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.