Hello governors and perspective ecosystem members of PrimeDAO,
For some of you, engaging with the DAO will require some small getting used to — foremost, because this is your first DAO, and secondly, because it is deployed to xDAI chain.
I’ve aggregated some resources really quickly to help you:
How do I access PrimeDAO Incubation on xDAI?
(1) Install xDAI chain to your wallet: How to Install xDAI to Metamask (see left-hand side for non-Metamask documentation)
(2) Get some xDAI. This is the gas token of xDAI chain — most TXs require a fraction of a cent to execute, so everything is super cheap. You can use the xDAI bridge here to transfer DAI to xDAI: DAI <> xDAI Bridge
(3) Go to the DAO: Prime Incubation on xDAI
In the DAO you’ll be able to vote, propose, and stake xGEN tokens (the DAOstack token) to boost proposals. If you don’t understand these mechanics, consider reading this blog or continue reading this post: How to Use Alchemy Earth by DAOstack
There’s also a friendly PrimeDAO proposal template for your use.
What is “Boosting,” and why do I need xGEN to do it?
Boosting is the most difficult aspect to understand about DAOstack. Think of it as a spam protection: by default, every proposal receives a “downstake” from the DAO, and in order to bring your proposal to a vote, you have to upstake xGEN greater than the downstake to “boost” it. Without this, anybody could bring any proposal to a vote with nothing to lose and spam the DAO.
If you want to boost proposals in Prime’s Incubation stage you can purchase a small amount of GEN on the Ethereum mainnet (50-100 should suffice, which is around $10 today) and swap it to xGEN using this application: https://xgen.daostack.io/
What are the rules of voting?
DAOstack lets you customize the DAO with a number of parameters. See them here. Prime Incubation has been optimized for simplicity and speed:
Boosted Vote Period Limit — 36 hours — the length of time a boosted proposal is active until it either passes or fails through a relative majority of Reputation.
Minimum DAO Bounty — 10 xGEN. This is the automatic downstake that acts as spam protection.
Pre-Boosted Vote Period Limit — 12 hours — before a proposal is formally boosted to a relative majority it has a 12-hour “in-between” period.
Queued Vote Period Limit — Seven days. Unboosted proposals expire after this time.
Quiet Ending Period — One day. If the result of a vote changes for a boosted proposal, the proposal’s expiration is extended.
Threshold Constant — 1.2x — the multiplier for boosting a proposal based off of the number of boosted proposals. Think of it this way: for boosting the first proposal you need 10 xGEN, for boosting the second you need (1.2)*(10 xGEN), or 12 xGEN, and so forth. This makes the spam protection stronger for each proposal submitted, helping focus voter attention.
Voters Reputation Loss and Proposal Reputation Reward — Both of these values are set to 0 for simplicity’s sake — passing a proposal does not earn any Reputation, nor does voting incorrectly on a proposal lose Reputation.
I’m happy to help answer Qs relating to these mechanics on PrimeDAO’s Discord in the #support channel.