As we move further into 2024, we’re excited to provide an update on our Partnership & Mutual Grant with Developer DAO. This collaboration is an important step in uniting our communities and leveraging our combined strengths to support the growth of the web3 space.
Our partnership is rooted in a shared vision: facilitating the transition of web2 developers into the burgeoning world of web3. By combining Gitcoin’s robust grant capabilities with Developer DAO’s vibrant community of builders, we’re creating a synergy that will accelerate growth and innovation in the web3 ecosystem.
DeveloperDAO has allocated 500k CODE tokens to Gitcoin in line with our original agreement. These tokens are currently held in the Safe address (eth:0x426b5f29828A66aA014ED92E755fed3fd78f2D16), allowing Gitcoin to actively participate in DeveloperDAO’s governance votes.
The Safe has two signers from DeveloperDAO (@kempsterrrr , @mannyornothing ) and three from Gitcoin (@CoachJonathan , @kyle , @deltajuliet ). CoachJ and Kyle will represent Gitcoin DAO as delegated members in DeveloperDAO Governance.
While navigating this partnership, we’ve discussed methods to balance the impact on Developer DAO’s Governance. See overview of allocation vs voting history in below.
|Average Total Votes on Snapshot
|Average total tokens voting on snapshot is 277,312.58 - 500k is almost double participating tokens
|Largest Total Votes on Snapshot
|Largest total tokens voting on snapshot is 401,855.10 - 500k would have swung this vote
|Gitcoin allocation vs top 100
|Gitcoin’s allocation is as much as the next 8 allocations combined
|Gitcoin allocation vs top 100 (excluding founding team and advisors)
|Gitcoin’s allocation is as much as the top 19 holders outside of founding team and advisors
|Gitcoin share of circulating supply not including treasury
|Gitcoin’s allocation is equivalent to 14.78% of circulating supply excluding CODE in treasury
We are acutely aware of the potential impact of this allocation on DeveloperDAO’s governance. To address this, we have taken a thoughtful approach:
- The 500k CODE tokens have been split between two SAFEs. The ‘Voting Safe’ (0x426b…2D16) holds 5% of the circulating supply of CODE, with the excess moved to a ‘Non-voting Safe’.
- Each quarter, the difference between the balance of the Voting Safe and 5% of the circulating supply will be transferred from the Non-voting Safe into the Voting Safe.
We are planning various cross-community activities, including Twitter Spaces, joint AMAs, and cross-forum engagements. These initiatives aim to foster interaction, knowledge exchange, and stronger ties between Gitcoin and DeveloperDAO members.
We invite members from both communities to propose project ideas that could benefit from our partnership. These proposals can range from leveraging Gitcoin’s grant system for DeveloperDAO-driven projects to collaborative efforts in tackling complex challenges in the web3 space.
We encourage participation in each other’s governance discussions, project brainstorming sessions, and community events. This involvement will deepen our understanding of each other’s strengths and foster effective collaboration.