Earlier today, we finished our initial airdrip of the CODA token to over 1,400 ICX holders around the world. In this post, we’ll share more details about the CODA token, and how you can get involved in future airdrips.
CODA is a governance token for our upcoming platform, which coincidentally, is named Coda. As we shared in our ICON P-Rep announcement post, we’re developing a platform that allows musicians to prove ownership of their work in a tamperproof and digitally-native way. Another feature of the Coda platform is a unique funding mechanism that we hope will allow creators to divert more energy into doing what they’re best at – creating.
CODA Token Details
We envision CODA as a token that can be staked upon launch of the Coda platform. In exchange, stakers will be eligible to receive staking rewards and participate in platform governance activities like:
- Adjusting baseline fees that Coda charges for platform services.
- Adjusting the inflation rate of CODA after the initial startup period.
- Voting on Coda Creators Fund proposals.
- Voting on the revenue distribution of works commissioned by the Coda team. ICX buyback? Charity donations? Funding the Coda Creators Fund? As a CODA holder, it’s your call.
- And much, much more.
For our pre-platform launch period, 10,000,000 CODA has been minted to airdrip to ICX holders around the world. We believe this is the best way to kickstart decentralized governance of our platform once its live.
CODA Contract Address: cxcf5424ca2acae98db83ee5a6a5fe8e8575474167
Following the launch of our platform, we plan to follow the token distribution schedule below (subject to change as we progress through the development process). Furthermore, parties involved in the development of Coda are not eligible for the community airdrip! We decided to implement this rule to distribute initial governance power as widely as possible.
- Year 0 (Pre-Launch Ongoing Airdrip for Tempo Voters): 10,000,000 CODA
- Year 1 (Strategic Artist Partnerships): 75,937,500 CODA
- Year 1 (Day 1–30): 30,000,000 CODA
- Year 1 (Day 31–365): 217,500,000 CODA
- Year 2 (Strategic Artist Partnerships): 37,968,750 CODA
- Year 2: 182,500,000 CODA
- Year 3 (Strategic Artist Partnerships): 18,984,375 CODA
- Year 3: 162,500,000 CODA
- Year 4 (Strategic Artist Partnerships): 18,984,375 CODA
- Year 4: 45,625,000 CODA
After Year 4, there will a total of 800,000,000 CODA.
Starting in Year 5, CODA will have a yearly inflation rate of 3%, and this figure can be changed via a governance proposal.
If you missed the first airdrip, you still have a chance to participate in the future! Find out more about how to participate below in the “CODA Airdrip Details” section.
CODA Airdrip Details
The initial airdrip, which occurred earlier today, had two phases.
- Phase 1 — All Tempo voters received 200 CODA, irregardless of voting weight.
- Phase 2 — Tempo voters received a percentage of 500,000 CODA proportionate to their voting weight at the time of the snapshot.
At the time of this writing, there are ~9,216,926 CODA tokens left from the initial 10,000,000 mint. Over the coming months, we will airdrip these tokens to Tempo voters every two weeks.
To qualify for the airdrip, you must:
- Delegate ICX to the Tempo P-Rep team.
- Delegate ICX to at least one more team.
To calculate the amount of CODA to distribute to each voter, we will take a daily snapshot of all our voters. At the end of each two-week period, we will calculate the average delegation for each voter, and use that figure to calculate the amount of CODA to distribute.
The next snapshot period will start on March 29, 2021!
We appreciate your support as we bring the Coda platform to fruition. Stay tuned for more development-related news next week, and happy airdrip!
