CoinDesk is soft-launching its own digital token, called $DESK, ahead of Consensus 2021. Here’s everything you need to know and how to get involved.

More people own cryptocurrency than ever before. For bitcoin alone, wallet addresses are up 27% since the start of the year, according to Glassnode. The obvious catalyst for this rise in market participants is the current bull market, which continues to draw worldwide attention and push digital asset prices to new heights.

The surge of interest in digital assets has also introduced CoinDesk to a vast new audience, with the site’s unique visitors for 2021 up 633% compared to the first three months of last year.

Read more: Introducing $DESK, CoinDesk’s New Rewards Program

The financial world is evolving fast, and CoinDesk is eager to keep pace with this change. That’s why we’re excited to launch $DESK as an integral part of this modernization.

$DESK is a CoinDesk-issued token created in collaboration with Unifty. It’s hosted on Rinkeby, an Ethereum-based testnet for trialing new software.

As an ERC-20 token, $DESK is built on top of the Ethereum blockchain. That means it will be compatible with Ethereum’s broader ecosystem, including wallets and decentralized applications, once the token is fully live. 

$DESK is launching in beta at Consensus 2021. During this phase, the token will provide rewards for conference attendees as they attend and participate in various events. All transactions are completely gas-free – meaning they won’t have a service fee (in $DESK or otherwise) – to make using $DESK as easy as clicking a button.

Read more: What is the ERC-20 Ethereum Token Standard?

The Torus Wallet, a frictionless digital asset wallet provider, will support the storage and redemption of $DESK during the beta launch. This is a non-custodial service, meaning $DESK holders will have complete control over their own tokens once they receive or earn them. 

CoinDesk created $DESK as a tool to help build community, not as a monetary asset. Unlike traditional securities or mainstream cryptocurrencies like bitcoin, $DESK is not intended to have any monetary value, and it cannot be traded on a secondary market for other digital assets or exchanged for fiat currency.

Receiving $DESK couldn’t be easier. Simply follow these two steps before the event and start accruing tokens:

Note: $DESK is currently open to Consensus 2020 and 2021 attendees. If you have trouble, contact desk@coindesk.com. 

You can earn $DESK tokens by completing a variety of tasks during Consensus 2021 and through engagement with the CoinDesk platform, including:

For attendees of last year’s Consensus event, CoinDesk sent a claim code for 500 $DESK on May 18 to the email you used to register, in appreciation of your continued support. 

$DESK holders will be able to take part in live auctions to bid for crypto-focused experiences as well as redeem tokens for a range of exclusive Consensus NFTs (see below).

For the beta, CoinDesk will control the issuance of new $DESK tokens. There is no fixed amount, so $DESK should not be held in anticipation of scarcity. 

No. $DESK tokens are yours to hold, spend or send after Consensus 2021. CoinDesk will host more experiences to engage with our events and digital platform in the future.

We’re going to walk before we run. This is the first event we’re doing with $DESK, and we’re primarily focused on giving conference attendees the best experience possible. But we’re excited about the possibilities of $DESK beyond Consensus. Stay tuned! 

Like airplane miles, $DESK will always be worth a fixed amount.

Yes. If you attended Consensus 2020, you’ll get a link to log into your wallet and claim a small amount of $DESK to get started. The real perks, however, are inside Consensus 2021. 

No. There is no current mechanism to stake $DESK. As the liquidity is controlled by CoinDesk, there wouldn’t be a reason to stake it.