$COVE Light $COVE Dark

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Token Overview

$COVE is the protocol’s governance token. It is currently non-transferable for a minimum of 6 months, after which the DAO can vote to enable transfers. After 18 months, anyone may enable transfers.

At the moment, $COVE is non-transferable and only used for voting in protocol governance. In the future, we expect governance proposals to enable transfers and add additional utility and tokenomics.


Token Distribution LightToken Distribution Dark

The initial $COVE token distribution

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Initial Distribution

The initial supply of 1 billion $COVE has been minted at genesis and will become available over the course of 3 years. The initial distribution is as follows:

  • 55% to Community
    • 0.5% to Community multisig signers, with 1-year linear vesting.
    • 0.95% to the Bazaar launchpad auction, with 1-year linear vesting.
    • 8% for 1st-year liquidity mining incentives. At the community multisig’s discretion, unused tokens will be returned to the treasury after 1 year.
    • 30.55% to the Community treasury, with 3-year linear vesting.
    • 15% to the Foundation.
  • 45% to current and future team, investors, and advisors
    • Investors have a 2-year linear vesting period.
    • Team and advisors have a 3-year linear vesting period.

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Token Specification

The source code for the token can be found on Github here or on Etherscan here.

  • Name: Cove DAO
  • Ticker: COVE
  • Initial supply: 1B
  • Modifiers
    • Ownable/governance
    • Permit
    • Pausable
      • Non-transferable for 18 months (anyone can unlock after)
      • DAO can vote to enable transfers after 6 months
  • Additional functionality
    • Rescue function for ETH/ERC20s
    • Transfer allowlist
    • Max 6% per year starting after 3 years (ARB style inflation)