GTC Token
Empowering Governance at Gitcoin
At Gitcoin, we are committed to fostering a thriving community and empowering decentralized governance. With the introduction of the Gitcoin Token (GTC) in 2021, we took a momentous step towards a more inclusive and collaborative ecosystem. In this article, we'll explore the structure of our governance, the utility of the GTC token within that structure, the principles of stewardship at Gitcoin, the Steward Council, how voting works, and the diverse range of matters subject to community voting.
How Our Governance is Structured
The Gitcoin governance ecosystem is built around GTC, which leverages a COMP/UNI style governance that makes on-chain voting, snapshot voting and community led governance possible. At its base layer, GTC is a standard ERC20-style token with a 100mm supply. 50% of the token supply has been allocated to those who have provided value to the ecosystem in the past (community members, investors and the existing team), and 50% will be unlocked for the community to manage in the future.
At launch, Gitcoin had an even split between past Gitcoin builders and participants, and future ones. The tokens reserved for future builders have been held in treasury, governed by community stewards and then ultimately the DAO.
GTC is a governance token with built in utility designed to support the future of Gitcoin’s ecosystem. Its contract address is 0xDe30da39c46104798bB5aA3fe8B9e0e1F348163F.
GTC in Gitcoin Governance
The GTC token serves as the key instrument of governance on the Gitcoin platform. Holding GTC grants users the right to participate in various governance activities, including voting on proposals and shaping the platform's evolution. The more GTC a user holds, the greater their influence in the decision-making process.
Stewardship at Gitcoin
At Gitcoin, we hold stewardship in high regard. We are committed to ensuring the long-term sustainability and prosperity of our ecosystem and the wider Web3. Stewardship involves responsible management, ethical conduct, and a dedication to the collective well-being of all stakeholders. Through the GTC token, we invite every community member to be an active steward in shaping Gitcoin's trajectory. Becoming a Gitcoin Steward is easy: click this link and post your declaration following the instructions on the original post. While there, have a look at some of your fellow stewards, often leaders in web3.
The Steward Council
In its second term, the Steward Council is a diverse and inclusive body composed of GTC holders who actively participate in shaping the organization’s future. The Steward Council is responsible for reviewing and discussing changes, upgrades, and initiatives to enhance the Gitcoin ecosystem. Council members serve 6 month terms as representatives of the community, ensuring that all voices are heard and considered in the decision-making process.
How Voting Works
Voting on proposals and initiatives takes place in two places - offchain on Snapshot and onchain on Tally. By utilizing Snapshot, we remove barriers to participation and enable a more accessible and efficient voting process. Each proposal is subject to a voting period during which GTC holders can cast their votes, with the weight of each vote determined by the number of GTC tokens held. Once a proposal has successfully been passed on Snapshot, the proposal is then moved to Tally where the decision is ratified onchain.
Types of Things That Get Voted On
The Gitcoin community has the power to vote on a diverse range of matters that influence the organization’s development and direction. These include, but are not limited to:
- Funding Allocation: GTC holders can vote on how funds are allocated to various projects and initiatives within the Gitcoin ecosystem. This ensures that the community has a say in supporting projects that align with its values and goals.
- Governance Changes: Any modifications to the governance structure itself are put up for a vote. This ensures that the governance model remains dynamic and adaptable to the changing needs of the community.
- Strategic Direction: Gitcoin's long-term strategic direction can also be shaped through community voting. This includes decisions related to partnerships, collaborations, and expansion efforts.
Utility Explorations
The future of GTC is bright as it ventures into new forms of utility beyond governance. Our token is not only used to ratify budgets and determine how to allocate funding for public goods, but also to enable activity on our protocols and products.
Get involved
Whether you are interested in following along, getting involved in our governance process or being nominated to our Steward Council, the best place to start is by joining the conversation on our Governance Forum.