Following up on our Partnership & Mutual Grant with Gitcoin, both teams are excited to execute the partnership in 2024. We are providing an update and a rough outline of how we envision community engagement. Below are our thoughts regarding our partnership with Gitcoin, particularly concerning the allocation of 500k CODE tokens and our plans for mutual engagement.
Recap: Shared Goals and Objectives
Our combined focus is on supporting the growth of the web3 space, particularly by encouraging web2 developers to transition into web3. This partnership leverages Gitcoin’s grant capabilities and DeveloperDAO’s strong community of builders.
CODE Token Allocation
500k CODE tokens have been allocated to Gitcoin in line with the original proposal. Since we don’t have a delegation setup for Governance, these tokens have been transferred to the Safe address eth:0x426b5f29828A66aA014ED92E755fed3fd78f2D16. This allows Gitcoin to actively participate in our governance votes.
This safe has two signers from Developer DAO (@kempsterrrr @mannyornothing ) and three from Gitcoin (@CoachJ, @kbw, @deltajuliet ). CoachJ and Kyle will represent Gitcoin DAO as their delegated members in Developer DAO Governance.
Governance Considerations
While navigating this partnership, we’ve discussed methods to balance the impact on Developer DAO’s Governance. See overview of allocation vs voting history in below (see this sheet for for more info)
| Item | Notes |
|---|---|
| Average Total Votes on Snapshot | Average total tokens voting on snapshot is 277,312.58 - 500k is almost double participating tokens |
| Largest Total Votes on Snapshot | Largest total tokens voting on snapshot is 401,855.10 - 500k would have swung this vote |
| Gitcoin allocation vs top 100 | Gitcoin’s allocation is as much as the next 8 allocations combined |
| Gitcoin allocation vs top 100 (excluding founding team and advisors) | Gitcoin’s allocation is as much as the top 19 holders outside of founding team and advisors |
| Gitcoin share of circulating supply not including treasury | Gitcoin’s allocation is equivalent to 14.78% of circulating supply excluding CODE in treasury |
The current agreed solution is as as follows:
- 500K CODE tokens have been transferred to the safe address mentioned above (0x426b…2D16)
- The CODE in this safe be split across a second SAFE (TBC, will be shared when created) with (0x426b…2D16) as the “Voting safe” and this second new safe as a” Non-voting safe”
- The Voting safe will retain 5% of the circulating supply of CODE token and the excess will be moved to the non-voting safe.
- Each quarter, the difference between the balance of the voting safe and 5% of the circulating supply will be transferred from the non-voting safe into the Voting safe
This approach honours both the agreed 500k allocation to Gitcoin DAO from our mutual partnership agreement, whilst considering Gitcoin’s influence on our governance and limiting this to 5% of the circulating supply in-line with the spirit of the original proposal.
We have discussed the second safe being a safeguard against governance attacks, to be used only under specific, agreed upon conditions (more details to come).
Our goal is to maintain open communication between the two DAOs, and setting an exemplar of cross-DAO governance.
Cross-Community Engagement
We plan to initiate cross-community activities - including things like Twitter Spaces, joint AMAs and other cross-forum engagement to foster interaction and knowledge exchange between Gitcoin and Developer DAO members.
Potential Project Synergies
While specific projects are yet to be determined, we foresee a wide range of opportunities where Gitcoin’s funding capabilities can intersect effectively with Developer DAO’s pool of talented builders. This could include innovative web3 applications, open-source projects, or initiatives aimed at advancing public goods within the ecosystem.
Encouraging Community Proposals
We encourage members of both Gitcoin and Developer DAO communities to propose ideas for projects that could benefit from this partnership. Whether it’s leveraging Gitcoin’s grant system for funding DeveloperDAO-driven projects, or harnessing the collective expertise of our communities to tackle complex challenges in the web3 space, the potential for impactful collaboration is vast.
We encourage members from both communities to share their thoughts on our partnership strategies. We suggest both communities consider participating in each other’s governance discussions, project brainstorming sessions, and community events. This involvement will help us understand each other’s strengths and work together more effectively.
