Becoming a YangDAO Member
- Pledge 40+ DAI ($40+ USD) into YangDAO. An existing member applies on your behalf, requesting 1 share per DAI pledged.
- Existing members vote on your membership application.
- Once accepted, you receive shares, which allow you to vote on member/funding proposals.
- At any time, you may ragequit, exchanging your shares for a proportional amount of money in the YangDAO and leave.
1. Create your YangDAO account
Go to dao.yangdao.org to sign up for an account.
Make sure you are NOT in incognito mode, since the private key to your YangDAO wallet will be held in your browser’s local storage. Your Pseudonym (username) is case sensitive.
Check your email inbox for a link to confirm your sign-up.
2. Deposit ETH into your YangDAO wallet
When you create a new account, a new YangDAO Ethereum address will be created. This allows you to use the YangDAO app and manage your funds on multiple authenticated devices without needing a Web3 wallet such as MetaMask. Click the “Accounts” button on the bottom right.
On the top left of your Accounts page, you will see a YangDAO wallet address that was created with your account. To deploy your wallet, send at least 0.1 ETH to your new YangDAO address. This should be enough to cover the wallet deployment and future transaction fees incurred during proposal submission, voting, and ragequitting. You can withdraw your remaining ETH at anytime.
3. Deploy your YangDAO wallet
With ETH in your YangDAO address, you can now deploy the wallet.
Your YangDAO wallet is only accessible using approved device-browser pairs, reducing the risk of unauthorized access to your YangDAO shares and funds. Initially, this is only the browser and device that you used to create the account.
E.g. If you created your YangDAO account in Chrome on Macbook, you will not be able to access it in Safari on the same Macbook or in any browser on another device until you add them to the list of authorized device-browser pairs.
Once you have deployed your wallet, it is recommended that you approve other device-browser pairs by clicking “Approve a New Device” on your Accounts page.
The following steps are not required if you have already pledged using DAOHaus.
4. Deposit DAI
Send DAI to the same YangDAO wallet address you deposited ETH into. This will be used for the YangDAO membership pledge, which requires a minimum of 40 DAI (1 DAI per share). You can swap ETH for DAI on Uniswap.
5. Approve the DAI to the YangDAO
Once the DAI is in your YangDAO wallet, approve it to the DAO. This allows the DAO to access your funds during the membership application.
4. Have an existing YangDAO member apply on your behalf 🙋♀️🙋♂️
Use this form to submit your YangDAO wallet address to the YangDAO summoner. The summoner will then apply on your behalf, requesting 1 share per DAI you approved.
Alternatively, if you know an existing member of YangDAO, you may share your address with them and they can submit a proposal on your behalf.
5. Wait for YangDAO members to vote on your proposal 👍👎
When your proposal has been submitted, you will see it on the proposals page. There will be a 7-day voting period during which existing members will vote on whether or not to accept you into the YangDAO.
The voting period will be followed by a 7-day grace period. The grace period is safety mechanism designed to allow members time to ragequit and leave the YangDAO, in case there is concern that a vote is being gamed 🤔.
6. Damn It Feels Good To Be A Yangsta 🔥
If a majority of votes support your proposal at the end of the 7-day grace period, you will automatically become a member of the YangDAO 🐣.
You can now view other proposals, vote on them, submit a proposal, and ragequit. Members can always pledge more DAI and submit proposals to receive additional shares. We go over these topics in the next article: Funding Proposals, Voting, and Ragequitting.
The YangDAO is a clone of the 👹 Moloch DAO, differing only in terminology. For a detailed technical explanation of how the DAO works, see the Moloch whitepaper / github. The YangDAO wallet is powered by Abridged.
Note: The YangDAO is not affiliated with Andrew Yang, the Andrew Yang presidential campaign, Friends of Andrew Yang, Pets for Andrew Yang, or any US political candidate, party, or committee.
You will not make money by becoming a member of the YangDAO. YangDAO shares do not offer to the holder the possibility of profits. All membership deposits are made in a price-stable currency, removing the possibility of currency or token speculation on the YangDAO platform.