$COVE Light

​
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

​
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% Community
    • 0.5% Community multisig signers
      • 1 year linear vesting
    • 9.5% Bazaar launchpad auction
      • 1 year linear vesting
    • 8% 1st year liquidity mining incentives
      • At the community multisig’s discretion, unused tokens will be returned to the treasury after 1 year
    • 22% Community treasury
      • 3 year linear vesting
    • 15% Foundation
  • 45% Current and future team, investors, and advisors
    • 2 year linear vesting for investors
    • 3 year linear vesting for team and advisors

​
$COVE Liquidity Mining Incentives

$COVE will be distributed to users who stake:

  • $coveYFI
  • Cove Boosties LP tokens
  • coveYFI/YFI Curve LP tokens (in future epochs)

8% of the token supply is planned to be distributed during the first year of liquidity mining. Epochs will have different objectives and emissions.

​
Epoch 0

Epoch 0 will be three weeks long and is focused on bootstrapping the protocol’s $coveYFI supply. Epoch 0 will begin around Friday April 12th at 11 PM EST (April 13th 4 AM UTC) and the emissions are as follows:

TargetEmissions (3 weeks)
$coveYFI3,500,000 $COVE
Cove Boosties LP tokens1,000,000 $COVE total

​
Epoch 1

Epoch 1 will be one month long and is focused on bootstrapping the protocol’s $coveYFI supply and new V3 vault TVL. Epoch 1 will begin around Saturday May 4th at 12 PM EST and the emissions are as follows:

TargetEmissions (1 month)
$coveYFI3,500,000 $COVE
Cove Boosties V2 LP tokens750,000 $COVE total
Cove Boosties V3 LP tokens750,000 $COVE total

​
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)
dYFI RedeemerLaunchpad on Bazaar