$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.
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.