We are very pleased to release the very first iteration of the CanYaDAO. The CanYaDAO is a fundamental piece of the CanYa project. It is the governance mechanism that will guide the CanYa ecosystem forward and create a completely decentralised services marketplace for the next generation of freelancers.
The DAO will allow token holders to stake their $CAN and form a governing body to help with short, medium and long term decision making for the CanYa ecosystem.
This initial DAO release is also the culmination of months of improvements to the Binance Chain infrastructure made by the CanYa development team. It is also the first DAO ever built and released on Binance Chain!
This first iteration of the CanYaDAO will have staking functionality for our token holders. In future releases, DAO members will be able to complete tasks and vote on funding proposals. Four tiers of the DAO will determine the level of engagement of each member (these numbers are still TBC in consultation with the CanYa community):
Staking and Returns
The CanYaDAO will use ‘non-custodial staking’ (NCS). This means there is no ‘custodian’ of your tokens. You will stake directly from your wallet making the process much more secure. NCS eliminates the risk of you losing funds due to 3rd party negligence, attacks or bad actors like we have seen with the multitude of exchange compromises.
NCS is achieved using the Binance Chain ‘freeze, un-freeze’ functionality. The funds are technically still in your wallet, they are just ‘frozen’ or in this case staked in the CanYaDAO.
The initial staking return will be 1% of your staked balance each month. The balance will be calculated and rewards distributed during the first week of each month. As stated, 1% per month is the initial staking reward, however, it could be increased or decreased if the DAO deem it appropriate.
Eligible for “Active Members”
To receive the 1% you will need to be considered an ‘active member’. An active member is one who makes a staking transaction via the DAO interface. The minimum staking amount is 1000 $CAN.
‘Active member’ requires activity once a month — making a voting, proposal or staking transaction. Since no voting or proposals are functional yet, active members just have to re-stake extra CAN once a month.
Future iterations of the CanYaDAO
This is the first iteration of the CanYaDAO (and the iteration that will provide the most benefit for our loyal token holders). However, as stated previously, the CanYaDAO will become the engine that drives the CanYa ecosystem forward.
We hope to have the voting functionality released by end of Q4 2019. This will require the dev team to build several improvements on the Binance Chain architecture. However, we are planning to use the ‘MEMO field’ which is an optional 128-byte data field attached to each transaction on Binance Chain. This would require a non-zero transaction (smallest being a 0.000375 BNB transaction ~ $0.01).
Voting will occur on all range of issues affecting the CanYa ecosystem. The more impactful proposals relating to the overall strategy and governance mechanisms will be reserved for our highest tier DAO members.
Members of the CanYa community within (or outside of) the DAO will also be able to participate in tasks that benefit the CanYa ecosystem. These tasks could range from attending freelancing events for CanWork to adding improved functionality to provider profiles. The task proposals can be submitted by anyone but ultimately the funding and execution will be voted upon by the CanYaDAO.
A proposal will look similar to this in the MEMO field:
This would be proposal 4567 and it requires 10k $CAN. A DAO member would vote on this proposal via the MEMO field as so:
(Note: in this case, the DAO member has added weight to his vote by adding 1000 CAN. Exactly how this type of ‘quadratic voting’ will work is still TBC and subject to DAO governance)
We will create and release guides making this clear for all of our DAO members once the technology is ready for release.
** DAO Staking Guide **
Before you begin, please note:
- You will need Binance Chain (BEP2) CAN tokens
- You will need BNB for transaction fee
- You can NOT use Ethereum-based ERC20 tokens — only Binance Chain (BEP) tokens. We previously published a guide on how to swap tokens, here.
- To receive the 1% you will need to be considered an ‘active member’. Since no voting or proposals are functional yet, active members have to re-stake extra CAN once a month.
1. Go to the CanYaDAO website
2. Connect Wallet
- Click on Connect my Wallet.
You can stake in the CanYaDAO using the following:
-WalletConnect on Trust Wallet
3. Select CAN-677
- Click CAN-677 from your wallet token options
4. Stake your amount
- Enter the amount you wish to stake.
- The minimum amount is 1000 CAN
- There is currently no difference between staking tiers
Tips & Troubleshooting
Ledger not connecting
Update your Ledger if you are having trouble connecting your Ledger device. Open Ledger Live and update the Binance app to the newest version.
WalletConnect not working
WalletConnect support is forthcoming. We recommend using a KeyStore backup.
Token balance changes in Trust Wallet
Tokens are still in your wallet but just frozen. You will no longer see your full balance in Trust Wallet — a future update of Trust will fix this. In the meantime, you can verify you retain custody of your tokens using the Binance DEX explorer: https://explorer.binance.org/