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SIP-0002.md

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SIP Title Author Status Track Created
0002
Issuance of cSOV to community members
Ororo Munroe (@ororopickpocket)
Approved
Treasury
2021-01-20

SIP-0002: Issuance of cSOV to community members

Resolved

  1. The Sovryn protocol will issue up to 1,800,000 cSOV tokens
  2. cSOV tokens will provide a pre-order mechanism for community members to stake funds in order to receive the right to SOV tokens, on a 1:1 basis with cSOV tokens subject to a vote by SOV holders.
  3. These cSOV tokens will be distributed to stakers who have the early community NFTS
  4. The required stake per cSOV token will be 2750 Satoshis
  5. Any cSOV tokens converted to SOV will be subject to 10 months linear vesting (with 1/10 of the total amount released on a monthly basis) from the date of the end of the SOV public sale.
  6. Any cSOV holder that does not actively convert their cSOV to SOV within a two month period after TGE will be able to receive their staked funds.