“If you want to go quickly go alone, if you want to go far, go together.” African proverb
How does the process work?
To become a member of BanyanDAO you must complete a membership proposal on DAOhaus, our governance platform.
This involves a few steps but once you are ‘in’ you can then make your own proposals as well as voting on others. Voting is integral to the effective governance so please make sure you vote when a proposal has been made. (These will be notified via Discord).
Instructions for Creating a Membership Request
Step 1: Setting up a Wallet
The first step is to get your wallet out in order to fill it with some xDAI. In case you have not got a wallet, click here for set up instructions.
Step 2: Obtaining wxDAI
The key ingredient for a membership (or any other) proposal on DAOhaus is 0.01 wxDAI which is equal to US$.01
wxDAI = ‘Wrapped xDAI’
xDAI is itself a ‘bridged’ token representing DAI (i.e. a stablecoin pegged to USD brought to us by Maker).
xDAI is thus DAI ‘bridged’ to a sidechain of Ethereum called Gnosis Chain (formerly called ‘xDAI Chain’).
Finally, the reason why we have to ‘wrap’ the xDAI on Gnosis Chain is for it to be compatible with the smart contract code that DAOHaus uses.
Thus, we use wxDAI for BanyanDAO’s initial treasury. (Yes, in the future we can use other tokens/coins).
- Add the Gnosis Chain (or it may be referred to as the xDAI chain on some wallets) to your wallet so you can switch to it via your browser extension.
- Instructions on adding this chain here.
- Purchase some xDAI
- For those outside the USA, the fastest and least-expensive way to obtain xDAI is via Bridge Wallet (download it onto your phone and follow directions). You can then transfer your xDAI directly from your Bridge Wallet to your regular wallet.
- For those inside the USA with a credit or debit card that IS issued by a crypto-friendly bank (i.e. not Chase, Bank of America, etc…), you can go to https://ramp.network/buy/ - buy “Polygon DAI”- and then bridge to xDAI via https://xpollinate.io/
- For those inside the USA with a credit or debit card that is NOT issued by a crypto-friendly bank, and if you are having trouble with the Ramp or Bridge Wallet mechanisms above, then you’ll need to follow these steps below. FYI, this route below costs considerably more in gas fees, potentially $100 USD or more depending on how congested the Ethereum Mainnet is:
- Buy some ETH via Metamask directly, or buy it on your favorite exchange
- (e.g. Coinbase… but FYI, if you use a centralized exchange, there is a fee to transfer it externally to your MetaMask wallet).
- Swap a subset of your ETH to DAI (e.g. via Uniswap)
- FYI: DAI is an ERC-20 token on the Ethereum “mainnet” chain equivalent to $1 USD. It is a “stablecoin”.
- Go to https://bridge.xdaichain.com/ and bridge your DAI to xDAI. This requires that you have some ETH in your account as well to pay for gas to make the transfer happen (not cheap).
- Ok, from this point onward we will assume you have xDAI in your wallet one way or another.
- Now, switch to Gnossis/xDAI chain in your metamask (button on top in your browser extension).
- Wrap your xDAI with https://wrapeth.com/ - but make sure to leave some xDAI (non-wrapped) to pay for the very small gas fees along the way.
- In Metamask click "add token" or “import token” in order to have your wxDAI show up in MetaMask. To do this, you need the token contract address (for wxDAI, the other two fields will auto-generate), which is 0xe91D153E0b41518A2Ce8Dd3D7944Fa863463a97d
NB - Don’t miss the instruction that says to keep a small portion of xDAI in your wallet to pay for the small gas fees we pay on proposal transactions.
Step 3: Apply to be a Member
So, you have wxDAI, and a little xDAI in your wallet? Make sure your wallet is set to Gnossis chain and then follow this Loom video to make your proposal.
NB. Once you have successfully made the proposal, let a few of your contacts within the DAO know so they can go and vote.
All proposals have a 5 day voting period and a 2 day grace period. Assuming your proposal is supported you will be a member after this time, able to vote on proposals and exchange your Coordinape tokens for shares.