How to Join a DAO
According to Deep Dao, there are over twelve thousand DAOs with a combined total of more than $22.7B USD in treasuries. So how do you join this rapidly growing movement and get a piece of this pie?
The first step to joining a DAO is to find one that aligns with your values and has a mission that you can support and contribute to. Then do your research. The reputation and track record of a DAO should be carefully examined before you join. You can find a DAO simply with searching Twitter, where most conversations about DAOs happen. From there you can follow provided links to find the Telegram or Discord server of the DAO. Another way to find a DAO is by searching through websites that have lists of DAOs. One particularly user-friendly site is Dao Central. Some DAOs are private, and their tokens are not for sale, but the majority are permissionless, which means if you purchase their tokens, you are a member.
When you’ve found a DAO that seems to be a good fit, start by joining their discord. This is where you can be involved in conversations with others who are participating in the DAO and learn about it in more detail as well as discovering how your skills and resources could make you a valuable member of the DAO. When you’ve decided to join a DAO, and it is accepting new members, you will need to meet the requirements to join. Typically, this means you will need to use crypto currency from your Web3 wallet to purchase that DAOs tokens. Any additional and specific instructions to join are usually provided by the DAO itself. Often, besides purchasing the token, you will need to submit a proposal to the DAO, which its members will vote on whether to accept.
The “Token” of the DAO is simply another word for digital or crypto currency, in this case it is a crypto currency specifically designed or created for this DAO. Usually, you only need a fraction of a token to join a DAO, but it can be advantageous to own a larger amount, especially if you want to be more involved in the decision-making process or see more of a return on your investment.
To get a specific DAO token, you will need to purchase a basic crypto currency such as Ethereum and exchange it for the DAO token. Exchange is typically done on the site Uniswap where you can search for and exchange both tokens and NFTs. It is a good idea to find and copy the contract address of the token from Coin Market Cap and paste it into Uniswap rather than searching for the ticker symbol on Uniswap, just in case there is more than one DAO token with the same ticker, this does happen.
Welcome to the world of DAOs! Hopefully you will find a Dao that is exactly what you’re looking for, and you will see amazing returns and enjoyable participation going forward.