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DAOPool FAQ

DAOPool Frequently Asked Questions

What is DAOPool? And why did MonkeDAO create it?

MonkeDAO was the first DAO to launch a validator on Solana. After experiencing the pains of launching a validator and successfully getting it to break even, we knew that we had to help others embarking upon this journey. One of the biggest pains is how to raise enough deposits, so that the costs of running the validator are covered by the revenue it generates. DAOPool is our answer to this problem.
DAOPool is a Solana community staking pool. All of the SOL staked in DAOPool is distributed to the Solana communities’ validators. The goal is to further decentralize the network while supporting DAOs across the Solana ecosystem.

Do I need to own a Monke to stake on DAOPool?

No. You do not need to own a Monke. Anyone with SOL can stake in DAOPool. But hey, while you are at it, why not get a Monke so you can join MonkeDAO and check out all the other cool stuff we are up to. Reject humanity, return to Monke.

Which Solana wallets are supported to stake in DAOPool?

Phantom or Solflare are the two wallets currently supported by DAOPool.

Can I get my SOL back whenever I want?

Yes. You can withdraw your SOL at any time. Deposits will reflect in your wallet immediately after request.

How is staking with DAOPool different from staking in my preferred validator directly?

Comparison
DAOPool
Staking with a DAO validator directly
Principle
DAOPool allocates staked deposits to new validators that need help to break even.
Staked deposits remain within the single validator until user withdrawn.
Benefit to the DAO
Less, DAO earns lower income
More, DAO earns higher income
Target user
  • Believes in strengthening the entire Solana ecosystem.
  • Requires SOL liquidity.
  • User passively involved in deciding which DAOs to contribute to and how much.
  • Believes in strengthening a specific DAO(s).
  • Does NOT require SOL liquidity.
  • User actively involved in deciding which DAOs to contribute to and how much.
Control of your tokens
User has full control of SOL
User has full control of SOL
Fees
Fixed rate of 3% earned by MonkeDAO.
Vary; ~5-10% fee on your rewards remain with DAO.
Earning/ Rewards
~7% APY earned in SOL.
Vary; ~6-7% APY
Ease of depositing/ withdrawing
Fast; no lock up period. SOL available immediately after withdrawal.
Slow; lock-up period up to 5 days after requesting withdrawal
User experience
Staking/ unstaking must be completed from DAOPool website.
You can stake from within your wallet of choice.
DeFi participation
You can use daoSOL tokens you receive to participate in liquidity pools and other DeFi tools.
Not possible since you funds are locked.
Liquidity implications
Liquid staking: you have liquidity after staking.
Illiquid staking: You have no liquidity after staking unless you withdraw funds.
Possible risks associated (even if unlikely)
  • Rewards are not paid out
  • Smart contract is exploited.
  • DAOPool website is inaccessible and
  • Extended lock-up periods
  • Long waiting period for rewards
  • Rewards are not paid out

What would happen to my daoSOL if MonkeDAO were to disappear?

Your daoSOL is managed by a smart contract that enables liquid staking. The smart contract was designed by Solana Labs and has been independently audited. You can access the source code and security audit reports here.
In the unlikely event that MonkeDAO were to ‘disappear’ you would still be able to retrieve your original staked SOL from the smart contract.

What else should I think about before staking?

  • Use a specific wallet: Designate a specific account in your wallet for staking. This will make it easier for you to track your deposits and yield earned over time.
  • Start small: Make your first stake a small amount, just so you get a good grip of the process. You can thereafter stake as many times as you want.
  • Mind the yield bumps: DAOPool yield rates are updated at the start of a new epoch; this is a pre-defined period in Solana when the network refreshes validator data. In between a refresh, yield rates may fluctuate above or below the expected APY as large deposits are staked or unstaked.

We are a DAO looking to setup a validator. How can I get DAOPool to stake some deposits on my validator?

We are excited to hear this. Our support to other DAOs goes beyond staked deposits by the way. We also provide technical help. Please contact us on Discord so we can determine how best to help.
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What can I do with my daoSOL?

You can provide daoSOL liquidity to decentralized exchanges. This helps exchanges meet their customer trading needs and in return you take a share of the fees earned. Liquidity pools that support daoSOL include Saber, Sunny Aggregator and Orca Exchange. In the case of Saber, your daoSOL can be used in the Saber daoSOL/SOL LP pairing. This will allow users to gain yield on their daoSOL balance.

Can I trade my daoSOL on the secondary market? If so, where?

Yes, you can trade daoSOL on the secondary market. Since daoSOL is a “liquid” version of staked SOL, you are able to swap to another coin, or utilize your daoSOL in DeFi applications. Examples of secondary markets that support daoSOL trading include Dexlab.

Can I use daoSOL to buy NFTs?

Soon you will be able to use daoSOL to buy NFTs. MonkeDAO sees a future where daoSOL can be used to purchase NFTs once Jupiter’s Swap Aggregation protocol has been integrated into NFT marketplaces.
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Can I withdraw my locked rewards before the lockup period expires?

No. Rewards once locked cannot be withdrawn until the lockup period has completed.

Can I withdraw my daoSOL/SOL before the lock up period expires?

Yes. Your daoSOL/SOL LPs staked in Sunny can be withdrawn at any time. You can also claim any rewards earned at any time.

Can I lock both Saber and Sunny rewards at once in a Saber locker and use them to vote in Saber governance?

No. You can only lock Saber rewards ($SBR tokens) in Saber. Likewise, you can only lock Sunny rewards ($SUNNY tokens) in Sunny. You have to lock both Saber and Sunny rewards separately in their respective lockers. Only then can you receive the voting power; this again is on the separate voting gauges.

Can I lock rewards received on separate occasions over different lockup periods?

Yes, but only if the new lockup period is longer. Once a sum of rewards has been locked, any subsequent (new) rewards can only be locked for a period equal to or longer than the earlier lockup period. If you would like to lockup new rewards over a shorter period, move the rewards to a new account in your wallet. You can then use the new account to lock the rewards for the shorter period.
Last modified 1yr ago