BENcoin is our official community token. It’s our way of rewarding students and the community for their contributions. It’s also a way to support BEN and to have a say in BEN’s initiatives through our DAO.

Token liquidity is an important part of any DAO, and we are excited to experiment with rewarding liquidity providers.

This walkthrough will serve as a guide to begin participating in BEN’s liquidity mining program and what you can expect moving forward. 

Step 1: Make sure you have the xDAI network setup on your MetaMask!

Here is the link to setting up MetaMask along with how to add the xDAI network to your MetaMask: 

• MetaMask Setup ​​

xDAI Network Details: 

• Network Name: xDai

• New RPC URL: https://rpc.xdaichain.com/

• Chain ID: 0x64

• Symbol: xDai

• Block Explorer URL: https://blockscout.com/xdai/mainnet

Step 2: Head over to Omnibridge.

 Pro Tip: Before going to Omnibridge, make sure you’ve swapped your ETH to WETH! We highly recommend doing so thru matcha.xyz

• Once you’ve obtained some WETH, go to Omnibridge.

• If this is your first time using Omnibridge, you’ll first need to connect your wallet.

You can do so by tapping on the ‘Connect’ button and select which wallet you’re using (we’ll be using MetaMask for this walkthrough).

• Upon selecting which wallet you’re using (e.g. MetaMask), you’ll be navigated to the Omnibridge interface.

• You’ll notice there are two key section: (1) ‘From’ and (2) ‘To’

Since we are sending (bridging) our WETH FROM ETH Mainnet over TO the xDAI   network proceed to arrange your set up as presented below: 

Step 3: Transfer your WETH to xDAI Chain

• Go ahead and enter the amount of WETH you’d like to transfer under the ‘From’ section.

The equivalent amount will populate under the xDAI Chain (‘To) section.

• In order to proceed with the transfer, you’ll first need to unlock your WETH by tapping/clicking on ‘Unlock’.

• Lastly, once the ‘Unlock’ transaction is confirmed, you can continue the transfer process by tapping/clicking ‘Transfer’.

Step 4: Get some BENcoin.

• After receiving your WETH, head over to Swapr.

If you’re familiar with the Uniswap interface, you’ll notice that Swapr offers a near-identical approach.

• In order to participate in the BEN’s liquidity mining program, you’ll first need to get some BENcoin to start.

Luckily, you’ve already transferred some WETH! As you would on Uniswap, in the ‘From’ section, tap on the drop down menu and select WETH as the asset you’d like to exchange for BEN. 

Under the ‘To’ section, you may have a hard time searching for $BEN since it is not a whitelisted asset on Swapr’s token list. 

As an alternative, proceed to copy & paste the token’s contract address into the search bar.

BEN contract address: 0x33198acCA4b0EB6d9134eC8639c1C142102A07b7

• After you’ve selected both assets, enter the amount of WETH you’d like to swap for BEN

2 Reminders: 

1. In order to provide liquidity to the BEN/WETH pair you’ll need a 50:50 ratio of both assets.

2. Similar to how we use ETH to pay gas fees on the Ethereum Mainnet, xDAI is the primary asset used to pay for gas fees on the xDAI Network. So, make sure you have some before continuing.

• Execute the exchange by tapping/clicking ‘SWAP’.

Step 5: Add liquidity to the BEN/WETH pair and stake!

If you’ve made it this far, congratulations you’re officially a $BEN token holder!!

Now in order to begin earning some more $BEN, you’ll need to add some liquidity to the BEN/WETH pair and stake the BENWETH LP token. 

• Tap on the ‘Pairs & Rewards’ tab located in the top left section of the screen. You’ll then be redirected to Swapr’s Pairs page.

• Tap on the drop down menu (where it shows “ALL”),  paste the BEN token address in the search bar and select BEN.

• Immediately you’ll see the BEN/WETH pair display.

• Proceed to tap on the BEN/WETH module where, in doing so, you’ll be navigated to the BEN/WETH page.

• Scroll down until you see the ‘Add Liquidity’ button - continue by tapping on ‘Add Liquidity

• ’ While on the ‘Add Liquidity’ screen, enter the proportionate amount of BEN (or WETH) you’d like to supply to the BEN/WETH pair then tap/click ‘SUPPLY’

• By tapping ‘SUPPLY’, a confirmation module will appear; displaying the amount of BEN/WETH Pool Tokens you will receive along with the corresponding pool share you now hold.

• Tap/Click on ‘CONFIRM SUPPLY’ and pay the associated transaction (gas) fee.

Step 6: Deposit and Stake your BEN/WETH Pool Tokens

After the transaction is confirmed, return to the BEN/WETH pairs page and tap on the BEN/WETH module under ‘Active Rewards’.

Proceed to stake your BEN/WETH Pool Tokens by tapping/clicking on ‘Deposit and Stake’

•   Enter the amount of BEN/WETH Pool Tokens you’d like to stake 

• Approve your BEN/WETH tokens by tapping/clicking on ‘BEN/WETH Approve’

• Complete the staking process by tapping/clicking on ‘Confirm’

CONGRATULATIONS

You are now not only a confirmed BEN token holder but also a BEN token yield farmer!!** **

What can I do with these BEN tokens? 

** Via the BEN DAO Snapshot page, you will be able to vote on active proposals within the BEN community! We will be voting on things like travel and visa scholarships for students to attend blockchain conferences and management of BEN’s treasury, as well as on meta-proposals from Uniswap, Aave, Gitcoin, Ampleforth, and more submitted through BEN’s Meta-Delegate program.**

Go ahead and join the BEN DAO Snapshot page here: https://snapshot.org/#/bendao.eth/

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The BEN Meta-Delegate is an initiative to enable students from any and all universities to participate in decentralized governance. During our meta-delegate meetings, students from around the globe come together to present, discuss, and debate new and existing proposals for various blockchain projects. Afterwards, students from every university in our network get to vote on the proposal, and the BEN meta-delegate casts its official vote in the direction of the majority. This way, BEN can bring representation and engagement from smaller universities who may not have the time, experience, or resources to operate their own delegates.

To join the BEN Meta-Delegate and start discussing/voting on proposals, first let’s go over some relevant concepts.

What is a DAO?

DAOs have  gradually permeated into mainstream consciousness, offering a sneak peak at what could potentially be the future of entity formation. Yet, the idea of a decentralized autonomous organization remains obscure for most. So what exactly is a DAO?

By general definition, a Decentralized Autonomous Organization (DAO) is a leaderless entity that is operated and managed by a set of rules encoded on smart contracts. Unlike traditional organizations, where decisions are made from the top-down, DAOs have literally flipped this concept on its head where any, all, or most decisions are made by the community, usually token holders of a particular project, which are then voted upon and executed on the blockchain. 

What are Delegates?

As eloquently stated by A16z’s Jeff Amico, “delegation refers to the process where a token holder transfers their on-chain governance rights to others.” He further extends this definition mentioning,  “...delegation is a way to expand the set of participants who have a meaningful say in the governance process.” This said, once token holders have transferred their on-chain governance rights to a particular individual or entity, the recipient is recognized as a delegate. This delegate is entrusted with the responsibility to vote on behalf of the token holders on any & all active governance proposals. 

Here are some popular governance portals used in DeFi governance: 

• Snapshot

• Sybil

• Tally

How Does BEN’s Meta-Delegate Work?

Since the deployment of the Uniswap Meta-Delegate, we’ve been able to scale our governance efforts to Aave, Compound, Gitcoin, and Ampleforth! As we continue to grow, our vision remains the same: to decentralize and democratize DeFi governance power into the hands of the young people across the world.

BEN Meta-Delegate Process

1. Anytime a new proposal is created for any of the projects BEN runs a meta-delegate for, it is posted in the BEN Meta-Delegate channel for discussion and feedback.

2. After discussions and calls about the proposal, an internal poll is run where every student gets one vote.

3. For some proposals, a $BEN-weighted poll for the proposal will also be conducted at the same time through BEN’s Snapshot page.

4. Once the internal voting period closes, the student-weighted vote and, if applicable, the $BEN-weighted vote, are averaged out to calculate the end voting result. This way, the BEN community can participate in voting, while also enabling any student to have a voice in governance without needing to purchase large amounts of tokens.

5. The BEN Meta-Delegate, with voting power delegated from our treasury, alumni, partners, and supporters, will vote in the direction of the end result.

How To Join BEN’s Meta-Delegate

Getting involved in governance has never been easier! In order to participate in BEN’s Meta-Delegate, you must:

• Be attending a high school, college, or university 

• Join our BEN International & BEN Meta-Delegate channels

• Actively participate in ongoing governance deliberations

Ready to Join?

To join the BEN Meta-Delegate, fill out the form here to get access to the group chat!

See this article on BEN Learn!

BEN Learn is BEN’s online platform where students can take courses, RSVP for upcoming events, and earn rewards and certificates for completing lessons and activities. Sign up today!

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