as you like in the description but it can be a useful way to introduce yourself to the other DAO members.
You must specify how many voting shares you are requesting.
You must specify how much tribute you are providing in exchange for those shares.
Important note: You must change the Tribute offered dropdown from WXDAI to SYMM since only SYMM can be exchanged for voting shares on a 1 for 1 basis. Membership proposals that supply WXDAI or insufficient SYMM coin will be rejected and you would need to raise a fresh proposal.
Once these details are filled in you hit Submit which again will open up MetaMask to sign your proposal.
The application process takes time to be processed and so you must be patient.
The application enters a queue to be sponsored. A member will check that the application has been completed correctly and then sponsor the proposal which opens it up to a DAO vote over 5 days. This gives the DAO members time to check the proposal for themselves. After 5 days the votes are in and there's a final 3 day cooling off people for anyone who objected to the new member joining. At that point the membership is actioned and complete.
As a member of the DAO you are able then to sponsor other members wishing to join the DAO and to take part in any business being moved through the DAO.
Last modified 2yr ago