CDT -> SSV Upgrade

We are excited to finally release the CDT -> SSV token upgrade. This might be the perfect opportunity to share additional information about the new token and the reason for the upgrade.

CDT was originally minted as Blox’s native token. The original smart contract was created in 2017, over the years, it had various use cases, from payment to staking and more. The largest address is owned by Blox, the use and allocation plan for the tokens held in the address are detailed below.

The upgrade itself will be voted on with CDT, if passed, all users who have CDT will be able to swap their CDT with SSV at a 1:100 ratio. The swap bridge will be ‘one-directional’, you will not be able to swap your SSV token back to CDT.

The upgrade proposal is published in our forum, the snapshots vote will start a few days after. The voting period will be 1 week, if passed, the swap contract will be made available immediately after the vote is closed.

DAO formation

The CDT to SSV token upgrade event is a significant milestone in the formation of the SSV.network DAO. The upgrade will be the 1st proposal brought to DAO review, if passed, SSV token will become SSV.network’s native token.

Soon after the upgrade, we plan to propose a “Partner Allocation Program”. An additional amount of 3Mil SSV to be minted by the DAO and allocated to strategic partners. If approved by the DAO, the allocation will be made to prominent companies from the industry in return for contributions to SSV DAO.

The program will allow the DAO to involve strategic partners in the network as well as receive funding for future grants and DAO related activities.

If the two proposals pass and execute, a total of 13M SSV will be created and allocated as follows:

The largest CDT wallet

The largest CDT address have ~325M CDT tokens. The address is the original token sale (July 2017) address to which the Blox (company and team) received its CDT allocation.

Blox plans to upgrade all CDT tokens held in the mentioned address to 3.25M SSV tokens. For the sake of transparency and fairness, Blox plans to lock a large portion of the tokens with the remaining amount granted to the DAO and our employees.

• 500K SSV tokens as a DAO grant (details below)
• 500K as an option pool for some past and present Blox team members.
• 2.25M SSV to be moved to a vesting contract, 1 year cliff + 1 year continuous linear vesting. Voting rights remain intact during the cliff and vesting periods

Vesting

Blox intends to lock in vesting the majority of the 3.25mil SSV tokens as a vote of confidence to the community, new partners and future SSV operators. The 1 year cliff symbolizes an extended development time frame required for the SSV network mainnet launch, we believe we can launch much faster!

The remaining SSV tokens will be gradually vested throughout the 2nd year.

DAO Grant

SSV DAO plays a major role in the success of the network. Blox will grant the DAO 500K SSV tokens. Those tokens will be used for development grants, network promotions or any other activities voted in by the DAO.

We believe that the Partner Program proceeds and the Blox grant will allow the SSV community to bootstrap the DAO with a much needed toolbox to generate economic incentives for all network participants.

Voting

The SSV tokens managed by Blox can be used for voting. Outlining the voting process and level of participation is important for promoting transparency and fairness.

We wish to empower each DAO member with the needed tools to influence the network and have their voice heard in any and all DAO related decisions.

To that end, if and when Blox decides to vote on DAO proposals it shall happen according to the below guidelines. Any future change to these guidelines shall be published in advance.

The above framework allows us to participate in DAO decisions without having a majority vote.

• Blox shall vote only within the last 24H of the voting period in order to determine ‘total participation’ as accurately as possible.
• If requested by a DAO member within a DAO/forum discussion, Blox shall disclose it’s vote immediately after a vote has ended.

Get your CDT ready

CDT upgrade is the first proposal brought to SSV DAO’s decision. The upgrade encapsulates an array of decisions as it will influence our roadmap moving forward. Following the upgrade we hope to progress with the ‘Partner Program’ alongside additional actions required for a successful bootstrap of SSV DAO and protocol. We hope to see as many users as possible voting on this decision and the ones to follow.