Becoming a Circles Backer is a way to strengthen your participation in the Circles ecosystem by connecting your personal Circles currency (CRC) 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 CRC is paired with reserve assets such as USDC and contributed to the Circles Reserve. This backing mechanism helps create stronger economic trust within the network and enables enhanced capabilities for your account.
Benefits of Becoming a Backer
Once you become a direct Circles Backer, you receive several advantages:
A visible âCircles Backerâ badge on your profile in Gnosis
Access to CRC token swapping functionality
Eligibility to receive the G NFT
Access to the Gnosis backer group for expanded trust opportunities
Increased trading capacity compared to indirect backers
Backers are highlighted within the ecosystem to indicate verified participation and alignment with the Circles protocol.
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 Own CRC and eligible assets
You must hold and contribute:
48 of your own CRC
$100 worth of supported reserve assets
Supported reserve assets include:
USDC
wBTC
wETH
GNO
sDAI
These assets are contributed to the Circles Reserve as part of the backing process.
How to Become a Backer
Once you meet the trust requirements, you can become a backer directly from your profile.
Steps:
Open your Circles profile
Navigate to the Trust Score section
Click the âBecome a Backerâ 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.
What is an indirect Backer?
Users can also become an Indirect Backer without directly depositing reserve assets.
You qualify as an indirect backer when:
Three existing direct backers trust your profile
You are not already a direct backer yourself
Indirect backers receive a special checkmark indicator on their profile and can also access CRC swapping functionality within Gnosis. However, indirect backers generally have lower trading capacity and fewer privileges compared to direct backers.
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 own CRC
Deposits 48 CRC and $100 worth of USDC into the reserve
Once completed:
Alice receives the âCircles Backerâ badge
Gains access to swapping features
Receives the G NFT
Joins the Gnosis backer group
Meanwhile, Bob does not deposit reserve assets himself, but three verified backers trust him. Bob becomes an indirect backer and gains limited swapping access, although with lower trading capacity than Alice.
Important Notes
You must use your own CRC when becoming a direct backer.
Trust relationships are required before the backer option becomes available.
The âBecome a Backerâ button can be found in the Trust Score section of your Gnosis App profile.
Direct backers receive expanded functionality and visibility within the ecosystem compared to indirect backers.