$COP is the native token of Copra protocol. The TGE date, tokenomics, and utility of $COP are all still TBD.
At a high level, some unique utilities of $COP might include:
Loan Vault Voting: In addition to voting on all governance decision-making of Copra protocol, $COP holders may vote for (or against) the creation of new loan vaults and the inclusion of protocol borrowers in a loan vault, as ways to progressively decentralize the credit underwriting process. Even though borrower protocol onboarding would ultimately be permissionless, Copra loan vaults, comprised of a collection of vetted protocol debts, would be gated by $COP holders through a voting mechanism that would occur every time a loan vault rolls over.
Insurance Fund Staking: $COP holders could stake their $COP along with a determined pairing amount of principal tokens (e.g. combination of ETH, BTC, Stables) to the insurance fund of certain loan vaults. Stakers will receive yield from the spread made by the loan vault as compensation for taking the slashing risk with their capital, which will be drawn from when the loan vault needs extra capital to make full repayments to its LPs. This mechanism can be viewed as a way to share protocol revenue with $COP holders, accruing value to the $COP token. Additionally, the staked $COP token along with the staked principal token can both be staked further into a DEX pool to provide liquidity for $COP token as well. The fees collected from the DEX pool can be passed to the stakers to boost their yield.
Loan Origination Fee: Even though issuing debt through Copra is ultimately permissionless for the protocol borrowers, they would need to spend and burn some amount of $COP token when doing so as a form of origination fee. This acts as a sink to the total $COP supply and could produce an upward pressure to $COP price.