Coordinape is a tool used for distributing rewards among contributors using a vote-like system.
Create a circle
This is the first step, ideally done by @jonathanmann or on the gnosis safe.
Add contributor
While the title for this section is “add contributor”, a more generalized term is “voter”.
Coordinape works in epoches, in each epoch every contributor will be distributed a fixed amount of GIVE tokens, essentially their voting tokens. And every contributor may decide whether they’ll be giving out GIVE tokens (opt out) or be giving out and receiving GIVE tokens at the same time (opt in).
A circle admin can force opt out contributors, denying their rewards. This is useful for general members that doesn’t contribute very often.
Vouching
This is a autonomous way for adding new contributors. Instead of a circle admin adding them, anyone within the circle may invite anyone to the circle. As long as they’re vouched by a number of existing contributors, they’ll become a valid contributor too.
In SongADAO’s case, we can use either methods. If we’re adding contributors by hand we can use BrightID as a hard requirement. If we’re vouching we can set the minimum vouches according to our valid voters count.
I personally prefer using BrightID as it’s more reliable and a lot harder to attack. A new member may provide their eth address in a google form and an admin can verifiy if such an address is verified by BrightID, if so they can be added to the circle.
Epoch
Add epoch
A circle admin may add epoches as they see fit. They can also be repeating on a regular interval.
During epoch
In an epoch, a contributor can either opt out or opt in. If they decide to opt out, they won’t need to write anything down, but if they opt in, they’ll need to write down their contributions so others may decide how much GIVE they wanna give to them.
You can also select your team members if you choose to opt in, sharing your GIVE with them.
If you remove a contributor from your list after allocating them GIVE, your GIVE will be returned to you (within the active Epoch).
If you have GIVE tokens available, you can allocate them to opted-in contributors, leaving a note if you see fit.
End of epoch
At the end of the epoch, allocated GIVE tokens will be converted to GET tokens, and unallocated GIVE tokens will be burnt. You will receive rewards depending on your share of GET tokens.
Note that Coordinape doesn’t allocate the rewards for the DAO, it only offers the final distribution ratio.
SongADAO may add a new proposal to allocate X amount of ETH for each epoch, details to be decided.
Map
A live map of GIVE flow is also available for general tracking.
