What is Echelon DAO (ECHO) | What is Echelon DAO token | What is ECHO token
In this article, we’ll discuss information about the Echelon DAO project and ECHO token
Echelon DAO (Decentralized Autonomous Organization) is a transparent organization that is governed by smart contracts and fixed protocols, controlled by the Echelon team and board members (Token Holders), on the Binance Smart Chain. All of Echelon DAO’s financial transactions and development decisions are performed and maintained on the Binance Smart Chain. Echelon DAO provides a transparent digital ledger for any members, investors, or outside parties to view the workings of the DAO. All decisions made in or by the Echelon DAO will first be proposed and voted on by the Echelon DAO team members and community token holders and then implemented by the Echelon team through following certain fixed protocols.
ECHO
ECHO is the governance and utility token distributed to the community through the Echelon DAO. The different ways in which ECHO can be obtained and utilized will be discussed in the Echelon DAO whitepaper. Each individual ECHO represents one governance voting right on the Echelon DAO. The tokenomics on ECHO will also be discussed in the whitepaper. ECHO enables the Echelon DAO to function in a fully decentralized manner with no central authority making decisions regarding the DAO’s actions and products. Participating ECHO users will also receive incentives for the input into the DAO. Future uses cases for ECHO will also be touched on such as claiming a unique founder NFT.
Echelon DAO structure
The Echelon DAO is set up to prevent the principal-agent dilemma. “Principal-agent dilemma” — This dilemma occurs when the agent of any organization has the ability to make decisions on behalf of another person or entity in the organization which could lead to impacting that entity or person in a negative manner. This dilemma usually occurs when an agent acts in his own interests in contrast to that of the organization. The Echelon DAO consists out of a main team and board members (token holders) and is thus known as an assembly type DAO where a large number of members interact in decision making with an agency via smart contracts. The Echelon main team are a set of people whose interactions are governed by a set of self-enforcing open-source protocols and smart contracts. The main team and Echelon members are not bound together by any legal entity or any formal legal contract but completely motivated and incentivized by the ECHO token utility and rewards. The only governing law present in the Echelon DAO is the decentralized and transparent protocol and smart contracts regulating the actions taken by the Echelon team and none other. The Echelon DAO has no single point of control, or failure. There is no central management but only indirect coordination between DAO members which is triggered by incentives and controlled by code.
Figure 1 — Basic Echelon DAO structure
The above figure is a very basic representation of the Echelon DAO structure. Note: This is not a hierarchy structure but rather a loop cycle.
Echelon DAO Roadmap
How to participate in EchoSwap Pools
1. Buy ECHO on Pancakeswap
2. Stake ECHO Tokens in the EchoSwap ECHO-Pool
3. EARN ECHO Rewards!
- Buy ECHO on Pancakeswap
1. Buy ECHO on Pancakeswap using this link: bit.ly/buy-echo-pancakeswap
2. You should be shown this pop-up: Confirm the correct token address:
3. Click “I understand” and then “Continue”.
4. Enter the amount of ECHO you want to buy alongside with which currency you would like to buy it with, Approve and buy.
5. You should then have ECHO in your wallet.
2. Stake ECHO Tokens in the EchoSwap ECHO-Pool
- Go to the Pools sections of EchoSwap.
2. There will be only 1 active pool available for now, namely ECHO.
3. You will have to unlock your wallet and then approve your ECHO. After this, the Stake option will appear. (All this will be confirmed by you through your wallet.)
4. When you click on stake, a popup will appear showing all your ECHO holdings in that wallet at the top right. You can then either deposit all (MAX) or type in an amount of ECHO you would like to stake in the pool.
5. Press “Confirm” and then confirm the transaction through your wallet. Your ECHO would now be staked and you will start earning 😊
4. EARN ECHO Rewards!
Disclaimers and Known problems.
1. Harvesting and Withdrawing ECHO may lead to/and or have longer than expected transaction times. It is recommended to increase the gas limit.
2. ECHO Rewards are capped and when the supply runs out, some users may not receive some of their rewards. This rewards are around a total supply of 300k ECHO.
3. There are still some UI bugs referencing back to Pancakeswap.
4. Note: Up until you have harvested or unstaked your ECHO, you have not claimed it.
How to Participate in EchoSwap FARMS
1. Add Liquidity on Pancakeswap
2. Stake Pancake LP Tokens in EchoSwap FARMS
3. EARN ECHO Rewards!
Currently, in its ALPHA phase, EchoSwap has 2 farming options active to earn ECHO rewards:
1. ECHO — BNB and,
2. ECHO — BUSD
To participate in these farms, EchoSwap users need to add liquidity, for the corresponding pair, on Pancakeswap. NOTE: On Pancakeswap! (Do not use the EchoSwap DEX for this)
In return for adding liquidity on Pancakeswap, a user will receive trading fees for that pair, and receive corresponding LP Tokens. These are the tokens that users can stake in EchoSwap Farms to earn ECHO rewards!
1. Add Liquidity on Pancakeswap
This Example will cover the ECHO — BUSD Pair as an Example:
1. Visit the Pancakeswap Liquidity page here.
2. Click the Add Liquidity button (Make sure it says V2 at the bottom)
3. For the top Input, choose BUSD.
Then
Search and Select BUSD
4. For the bottom input, click ‘Select a currency’. You will notice that the ECHO token is not found by searching for it; thus paste the ECHO Token address (0x6aaa14929d74b8533343c1a5b6e42443f59b6f6f) into the search bar, wait for it to pop up, add ECHO, and choose it.
5. Enter an amount of any one of the tokens under “Input” that you want to add to the Liquidity. The other will calculate automatically. For example, here I will add 1 BUSD and automatically it calculates that I need 1.7 ECHO.
6. Click the **Approve ECHO and APPROVE BUSD **buttons. Your wallet will ask you to confirm these actions.
7. The **Supply **button will light up. Click it.
8. A window will appear saying how much LP you will receive. Click the Confirm Supply button. Your wallet will ask you to confirm the action.
9. You will then receive Pancake LP Tokens for this pair. You can find the address of this pair in your wallet by searching for it on BSC SCAN. Then add that token to your wallet. The next step is to go over to EchoSwap and stake these LP Tokens 😊
Removing liquidity
To remove liquidity.
1. Visit the Liquidity pagehere.
2. Click on your pair under “Your Liquidity”.
3. Click** Remove**. A new window will appear.
4. Use the buttons or slider to choose what percent to remove. Choose MAX to remove everything.
5. Click Approve. Your wallet will ask you to confirm the action**.**
6. The** Remove** button will light up. Click it.
7. A window will appear saying what you will receive. Click Confirm. Your wallet will ask you to confirm the action.
8. NOTE: You will not receive rewards if you take out your liquidity before harvesting on EchoSwap.
2. Stake Pancake LP Tokens in EchoSwap FARMS
- Go to the Farms Section on EchoSwap here.
2. Locate the pair you added liquidity for on Pancakeswap (For this example it was the ECHO — BUSD Pair)
3. Click on “Approve Contract”.
4. The ability to stake will appear.
5. Your LP Tokens will automatically show on the top right of the pop-up. Choose the amount you want to stake or choose max and then press confirm.
6. You will immediately start earning ECHO 😊
3. EARN ECHO Rewards!
Disclaimers and Known problems.
1. Harvesting and Withdrawing ECHO may lead to/and or have longer than expected transaction times. It is recommended to increase the gas limit.
2. ECHO Rewards are capped and when the supply runs out, some users may not receive some of their rewards. This rewards are around a total supply of 300k ECHO.
3. There are still some UI bugs referencing back to Pancakeswap.
4. Note: Up until you have harvested or unstaked your ECHO, you have not claimed it.
How and Where to Buy ECHO token ?
ECHO token is now live on the Binance mainnet. The token address for ECHO is 0x6aaa14929d74b8533343c1a5b6e42443f59b6f6f. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough BNB in your wallet to cover the transaction fees.
Join To Get BNB (Binance Coin)! ☞ CLICK HERE
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step
You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use
Transfer $BNB to your new Metamask wallet from your existing wallet
Next step
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy, Swap ECHO token
Contract: 0x6aaa14929d74b8533343c1a5b6e42443f59b6f6f
Read more: What is Pancakeswap | Beginner’s Guide on How to Use Pancakeswap
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once ECHO gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
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☞ https://www.poloniex.com
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Find more information ECHO
☞ Website ☞ Website 2 ☞ Announcement ☞ Explorer ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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What You Should Know Before Investing in Cryptocurrency - For Beginner
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