Becoming a Circles Backer (Abbreviated "Backer")Ā is a way to strengthen your participation in the Circles ecosystem by connecting your gCRC to a reserve of stable assets. This process demonstrates commitment to the values and long-term sustainability of the protocol while unlocking additional functionality within the Gnosis ecosystem.
When you become a backer, part of your personal gCRC is paired with reserve assets such as USDC and contributed to the Circles (gCRC) Reserve. This backing mechanism helps create stronger economic trust within the network and enables enhanced capabilities for your account.
š What are the benefits of becoming a Backer ?
Once you become a direct Circles Backer, you receive several advantages:
Receive cashback from your Card Spendings in CRC
A visible āBackerā badge on your profile in Gnosis
Access to gCRC token swapping functionality
Eligibility to receive the G NFT
Access to the Gnosis backer group for expanded trust opportunities
Backers are highlighted within the ecosystem to indicate verified participation and alignment with the Circles protocol.
š Requirements to Become a Direct Backer
To qualify as a direct Circles Backer, you must meet the following requirements:
1. Be Trusted by 3 Existing Circles Users
Before becoming a backer, your profile must receive trust connections from at least three existing Circles users.
2. Hold and deposit your personal gCRC and eligible assets
You must hold and contribute:
48 of your personally issued CRC (they cannot be sourced from a connection)
$100 worth of supported reserve assets
Supported reserve assets include:
USDC
EURe
GNO
xDAI
These assets are contributed to the Circles Reserve as part of the backing process, creating permanent liquidity for your personal Circles and ensuring the stability and functionality of the system.
ā How to become a Backer ?
Once you meet the trust requirements, you can become a backer directly from your profile.
Steps
Open your Gnosis App profile
Navigate to the RepĀ Score section
Click the āBecome a Backerā button
Deposit in the recipient address:
48 of your own CRC
$100 worth of the supported reserve assets
After the transaction is completed successfully, your profile will receive the Circles Backer status and associated benefits.
Important : Your backing deposit transaction is non-refundable. It cannot be claimed back in the future.
Example scenario
Imagine Alice has been actively using Circles and wants to unlock token swapping features in Gnosis.
To become a direct backer, Alice:
Receives trust from three existing Circles users
Holds at least 48 of her personally issued gCRC
Deposits 48 CRC and $100 worth of USDC into the reserve
Once completed:
Alice receives the āBackerā badge
Gains access to swapping features
Receives the G NFT
Joins the Gnosis backer group
ā Important Notes
You must use your own minted gCRC when becoming a direct backer.
Trust relationships are required before the backer option becomes available.
The āBecome a Backerā button can be found in the Trust Score section of your Gnosis App profile.
The concept of Indirect backer does not exist anymore. You're either a backer or not.
Only backer will be able to receive Card Reward in gCRC (Cashback)