The $CODE Token
@wolovim
0x378f
August 22nd, 2022

TL;DR:

  • Developer DAO now has an ERC-20 governance token, $CODE.
  • The $CODE token contract address is token.developerdao.eth: 0xb24cd494faE4C180A89975F1328Eab2a7D5d8f11.
  • The claim contract address: 0xbd82Cd2f7C2B8710A879580399CFbfF61c5020B9.
  • Tokens can now be claimed at claim.developerdao.com.
  • No rush; you have until February 18th, 2023 to claim tokens. Unclaimed tokens are added to the community treasury.
  • Nothing you do today affects this claim amount; snapshot and early contributor rewards are complete.

What

Developer DAO is proud to introduce its governance token, $CODE, with an initial supply of 10 million tokens. Entry into the community now requires possession of either 400 $CODE tokens OR a Developer DAO genesis NFT. Governance rights (i.e., voting on snapshot) will pivot immediately to the governance token.

Why

The $CODE token was created to scale membership in the DAO and as a means to reward contributors with greater ability to govern the DAO. Season 1 budgets are primarily denominated in $CODE tokens and snapshot governance voting is updating to one $CODE token, one vote.

How

If you're eligible, you can claim your $CODE tokens at claim.developerdao.com.

⚠️ Scammers never a take a day off; make sure to verify the URL and contract address when you claim. ⚠️

Eligibility includes:

  • Base membership rewards (25% of total supply)
    • 400 tokens — genesis NFT holder at snapshot
      • Requires possession of the NFT at the time of snapshot at block #13612670 on November 14, 2021, the block at which the public mint sold out
      • Possession of multiple NFTs still results in one 400-token reward
    • 417.21 tokens — pre-Season 0 participation
      • Requires a governance vote or a Town Hall POAP prior to the snapshot
  • Early Contributor rewards (10% of total supply)
    • Up to 40,000 tokens – Early contributor recognition
      • Peer recognition via Coordinape for contributions made through Season 0

If you obtained a genesis NFT after the snapshot and did not participate in the Early Contributor Coordinape round, you are not eligible to claim $CODE tokens at launch. However, your NFT will continue to grant membership in the community and access to the Discord server. Opportunities to earn $CODE tokens will be available starting in Season 1.

Distribution Details

The $CODE token has been a long time coming. A bit of context:

  • December 2021 – Prior to the initial token proposal, a mutual token grant was agreed to with Gitcoin, eventually helping Developer DAO to reward its first full-time contributors.
  • January 2022 – The governance token is proposed.
  • March 2022 – An amendment redirects some of the advisor pool into scholarships to join the DAO.
  • August 2022 – The result of the early contributor rewards round is ratified and The Developer DAO Foundation is adopted.

In summary, the 10 million initial token supply is distributed as follows:

  • 35% – community members
    • 25% – base rewards
    • 10% – early contributors*
  • 10% – founding team, advisor pool, scholarship pool
    • 6% – founding team*
    • 2.45% – advisor pool*
    • 1.55% – ~387 scholarships
  • 5% – mutual token grant with Gitcoin
  • 50% – community treasury

*The founding team, advisors, and top-rewarded early contributors are subject to vesting schedules.

Season 1

The launch of the $CODE token coincides with the kick-off of Developer DAO’s Season 1. Guilds and projects have denominated Season 1 budgets primarily in $CODE tokens and will have many opportunities for members and eventually the broader public to earn those tokens via committed roles or one-off bounties.

Want to keep up with opportunities for involvement? Sign up for the newsletter, bookmark the blog, and follow Developer DAO on Twitter.

Interested in partnering with Developer DAO on a Season sponsorship, one-off event, or project? Reach out.

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