The Gitcoin token (GTC) is distributed to active participants in Gitcoin’s mission.
GTC has no economic value; it is a governance token used to oversee the Gitcoin ecosystem. It has no claim on financial rights.
The contract address of GTC is 0xde30da39c46104798bb5aa3fe8b9e0e1f348163f
Note: Please triple check the contract address when interacting with GTC. There are likely to be many malicious actors trying to leverage fake tokens to their benefit!
The total supply of GTC is 100,000,000 (100M) tokens, broken down as follows.
- Retroactive Airdrop – 15%
- Gitcoin DAO – 50%
- Existing Stakeholders – 35%
The intent of this distribution is to split GTC evenly between past and future contributors. 50% to those who’ve built Gitcoin so far (retro + stakeholders) and 50% to the builders of tomorrow.
Retroactive Airdrop – 15,000,000 GTC (15%)
15% of the GTC supply is being retroactively distributed to past users of Gitcoin.
This allocation is broken down as follows:
|ALLOCATION TYPE||ALLOCATION %||TOKEN COUNT|
GMV – short for Gross Marketplace Value — describes any action in which value flowed through Gitcoin. This includes bounties, tips, hackathons, and grants. GMV allocations were split evenly between spenders and earners (50/50), meaning those who earned funds from Gitcoin split one bucket of GTC while those who spent funds (like donating to Grants) split another bucket.
On-platform actions refers to any user who:
- Opened a bounty
- Submitted work to a bounty
- Opened a grant
- Contributed to a grant
This piece (user activity) of the distribution included a decay, meaning actions performed early in Gitcoin’s lifecycle are weighted more heavily.
A portion of tokens are reserved for members of KERNEL, to be allocated based on interactions and participation in Block I and Block II.
Projects who participated in the Funder’s League will split a GTC allocation. This was calculated by splitting total contribution amounts to the Funders League matching pool and issuing GTC pro rata.
To claim GTC, head over to quadraticlands.com and follow the instructions.
Users will be required to take a trip through Quadratic Lands to claim their tokens, and will be met by a request to delegate tokens to themselves or one of the Gitcoin Stewards as a first use of GTC.
More details on this process will be shared in a separate post on gov.gitcoin.co.
Gitcoin’s DAO – 50,000,000 GTC (50%)
Half of the GTC supply will be deposited into the timelock contract held in the Gitcoin DAO treasury, governed directly through on-chain GTC voting.
The address of the Gitcoin DAO can be found at gitcoindao.eth.
GTC allocated to the Gitcoin DAO will become available for distribution in equal monthly installments over the course of the next 2 years, meaning the full allocation will be unlocked by ~May 25th, 2023.
Gitcoin will utilize a fork of Compound’s governance framework, meaning all proposals feature a 1% minimum proposal threshold, a 2.5% quorum and require a 51% majority to pass.
Simply put, this means that in order for a vote to be proposed on-chain, the proposer must hold at least 1% of GTC tokens. In order for that vote to pass, at least 2.5% of the GTC supply must vote on the proposal with 51% of the votes in favor of the winning decision.
Stakeholders — 35,000,000 GTC (35%)
The remainder of the Gitcoin supply is allocated to stakeholders of Gitcoin Holdings.
This includes allocations to the team, investors, future employees and strategic partners of Gitcoin. Anyone who has contributed to building Gitcoin in the past, from 2017 to 2021, is included in this allocation. This includes the core team who created the product, brand and market plus the investors who have funded the core team to the tune of $5mm (2017-2021) and $11.3m (2021 & beyond).
All GTC allocated to Gitcoin’s team members are subject to a vesting schedule of at least two years. All GTC allocated to Gitcoin’s existing stakeholders are non-transferrable for at least 500 days, or longer if Gitcoin’s Board of Directors determines that a longer period is necessary to comply with regulatory or other applicable restrictions.