Valuation is way too low. $CODE is not issued and has not even been thru price discovery. The price will pop and then find its market value. After that, if Gitcoin wants a large voting stake they can buy the tokens off the market like everyone else. The entire point of a DAO is its ability to raise working capital from its members and skip the “pre-sale” discounts to VCs and other interested parties.
DAOs make comparisons to Y-Combinator valuation models moot, because we can raise working capital trivially from members. Even raising a debt round from members would be better than this.