Section 1: Governance Token
$CODE Token
The $CODE token is the primary governance token for Developer DAO. It is an ERC-20 token on mainnet Ethereum using audited and battle-tested smart contracts open-sourced by OpenZeppelin. $CODE is a non-financial governance token.
2.1 Initial Token Distribution
There will be 10,000,000 initial $CODE tokens.
50% to the Developer DAO Treasury 25% to current members 8.45% to founding team and advisors (subject to vesting) 10% to early contributors 5% to partners 1.55% Members Sponsorships
Additional $CODE tokens can be minted through the governance process. Additional minting of $CODE tokens can also be fully disabled in the smart contract through the governance process.
Allocation to current members
Current Members of the Developer DAO will receive 25% of $CODE tokens via a retroactive airdrop. Current Members are defined as any genesis NFT holder at block #13612670 83. Using a snapshot of members at this time (Jan 7, 2022) helps counter Sybil attacks leading to unwanted members receiving a large amount of governing power.
$CODE will be distributed to members as follows:
Distribution Equation: Member allocation = 400 (NFT) + 359 (pre-season 0 POAP or pre-season 0 snapshot vote)*
* note: the final numbers will be determined by each snapshot NFT holder receiving 400 tokens and then dividing the remaining current members allocation amount by the number of accounts eligible for the POAP/Vote bonus.
Every member received 400 tokens for holding the NFT at the time of the snapshot. At the start of Season 1, 400 $CODE tokens will give membership access to the DAO. If a member holds a POAP from our Developer DAO town halls before Season 0 OR voted on either of our first two snapshot proposals, they will receive an additional 359* tokens. A member can receive up to 759* tokens through the airdrop alone.
Members will receive governance tokens through a claim process. Token claims will be available for six months, after which the Developer DAO can retrieve unclaimed tokens to be added to the Treasury.
Founding Team & Advisors
The Founding Team (6 members) and Advisors (2 members) will receive 8.45% of $CODE tokens. The Founding Team will retain 6%, current Advisors will retain 0.90%, and 1.55% will be set aside for future allocation.
50% of the Founder Team & Advisors allocation will vest at token issuance with 50% of the tokens subject to a 2 year vesting period. Distributions will happen monthly. Vested tokens can be used as governing power, while unvested tokens cannot.
It is essential for the DAO to have committed members helping lead and structure DAO operations and governance. Incentivizing these members is key to this goal. The lockup and vesting periods ensure that governing power starts in the hands of the DAO members and stays there.
Early Contributors
Early Contributors will receive 10% of $CODE tokens in addition to the airdrop. It is important we recognize early contributions made to the DAO before fanfare and a reward mechanism was in place. The 10% of $CODE tokens will be allocated by DAO members using Coordinape after this proposal passes. Founding Team & Advisors will not be eligible for these rewards.
Partners
Gitcoin will receive 5% of the token. Gitcoin has been identified as a perfect partner for Developer DAO with aligned missions and values. By partaking in a governance token swap, we receive governing power of the Gitcoin DAO.
The Gitcoin partnership, to be passed in a separate governance vote, allocated 50,000 GTC to the Developer DAO treasury in exchange for 5% of the $CODE supply.
Reference:
P-5: Governance Token Proposal
P-10: Governance Token Allocation Amendment for Founding Team & Advisors
P-11: Request Advisor Allocation of 0.45% To Ryan Coordinator
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