eDRF & Governance

What is eDRF? What is it used for?

eDRF is the equity token of the Derify Protocol. By burning/using eDRF, one can obtain rights and privileges within the protocol (such as obtaining a broker license, renewing the broker license, etc.). Additionally, eDRF can be used to participate in community governance, casting votes on community proposals. By voting, participants can gain benefits correlated to their interests. For instance, in a specific $DRF airdrop event, the more cumulative votes one has, the greater the $DRF airdrop rewards one receives (Part D).

What is the contract address of eDRF?

eDRF is deployed on the BNB Chain, and the contract address is 0x9d1b272B797137d3713f0bA2fA15abcc3a8C2Ef7

What is the Tokenomics of eDRF?

eDRF has infinite supply and will be infinitely destroyed/burned. There is no pre-release. All eDRF is minted by staking DRF token. For each staked DRF, 1 eDRF is minted per day. The more DRF staked, the more eDRF will be minted. Buring eDRF, you can obtain broker privilege and extend your broker privilege

Why we use eDRF for governance, not DRF?

DRF is a token representing your economic right that aimed for the value capture of the Derify Protocol. The purpose of adopting eDRF for governance is to separate governance rights and economic rights. We wish to prevent whales who have overwhelming financial advantages and manipulate the voting results.

As we know, whale dominance harms decentralized organizations. Although giant whales can still mint a large amount of eDRF by staking DRF. However, according to the proposal #001, the protocol will mint an even larger amount of eDRF, and use it for free community airdrops, thereby improving the decentralization of community governance and allowing more people to have voting rights

How to get eDRF?

You can obtain eDRF by staking $DRF or participating in related events. For more details, check out the event link: https://galxe.com/DerifyProtocol/campaign/GCPRYURXxq

Where can I trade eDRF?

eDRF is not listed on any DEX or CEX at this moment. Community users can spontaneously add liquidity on DEX, for e.g. PancakeSwap. If eDRF is listed on DEX or CEX, we will make an announcement to the community. Through joining the community governance and get more benefits yourself. Like DRF airdrop, if you vote more, could get more DRF rewards( Part D).

What is the process of community proposal and voting?

  1. Proposal Draft: Any community user can initiate a proposal in the community (for e.g. Discord)

  2. Discussion: Community users participate in the discussion of a proposal draft

  3. Proposal: The Governance Committee confirms the final proposal based on the content of the proposal draft and community discussion

  4. Voting: The Governance Committee designs specific voting rules for a proposal and initiates voting

  5. Execution: The Execution Committee takes action according to the voting results

For details, please refer to the governance rules of DAO: https://docs.derify.finance/derify-dao/overview

How can I vote for the proposal?

Users with eDRF in their wallets can vote for the proposal through Derify snapshot (https://snapshot.org/#/derify.eth). Voting does not incur any gas and other fees, so you can participate for free

I already have eDRF in my wallet, but why the voting power is still 0?

This mainly depends on the rules of the snapshot, please refer to https://github.com/snapshot-labs/snapshot/discussions/767

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