FAQ - Governance Token Proposal Companion

Frequently Asked Questions

This serves as a companion to the Governance Token Proposal - Request for Feedback.

Why do we need to move to $CODE for governance?

Using the Devs for Revolution NFT was a great start for DAO access. However, it limits growth of the DAO and rewarding of contributions. Moving to $CODE allows us to solve both of these issues.

How will governing power be distributed at $CODE launch?

Governing power will be:

  • Members via Airdrop: 55.6%
  • Early Contributors via Coordinape: 22.2%
  • Gitcoin via Partnership: 11.1%
  • Founding Team + Advisors: 11.1%

This is due to the vesting of the Founding Team & Advisors section, as well as the Treasury allocation being ineligible for governing power.

Will the Founding Team, Advisors, and Partners be eligible for Early Contributor rewards?

No.

I purchased multiple NFTs, does that mean I qualify for multiple airdrops?

To ensure we’re focused on reward contributors, we took a snapshot of token holders on the block of the last mint, ​​13612670. Each wallet that was holding any number of tokens at this time is eligible for one airdrop.

If you held multiple NFTs in your wallet at this time you will only be eligible for 1 airdrop. If you bought an NFT on the open after the snapshot you will not be eligible for the airdrop.

What is the equation for the airdrop?

NFT holders at the snapshot will each receive 400 tokens. If you voted in one of our first two Snapshot proposals or claimed a town hall POAP before Season 0, you are eligible for an additional 359 tokens. Additional contributions will be rewarded through the Early Contributor rewards.

What addresses qualify for the airdrop?

You can view a list of addresses from the NFT snapshot, along with addresses eligible for the Snapshot & POAP bonus, here.

How many $CODE tokens are required for DAO membership?

400 tokens (the same as the base airdrop) are required for DAO membership.

Why are we using Coordinape for Early Contributor rewards?

There is no perfect solution, but we believe bottom-up contribution recognition is preferable to top-down. Using Coordinape will allow DAO members to reward other members. It will let us avoid centralized decision makers choosing who should receive tokens.

How will the treasury funds be allocated in the future?

Treasury funds will be governed by the community. Any transfer out of the treasury will require pre-approval via a snapshot vote. In the coming weeks, we’ll be opening up discussion on how we budget for Seasons to fund guilds, projects and reward contributions, alongside how the future structure of the DAO will evolve.

Can you give some examples of airdrop & rewards for members?

Developer DAO member, Bob:

  • Held a Devs for Revolution NFT through the snapshot (400 tokens)
  • Voted in the Season 0 snapshot vote (359 tokens)

Bob will be able to claim & receive a total of 759 tokens.

Developer DAO member, Alice:

  • Held a Devs for Revolution NFT through the snapshot (400 tokens)
  • Voted in the Season 0 Snapshot vote (359 tokens)
  • Was recognized by her peers for contributions (5250 tokens)

Alice will be able to claim & receive a total of 6009 tokens.

Where can I view the code for the governance token? Will the token contract allow for additional token minting?

You can view a work-in-progress repository on Github. Currently, the contract allows for additional minting to allow for inflationary protection against the initial allocation. The smart contract allows governance to disable this feature.

Were there other governance airdrops or token allocations used in the crafting of the governance token proposal?

The ENS token airdrop and allocation outlined a great path for an equitable distribution of governing power to contributors and members. The Uniswap token airdrop outlines a similar allocation and process. Lastly, the Gitcoin token airdrop provided another successful example of a governance token issuance.

It was important to the core team to be even more equitable to the DAO members and contributors than the above examples given the mission and values of the DAO.

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:honeybee:The simpler things in life are so important. :butterfly:A couple of example scenarios go a long way. That’s onboarding, that’s grassroots, that inclusive, although maybe Aisha instead of Alice, hehe :rose: But hats off. :green_heart:

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Thank you for this FAQ! If I understand correctly, the genesis NFT would completely replaced by the $CODE tokens, and will hold no value in the future per se… given this - does this mean that if one buys 400 tokens off the secondary market in the future, it would be equivalent to as if they were once a genesis NFT holder?

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What about people who got a Devs for Revolution NFT right before they finished and were unable to vote in the Season 0 snapshot?

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One of the requirements to qualify for the airdrop is to hold the NFT before the snapshot, does this mean that the wallets that sold their NFT after the snapshot and have no NFT now would still be elegible to the airdrop?

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Lol… Same situation here. The snapshot is started in 7th Nov and I got the genesis NFT in 8th Nov. That’s why I could not vote in snapshot.

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Yeah in the same boat as you. Minted it just before it ran out.

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@Calvaz @tolexCoding @arpitjacob
Yes you are eligible. You can double check your snapshotted address is included in the .json

PM me if you have any other concerns

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The voting rights of the NFT will be replaced by the ERC20 tokens. The value the NFT will have is sentimental :wink:

We are currently discussing limitations of participation when an individual market buys 400 tokens. Currently they will have the same voting rights as anyone else with 400 tokens, but we are considering requiring DAO-hopefuls to fill out a form which will be voted yes/no by a community committee.

Participated in the first proposal means he/she has been an early adopter to the growth of the Developer DAO, and it certainly deserves more rewards :+1:

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The contribution example seems a bit excessive, but it probably depends on what the contribution was. And compared to one of the (probably) 4000 lurkers, who didn’t contribute this makes sense.

But what’s enough to count as a contribution?

The derivative project, and the Miami event obviously are.

But there are also people who were helping people on Discord or giving input on things like newsletter, knowledge base, or blog platform.

Sure, that isn’t as big as the obvious things mentioned above, but where is the line? Who decides what the line is? etc.

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interesting, so… making this more complicated… Imagine one has a Genesis NFT, gets 400 tokens, for whatever reason decides to sell 100 but later repurchases 100… they will not be subjected to extra re-entry requirements… or would they?

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I did found my address in the above .json. I mean I could not vote for the second proposals in snapshot, which is created before I minted my genesis D_D NFT, although at that time the expiration date is not ended yet. The other members told me that nothing I can do till the next proposal, so sad.

Anyways, I’ll keep updating the current news in D_D and make contribution if I can before the end of Season 0.

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does this mean that the wallets that sold their NFT after the snapshot and have no NFT now would still be elegible to the airdrop?

This has been a point of discussion that we want the community to weigh in on. Personally, I lean towards excluding addresses from the airdrop that have since sold their NFTs. This is a strong stance to take though.

It would be as simple as to take another snapshot before the token release and require that an address held an NFT at both snapshots.

What are other members’ opinions here?

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The contribution example seems a bit excessive… but where is the line? Who decides what the line is? etc.

Good questions! Coordinape will decide the distribution. With that allocation being 10% - that’s a total of 1,000,000 tokens.

It’s not unreasonable to assume that someone who has been a major contributor receives 0.5% of those tokens, ~5250 tokens.

Other DAO members will decide this using Coordinape. We definitely wanted to make this bottom-up and not centralized or top-down. We will also have a process to nominate yourself or another member.

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they will not be subjected to extra re-entry requirements… or would they?

At this point, we are proposing any additional onboarding requirements. That is something for the DAO members & DAO governance to consider moving forward though!

+1.

The purpose of DeveloperDAO is to bring the web3 enthusiasts together and give them direction and support so that they can give their best to the web3 community and at the same time do feel comfortable in this ecosystem. Minitng NFT was the gateway to this wonderful community. But some of the folks minted these NFT’s and put them on the OpenSea(with a price tag). This is not right. Hence I support the motion to exclude such addresses. Instead of giving them the tokens, we must give the tokens to new folks who couldn’t make it to snapshot.

The proposal is great!
Also, excluding from the airport everyone who sold NFT, would totally make sense.

I agree with this as well.

I’d like to think anyone who sold their NFTs was aware there was gonna be a ERC20 token coming soon, but I accept that might not be the case for every seller.
Despite that, I believe people who kept the NFT should be reward in detriment of those who sold (and got a return from that).
As @eddie pointed out, the NFTs will lose their voting rights but they’ll keep the sentimental value. That’s the feeling of belonging and contributing to the genesis of this DAO :slight_smile:

I’m curious around this as well.
Would onboarding other members count as a contribution to the DAO growth?
Maybe this’ll answer itself when we dive into Coordinape, I’m not familiar.