$QODA Token
The $QODA token is the entrypoint to the Qoda DAO. It has a fixed, total supply of one billion tokens, and conforms to the ERC-20 standard. $QODA tokens cannot be minted beyond the total supply, however they can be burned as a deflationary measure.
Both $QODA and $veQODA, and their associated smart contracts, are native to Arbitrum One.
The Token Genesis Events for both $QODA and $veQODA will take place between 2024-06-04 and 2024-06-07.
Supply Allocation
| Segment | Allocation | Notes |
|---|---|---|
| Ecosystem Treasury | 42.000% | To be distributed based on the outcome of governance votes only. |
| Initial Staking Rewards | 2.250% | To incentivize DAO participation. Distributed to stakers approximately 90 days after TGE for a period of 2 years. |
| Community Rewards | 3.000% | To incentivize usage of Qoda Ecosystem Apps. Typically, a 25% instant unlock and 3-month vest for reward recipients. |
| Liquidity Bootstrapped Pool | 5.326% | Administered by Fjord Foundry in May 2024. 60% of net proceeds will be used for on-chain liquidity provision. |
| Private Round 1 | 6.625% | 0% TGE unlock, 6-month cliff, 2-year vest. |
| Private Round 2 | 2.125% | To be sold over-the-counter at market-linked valuations post-TGE. 10% TGE unlock, no-cliff, 9-month vest. |
| KOL Round | 1.000% | 20% TGE unlock, no-cliff, 9-month vest. |
| CEX Market Maker | 3.000% | |
| Corporate Treasury | 14.674% | To fund operations and provide liquidity on-chain with LBP proceeds (LP tokens locked for a period of 1 year, ~1.115% of total supply). The balance will vest over 2 years with a 6-month cliff. |
| Core Team | 20.000% | To incentivize individual contributors and advisors. 0% TGE unlock, 6-month cliff, 3-year vest. |
| Total | 100.000% |
DEX Listing
The $QODA token will be listed on Uniswap on Arbitrum One. The core team will create the Official Uniswap V2 $QODA/$USDC Liquidity Pool after all tokens have been distributed to LBP participants. This pool plays an essential role in the $QODA staking mechanism.
CEX Listing
The $QODA token will be listed on one or more reputable CEXes in 2024. Given the Qoda DAO and Ecosystem's focus is DeFi, enabling on-chain liquidity is prioritized.
Buy/Sell Token Tax
The $QODA token smart contract implements a token tax by overriding the _update ERC-20 function. This tax can be configured to collect a percentage of proceeds when $QODA tokens are bought or sold using the Official Uniswap V2 $QODA/$USDC Liquidity Pool.
Net proceeds from the token tax will be shared evenly between Qoda DAO Members (i.e. stakers) and Steadily Consulting Inc. The tax is collected and distributed in $QODA tokens.
Initially, there will be a 0% buy tax, and a 2% sell tax. This tax rate may be changed based on the outcome of governance proposals using the Qoda DAO App. Before Qoda DAO governance goes live, this rate may be changed at the discretion of the core team.
Liquidity Provision Tax Rebate
A known challenge of buy/sell token tax implementations using a Uniswap V2 pool is the inability to distinguish between liquidity provision and buy/sell transactions on-chain. Assuming a non-zero sell tax, tax is automically collected when users sell $QODA tokens using the pool and add liquidity to the pool. The intention of the $QODA token tax is to only tax the buying and selling of tokens, not the adding or removing of liquidity.
As a result, a tax rebate system will be implemented after TGE where any tax collected for liquidity provision will be fully rebated to affected users. These rebates will not be live at TGE, and will take some time to implement. However, once live, the rebates will be retroactive. Rebates paid will be equivalent to tax collected for liquidity provision transactions in $QODA tokens only. Note rebates only apply to liquditiy provision transactions, and do not apply to the buying or selling of $QODA tokens using the designated pool.
A page will also be added to the Qoda DAO App at a later date describing authenticated users' token tax payments and rebates for clarity.