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An overview of the CODE token and its role in DAO Governance. |
The CODE token is an ERC-20 token issued on Ethereum with a total supply of 10,000,000 tokens. The token's address can be validated by going to token.developerdao.eth.
{% hint style="info" %} The CODE Token distribution was originally established in P-5: Governance Token Proposal and then amended in P-10: Governance Token Allocation Amendment for Founding Team & Advisors. {% endhint %}
Initial allocations of the CODE token were calculated as follows:
| Percentage | Total Amount | Pool |
|---|---|---|
| 50% | 5,000,000 | DAO Treasury |
| 25% | 2,500,000 | NFT Holders at time of snapshot |
| 10% | 1,000,000 | Early Contributors |
| 6% | 600,000 | Founding Team |
| 2% | 200,000 | Unallocated Advisor Pool |
| 1.55% | 155,000 | Scholarships |
| 0.45% | 45,000 | Advisors |
The claim period for the CODE token airdrop was set at six months. After that period, 1,370,243.86 CODE Tokens were left unclaimed and returned to the DAO Treasury in this transaction.
The CODE token is a Governance token. Its primary purpose is to empower Members to Govern the DAO via voting on Snapshot
It does, however, have some utility for Members beyond Governance:
- Access to our Discord community
- Certain Member-only opportunities (i.e. writing for the blog)
We hope to increase the utility of the CODE token over time and welcome all ideas and proposals to add utility. Please share them on our governance forum.
CODE token allocations are agreed via our Governance process.
Any Member has the right to submit a Governance proposal that includes allocating CODE or other treasury assets to be considered by and voted on by the DAO if requirements are met.
If you're a Member hoping to earn CODE rewards, check out how-to-earn-code.md.