$COVE Light $COVE Dark

​
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

​
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
    • 0.95% 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
    • 30.55% 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

​
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)