Frequently Asked Questions #
Getting Started #
- How do I acquire FGOL Tokens?
FGOL Tokens can be acquired through participating in the Blockum DAO ecosystem, such as by providing liquidity in specified pools or through direct purchase on decentralized exchanges where FGOL is listed.
- What is WETH and why do I need it?
WETH (Wrapped Ethereum) is the ERC-20 compliant version of Ethereum (ETH). It’s used in DeFi protocols to enable ETH to be traded directly against other ERC-20 tokens on decentralized exchanges. You’ll need WETH for liquidity pools that require ERC-20 tokens.
- How do I convert fiat currency into cryptocurrency to participate in Blockum DAO?
To convert fiat to cryptocurrency, you’ll need to use a cryptocurrency exchange. Sign up, complete the necessary KYC (Know Your Customer) processes, and you can then purchase cryptocurrencies like Ethereum (ETH) using fiat. For participation in Blockum DAO, you may need to convert ETH to WETH (Wrapped Ethereum) or FGOL Tokens depending on the required pool contributions.
Participating in Liquidity Pools #
- What is a liquidity pool and how do I participate?
A liquidity pool is a collection of funds locked in a smart contract, used to facilitate decentralized trading, lending, and many other functions. To participate, you need to add an equal value of two tokens (in this case, FGOL and WETH) to the pool on a platform like SushiSwap and receive LP Tokens in return.
- What are LP Tokens and their benefits?
LP Tokens represent your share in a liquidity pool. Holding these tokens means you’re entitled to a portion of the transaction fees generated from the activities in the pool. Additionally, in the Blockum DAO, these tokens can be allocated for governance participation.
- How do I add FGOL and WETH to a SushiSwap pool?
Connect your crypto wallet to SushiSwap, select the FGOL/WETH pool, and specify the amount you wish to add to the pool. Ensure you have a balanced amount of FGOL and WETH for the deposit. Confirm the transaction in your wallet.
Understanding Blockum DAO #
- What is Blockum DAO?
Blockum DAO is a Decentralized Autonomous Organization focused on fostering growth and investment in startups and innovative business opportunities through a collaborative, blockchain-powered ecosystem.
- How does governance work in Blockum DAO?
Governance in Blockum DAO is conducted through the allocation of LP Tokens. Members allocate their LP Tokens to participate in voting on proposals, influencing the direction and decisions of the DAO.
- Can I propose a project or initiative in Blockum DAO?
Yes, any member of the Blockum DAO can submit proposals for consideration by the community. You’ll need to follow the proposal guidelines and may require a certain number of LP Tokens or FGOL Tokens to participate, depending on the DAO’s current rules.
