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On this page
  • Initial Distribution
  • Team Distribution
  • Other Distribution
  • Founders and Deep Work Studio Limited
  • Airdrop
  • Future Issuance
  • Updating Issuance
  • History

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  1. Working at Deep Work
  2. Governance
  3. DEEP Token

Distribution

PreviousDEEP TokenNextOld token details

Last updated 2 years ago

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Initial Distribution

DEEP is issued by Deep Work Ltd to team members who do work in the collective.

DEEP has no financial value - it represents participation in the collective by designers and team members. There is no sale or investors.

Allocation
Tokens
Details

Team

New tokens minted once per month as required.

Distributed to team members when working on projects.

Founders

20000

Creators of Deep Work Studio on 'an exit to the community'.

Airdrop (contributions pre-token launch)

5000

Retrospective distribution at token launch.

You can see the current distributed and amount of tokens minted at: .

Team Distribution

After working on a project, team members are allocated tokens. This gives them voting rights on the DAI or USDC Treasury and DEEP token treasury. Deciding how both should be spent to continue building Deep Work or to the benefit of the collective.

The token is distributed according to skill level or task, those with more responsibility or experience being awarded more tokens for higher voting rights in the direction of the studio. Long term contributors earn more tokens.

You can earn tokens by working on a project - see the for an introduction. When invoicing or requesting payment for completed work, team members earn tokens by a multiplier of what they invoice depending on the role:

Notes: Facilitators, Product Designers and User Researchers are the same skill level in practice, the allocations per dollar are different so each earns roughly the same tokens per project.

Tokens are distributed at the same time payments are made to the team - see for more information on the payment process.

Other Distribution

Founders and Deep Work Studio Limited

Whilst taking inspiration from fair launches we have allocated tokens to the founders of Deep Work and Deep Work Studio Limited. For two reasons:

Firstly, the founders of Deep Work have been building Deep Work for three years. Rather than a traditional exit (e.g. selling the company) we are creating the collective as an 'exit to the community'. Secondly, Deep Work Studio Limited has an allocation of tokens to continue building the collective and be able to to distribute tokens as it sees fit.

The graph above shows the predicted distribution of tokens between founders and the community. At launch, founders have a high percentage of tokens. As tokens are distributed to workers over the next ~45 projects, the split will be 50:50. At our current average of projects, this will be towards the end of 2022. The community then progressively has a higher percentage of tokens over founders as the collective becomes decentralised. At 150 projects, the initial team distribution will be allocated and will have 70% of tokens. Founders will have 30% because they continue to earn tokens rewarded on successful completion of products they've created. If new products are added to Deep Work, then this percentage will be lower.

Airdrop

There is a retroactive allocation of tokens at launch. This was based on our V1 token launch, token claims since that date and any recent project contributions. We took a snapshot on Wednesday 22nd November 2021. Any future contributions and payment requests will go into the next token distribution.

Future Issuance

The team allocation has been calculated to distribute over roughly four years or 150 projects. This rate could significantly change, and is no way meant as a target.

Token circulation is expected to be distributed as per the above graph. As more projects are completed, more tokens will be issued.

If the team allocation is used up, token holders can vote to issue more tokens to the team allocation at a rate of no more than 10% (of the total amount of DEEP tokens) per year.

The treasury allocation is intended to be used over a four year period. After four years, token holders can vote to issue more tokens at a rate of no more than 5% (of the total amount of DEEP tokens) per year.

Updating Issuance

Deep Work's representatives can propose to change the token multipliers or allocations at anytime. This is run in a co-ordinated session:

  • Each representative proposes their own changes.

  • Representatives present their proposed changes (knowledge exchange between all members)

  • Debate key differences.

  • Representatives make changes based on the data received from other representatives.

  • The average of this final change sets the new rate.

History

An example can be found .

Once completed, the new multipliers and rates are raised as a Governance proposal. This gives the full team and collective a chance to veto the amendments. An example can be found .

Changes in 2022 and 2023 - Token allocations and distributions are reviewed monthly in a Finance and Representative's council meeting. Distribution multipliers are updated on and approved via a .

21st April 2022 - Token allocations and distribution was changed via the following governance vote:

2nd September 2022 - Token allocations and distributions changed via:

5th September 2022: Token distribution and hard cap removed via:

Deep Work (DEEP) on Etherscan
Quick Start Guide
Functions and Token Multipliers
Getting Paid
here
here on Snapshot
DEEP Functions
snapshot vote
https://snapshot.org/#/deepworkstudio.eth/proposal/0xcdf0588075ec75776c7b223f94a136a099a8958c56239139bac941c856cb0877
https://snapshot.org/#/deepworkstudio.eth/proposal/0xdcbd95df60e5613ed1331a6133c2fb863180c0cf0e68db35c169d014928f44d6
https://snapshot.org/#/deepworkstudio.eth/proposal/0x127e31d2bb5086666fb929c14fbf3b3b6247833ff35dd8eb4365e97651f09e1e
X Axis: Number of Projects
A more detailed prediction and data can be viewed here:
DEEP Token Distribution and Allocation Modelling