CREED Token
The CREED token is a governance and utility token backed by crypto assets held in the capital pool contract. When someone contributes ETH, USDC or cbBTC to the Capital Pool in the Creed Crypto user interface, CREED is minted and transferred to their wallet.
Members can custody and use CREED within the protocol to participate in:
- Onchain governance. CREED holders use the token to vote in onchain governance, where members make critical decisions about protocol upgrades, capital pool investment allocations, and how capital pool assets are used. Learn more in the Governance section.
- DAO governance. Members decide how DAO treasury funds are used by discussing proposals and voting with their CREED. Learn more in the Governance section.
- Staking. CREED powers the underwriting process, where members can stake and delegate their CREED to a pool or assess risk and manage a staking pool. By staking CREED, they create open capacity for other members to buy cover. When cover is purchased, CREED stakers are rewarded with a share of the cover fee in CREED. Learn more in the Staking section.
- Claims assessment. Members stake CREED and participate in the claims assessment process. When someone stakes CREED, this is subject to a lockup period, which allows the protocol to protect against any attacks on the assessment process. Those who vote fraudulently can have their staked CREED burned by the Advisory Board. Learn more in the Claims Assessment section.
For a detailed breakdown of the CREED supply, number of CREED holders, CREED distribution and more, see the Capital Pool and Ownership Dune Dashboard created by the R&D and Marketing DAO teams.
The token model, which is used to control capitalization and determine the CREED price, is reviewed in the following section.