SIP-0005: Redeeming cSOV for SOV
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.
In SIP-0004, due to various circumstances surrounding the Genesis event, up to 640,746.1868 new tokens are proposed to be 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.
- The RSK address of the cSOV token referenced is
- The RSK address of the cSOV-2 token referenced is [TBD]
- The RSK address of the SOV token referenced is [TBD]
- Up to 2,000,000 cSOV may be redeemed for an equivalent amount of SOV. Additionally, up to 640,746.1868 cSOV-2 may be redeemed for an equivalent amount of SOV.
- Any cSOV 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.
- The source code for the redemption smart contract to be used can be found [TBD].
- The source code for the vesting smart contract to be used can be found [TBD].