Step-by-step guide on using the Phoenix DAO

PhoenixDAO recently announced the launch of its much-awaited DAO that is revolutionizing the staking and governance platform. The DAO was a significant addition to the PhoenixDAO ecosystem as it helped the project move closer to becoming autonomous and completely community-owned.

Not only was the DAO an essential addition for the community, but it also meant greater rewards for the community members and token holders. PhoenixDAO A fantastic part of this milestone is that the community can now benefit from 20% APR instant rewards. To participate in the Governance, users must stake $PHNX directly on the DAO dApp instead of staking dApp.

DAO is an essential tool in the DeFi ecosystem as it helps the project to stay decentralized. However, it can become confusing to participate in the governance process for first-time users. Take a look at this step-to-step guide on how to use PhoenixDAO for better understanding.

How to use PhoenixDAO?

To start using the DAO, follow these steps.

DAO access requires Numio and MetaMask

PhoenixDAO have integrated Numio login to help eliminate bad actors, this is combined with MetaMask wallet for in-app usage, this means you only require Numio to login and then all other actions are made using MetaMask

MetaMask Setup

• Ensure you have MetaMask installed on your PC and this is set to the Ethereum mainnet — here is a useful guide if required https://youtu.be/MfkqgXNPiHg?t=295
• You’ll then be required to hold ETH and PHNX in your MetaMask wallet. You can either transfer ETH and PHNX from another exchange/wallet or use a DEX such as Uniswap to purchase the tokens.

Numio Setup

-Install Numio on your mobile device

• Android- https://play.google.com/store/apps/details?id=com.numio.pay
• iOS- https://apps.apple.com/us/app/numio/id1538072952

DAO Login Using Numio

• Visit https://app-phoenixdao.web.app/auth/log_in to start the DAO process.
• On the landing page, users have to first connect their MetaMask wallet and connect this to the DAO.
• On clicking the “Connect with Numio” button, the user will be prompted to scan the QR code displayed on the page using the Numio wallet app on the phone.
• This then automatically logs you into the DAO.

Getting familiar with The DAO

• After adding PHNX tokens to the MetaMask Wallet, users will be redirected to the login page.
• On The DAO dashboard, users can see the existing proposals, voting results, transaction history, etc.

Submitting a Proposal

• On the left side of the screen, there is a Proposal menu that allows the user to vote on existing proposals and submit a new one.
• On clicking on the “Submit Proposal” button, the proposal will be submitted.
• The user will be prompted to grant Phoenix contract approval which levies a proposal fee.
• After adding all the details and confirmation, a Submit Proposal screen will pop up, which has multiple steps.
• First, the user has to submit their personal details.
• On the next screen, the user has to submit proposal details (experience, project name, importance, etc.) and the reason for the submission proposal.
• On the next screen, the user will be asked to submit project milestones such as devs, cost, estimated days, etc.
• After approving the MetaMask transaction, The DAO will review user funds, following which they can submit a proposal.
• Users also have to stake their PHNX tokens in order to submit proposals.The stake feature here is to prevent spamming and bad acting but more importantly a show of commitment to the PhoenixDAO community, in return contributing to the TLV of PHNX whilst receiving a generous 20% return.

Voting on the Proposal

• After completing all the steps, the proposal will be submitted and visible on the Dashboard menu under the latest proposals.
• Users can also delete the proposals under the “My Project” tab before the DAO approves them.
• After approval, the proposal will go live for voting. The proposal must have thirty upvotes in 10 days, or it will be automatically deleted (The user can upvote their proposal themselves).
• After two votes are submitted, the proposal will become active for the whole community. If the proposal is submitted on or before the 15th of the month, the voting date will be selected for the following month (voting is done on the 2nd,3rd, and 4th of every month). If the proposal is submitted on 14th September, the voting will be done on 2nd, 3rd, or 4th of October.
• If the proposal is submitted after the 15th, the voting date is set for the month after the adjacent month, leaving a gap of one month in between. For example, If the proposal is submitted on 16th September, the voting will be done on 2nd, 3rd, or 4th of November.
• To vote on a proposal, the voter must hold PHNX tokens that they would have to stake, which will make them eligible for rewards.
• When the proposal is finally approved, the team of PhoenixDAO will get in touch with the individual to finalize the details such as starting the development, discussing funding, prospects, etc.

These are the steps to submit and vote for a proposal on PhoenixDAO’s DAO and start enjoying special privileges.

Official Website: https://phoenixdao.io

White Paper: https://github.com/PhoenixDAO/PhoenixDAO-docs/find/master?q=

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