Frequently Asked Questions (FAQ)
1. DAO Questions
Who is in charge at elfDAO?
The core team coordinates to drive key efforts across the DAO, and lay the structure for governance to enable DAO community-driven decisions. The people listed as signers on the Multisig are responsible for the transfer of funds.
How will proposals and voting work?
We will be utilizing Snapshot, a decentralized governance built for DAOs like us. We will be starting our Snapshot process by putting forth our initial governance proposal which includes parameters on governance on January 2nd, 2022.
Who can vote or start a proposal in Snapshot?
Anyone with a wallet address holding $GIFT tokens will be eligible to vote on elfDAO proposals, as well as create new proposals.
Who is actually handling the funds raised by elfDAO?
The elfDAO multisig signers have committed to executing on proposals passed by the DAO. The multisig address is elfdao.eth (mainnet: 0xeb846e297c6f34337e2a6a65136fF8f29D48dD3A).
2. Legal and Structural Questions
What does the legal structure look like?
elfDAO is an Unincorporated Nonprofit Association as our purpose is charitable in nature. elfDAO and our Gnosis multi-signature wallet have partnered with Endaoment, a 501(c)(3) U.S. PBC that specializes in facilitating the donation of digital assets to charities. They’ve committed to making sure that every bit of ETH we raise (other than the 2.5% going to overhead costs) can be distributed to the charities we vote on; whether they take crypto or USD.
Are contributions to elfDAO tax-deductible?
No. elfDAO is not a registered non-profit and all contributions to elfDAO are made voluntarily in exchange for $GIFT tokens. If you’d prefer to make a tax-deductible donation to elfDAO, please contact the team at Endaoment via Discord or email.
Why aren't you just using a crowdfund website?
Crowdfund websites take fees off every single donation transaction. We want every dollar of donations to go towards purchasing gifts for kids. Our overhead costs to deploy the smart contracts and transfer the ETH to USD will be significantly less than the amount a crowdfund site would take. In addition, DAO governance mechanisms allow the donor community as a whole to decide where funds raised are going.
Juicebox and $GIFT Tokens Questions
Why are we using Juicebox?
Juicebox lets us receive your donations directly to our smart contract. In return, you’ll receive tokens in your wallet proportional to your donation amount! It is a great tool for the community to see the funding project, and it’s easy to distribute funds through the distribution mechanisms. Learn more about Juicebox here.
Is there any value to the $GIFT token?
No. You are receiving a governance token. Your contribution to elfDAO is a donation with no expectation of profit. Governance tokens give you voting power within elfDAO, meaning that you’ll help decide how our funds are spent. The tokens’ sole purpose is for governance and voting rights for elfDAO’s use of funds.
Why were there 322,000,000 $GIFT tokens sent to the multisig wallet in Juicebox records?
This transaction was executed on an earlier iteration of the project! Since then, we burned these reserved tokens by sending them to a null wallet address--you can view the burning transaction here. Our Juicebox project page is still displaying the burned token amount as part of the total supply due to a front-end display error, which we are corresponding with Juicebox team to resolve ASAP.