$COVE Light

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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 Light

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)