Decentralized Autonomous Organizations, also known as DAOs. A DAO is also a reliable way for crypto enthusiasts and other interested persons to earn some form of income.
This article covers important details about DAOs, what it means to work for a DAO, and how to earn income working for a DAO. Before we go in-depth into the article, let’s find out more about the fast-growing DAO ecosystem.
What Are DAOs?
Decentralized Autonomous Organizations (DAOs) can be described as open-source blockchain protocols without a central authority. They are governed by rules put in place by elected members. Over the last couple of years, DAOs such as Sushiswap and Uniswap have increased in both usage and adoption. There’s also been an increase in Social DAOs such as Bankless and Friends With Benefits.
The growth in the DAO ecosystem comes with a lot of opportunities for blockchain and crypto enthusiasts. Also, the fast-growing metaverse ecosystem will be interconnected with DAOs. Therefore, bringing to life new ways for interested persons to earn income.
📖 A Deep Dive Into DAOs – Part 1#DAOs on #NEAR are ready for mass adoption in 2022, the infrastructure for self-governing communities is now easy to set up, extremely customizable, fast, and cheap to operate.
Learn more 🔽https://t.co/8PcPwyqsgq
— NEAR Protocol (@NEARProtocol) March 17, 2022
How To Get Involved in the DAO Ecosystem?
A DAO ecosystem needs an active community to help facilitate its decision-making process. There are several different ways by which interested persons can contribute to a DAO and also earn rewards in return.
People do not necessarily need to commit full-time to be able to work on a DAO. Therefore, becoming a DAO worker is a good way to earn some form of side income. However, interested persons may need to put in some upfront work before they can be considered for the role.
The best way is to join the community by joining its Discord/Telegram channels, forums, participating in discussions, providing opinions and resources to newer members and also learning more about the protocol in these channels.
With better knowledge of the protocol and your active involvement in critical discussion on these channels, it will be easier to be noticed by protocol members.
Also, with a reputation in the community, you will have the opportunity to take part in small-scale, one-time events like bounty programs, etc. In time more opportunities in form of part-time employment, and maybe even a full-time role is sure to emerge.
Moreover, DAOs are most times in need of employees in positions like:
- Content Creators
- Operation Facilitators
- Community Manager
- Finance manager
🧐#DAOs are a series of smart contracts that define two basic functions: who owns what & how decisions are made and can be connected with many parts on the below picture. pic.twitter.com/NkXKaEHsex
— SubDAO (@subdao_network) March 24, 2022
Top DAO Platforms
According to CoinMarketCap, the DAO ecosystem currently have a market cap of $26 billion. Some of the top DAOs we have today include:
- Uniswap – currently stands as the largest DAO by market cap. At the time of writing Uniswap has a market cap of $7,1 billion. And is also up by 11.95% over the last 7 days.
- ApeCoin with a market cap of $3,8 billion. ApeCoin is currently on a roll, recording a whopping 1,289% increase over the last 7 days.
- Aave is also a DAO with a current market cap of $2,1 billion
Other top DAO platforms include; Maker DAO, Dash, Compound, SushiSwap, Synthetix, Decred, etc.
In conclusion, this sector is steadily coming to life. There are currently a lot of opportunities for interested persons to earn income. They can do this while also contributing to the growth and development of a DAO protocol. Even with a full-time role, you can still enjoy the opportunity to work flexibly. This is because the focus is not on the time spent on your work, but on the value gotten from your work.
Find out more about DAOs here.
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