"SporkDAO Pioneers First DAO Profit Distribution"

ETHDenver's SporkDAO, a Colorado-based cooperative, has made history by distributing $52,800 in community-generated profits to its members. This marks the first time a Decentralized Autonomous Organization (DAO) has issued a profit distribution for patronage to its members.

John Paller, Founder of SporkDAO and Chief Steward of ETHDenver, explained the significance of this move: "Governance tokens, as they've existed in the past, provide no real incentive to create value for a DAO. To achieve success as a DAO, the token distribution and the organization's vision must align. This is what SporkDAO aims to achieve through our patronage token distribution model."

On October 15, 2024, a snapshot identified eligible members with at least one $sSPORK. The $52,800 in profits will now be distributed among them. This groundbreaking distribution is SporkDAO's first patronage event, showcasing a pioneering model in DAO-based rewards through an LCA structure— a novel approach for decentralized profit-sharing.

SporkDAO's patronage distribution operates within the framework of a Limited Cooperative Association (LCA) model, emphasizing equitable profit-sharing based on contributions to the ETHDenver ecosystem. To qualify for patronage and earn $SPORK tokens for staking, members must actively contribute to ETHDenver by participating in activities such as attending events, serving as stewards, or submitting projects to the #BUIDLathon. Staking $SPORK enables members to access profit distributions, ensuring rewards are tied to both active participation and long-term commitment.

This distribution marks the start of regular patronage distributions designed to encourage sustained community engagement well after the ETHDenver festival. The initiative reinforces ETHDenver's commitment to shared community value and rewards.

SporkDAO serves two primary purposes. First, it aims to realize the vision of Colorado becoming a destination of choice for Web3 innovation while also becoming the "First Digital State." Second, it integrates the greater Web3 community with Colorado through access to events, experiences, and collaborative value creation.

$SPORK tokens cannot be purchased. Members earn $SPORK for engaging through patronage activities that contribute value to SporkDAO, such as attending ETHDenver in person, submitting a project to the #BUIDLathon, creating art