CDT to SSV Conversion Contract and SSV Testnet Contract Withdrawal and Deactivation
Following the expiry of December 31st, 2024, the MC will execute the relevant transactions in the First Scheduled Batch, to transfer the SSV currently in the relevant contracts to the MC Treasury Wallet, and to render inoperable (to the extent possible) the CDT to SSV Conversion Contract and the Incentivized Testnet Distribution Contract.
This will be done since more than three years have passed by the time of execution as of the time the Token Upgrade CDT → SSV proposal passed in September 2021. This is a considerable amount of time allotted for all CDT holders to convert their holdings.
With respect to the Incentivized Testnet, after the introduction of the SSV testnets, the DAO passed the Incentivized Testnet proposal to reward users who participated in testing the network. In this proposal, it was outlined that the MC would be required to mint a total of 64k SSV, from which users would claim their earned rewards. Some unclaimed SSV remains, which will now be transferred as detailed above.
To guarantee all users have enough time to claim any tokens they are entitled to, the Foundation is hereby instructed to publish a prominent message on all channels and DAO-managed assets (such as discord, X, forum, etc.) relevant to disseminating information regarding the burning of the SSV tokens in the CDT to SSV Conversion Contract and the Incentivized Testnet Distribution Contract. This message will be posted each month at least 3 times in reasonable time frames until December 31st and must include the exact following text:
After the expiry of December 31st, 2024, the ssv.network DAO will withdraw SSV stationary in the CDT to SSV conversion contract and the Incentivized Testnet contract. After December 31st, 2024, claims from these contracts will not be possible. Please withdraw your tokens on time.
Once the transaction to withdraw from both the CDT to SSV Conversion Contract and the SSV Testnet Distribution Contract has been executed successfully and the tokens are in the DAO Treasury, the MC will observe the amount that has been withdrawn and burn 50% of it. From the tokens, while transferring the remaining 50% withdrawn amount:
- 150.000 SSV will be transferred to a dedicated wallet, which cannot be used for operational or budgetary expenses. It will be used for the incentivization of new growth of the ssv.network, which will await a new DAO proposal for its approval and use.
- 200.000 SSV tokens will be transferred to a dedicated wallet, which will be used exclusively for [DIP-25] Enhancing ssv.network DAO voting engagement.
- Any remaining withdrawn tokens will be burnt.
If it so happens that the SSV withdrawn from the CDT to SSV Conversion Contract and the SSV Testnet Distribution Contract is insufficient to cover the transfer of 150.000 SSV to a dedicated wallet for growth of the network and the 200.000 SSV allocated in [DIP-25] Enhancing ssv.network DAO voting engagement, both, as indicated above, the DAO will be required to mint the shortfall as indicated in [DIP-2] Multi-Sig Committee.