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Becoming a Member
Onboard as a "member" in order to borrow from, or vouch for, others. Becoming a member is a three step process. Upon completion, you will have access to credit from your network and be able to extend credit to people whom you trust.
- 1.Stake DAI in the Union protocol
- 2.Get 3 Vouches from members who trust you
- 3.Pay the membership fee of one UNION token
Staking is a lot like depositing. When you stake DAI in the Union protocol, you earn a proportional amount of UNION governance token each block.
Share your vouch link with Union members in your network. When someone vouches for you, they decide how much DAI they trust you to borrow and repay.
Once you have earned at least one UNION, claim your rewards.
Burn 1 UNION to become a member, unlock benefits, and start building your credit network. This 'fee' is primarily to mitigate DoS attacks from clogging the network. You should be able to acquire 1 UNION by staking a small sum for about a week.