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SIP Title Author Status Track Created
0005
Redeeming cSOV for SOV
Ororo Munroe (@ororopickpocket)
Approved
Treasury
2021-02-12

SIP-0005: Redeeming cSOV for SOV

Background

On January 25, 2020, Sovryn launched the Genesis Reservation system. Sovryn community members who controlled a special NFT were granted access to stake BTC or RBTC for cSOV tokens at a rate of 2500 satoshis per cSOV. Per SIP-0003, up to 2,000,000 cSOV were made available in the Genesis event, which will be redeemable on a 1:1 basis for cSOV, subject to approval by existing SOV holders.

After acceptance of SIP-0004, due to various circumstances surrounding the Genesis event, up to 641,946.1868 new tokens were created. This new token is referred to in this proposal as “cSOV-2” and is effectively equivalent in purpose to cSOV.

In this SIP we propose to approve the 1:1 redemption of cSOV and cSOV-2 for SOV. Proposal

Resolved

  1. The RSK address of the cSOV token referenced is 0x0106f2ffbf6a4f5dece323d20e16e2037e732790
  2. The RSK address of the cSOV-2 token referenced is 0x7f7dcf9df951c4a332740e9a125720da242a34ff
  3. The RSK address of the SOV token referenced is 0xefc78fc7d48b64958315949279ba181c2114abbd
  4. Up to 2,000,000 cSOV may be redeemed for an equivalent amount of SOV. Additionally, up to 641,946.1868 cSOV-2 may be redeemed for an equivalent amount of SOV.
  5. Any cSOV converted to SOV will be subject to 10 months linear vesting (with approximately 1/10 of the total amount released on a monthly basis). Vesting will start from TGE and the first vested tokens will be released approximately 4 weeks after TGE.
  6. The source code for the redemption smart contract to be used can be found https://github.com/DistributedCollective/Sovryn-smart-contracts/blob/vesting-factory/contracts/governance/Vesting/VestingRegistry.sol.
  7. The source code for the vesting smart contract to be used can be found https://github.com/DistributedCollective/Sovryn-smart-contracts/blob/vesting-factory/contracts/governance/Vesting/VestingLogic.sol.