Token Upgrade
Status: unassigned
Proposal Overview
We propose to enable a voluntary upgrade of the CDT token to a new ERC20 contract, symbol, decimal precision and minting ability.
The name of the upgraded token will change to SSV.
Motivation
CDT was developed in 2017 using best practices and latest standardized code by the leading libraries (OpenZeppellin).
Many innovations, repairs and advancements have been made to said code which should be updated to the current CDT token contract.
As SSV.Network is a fully decentralized network, governed by a DAO hence making governance decentralized, and is fast approaching its testnet phase (and soon after - mainnet). Therefore, a more suitable token symbol should be selected to represent these changes and to be affiliated with the network.
SSV token shall be the SSV.Network native token, it will be used for fees payment, and governance, thus maintaining the token’s utility for the network’s users.
Mechanics
An open source web UI will be developed in order to facilitate the upgrade.
Concurrently, a new SSV token contract will be deployed to the Ehereum mainnet, based on the code in this Github repository.
The contract uses OpenZeppelin’s trusted and well-tested ERC20 contracts.
The SSV contract is fully ERC20 compatible, mintable and ownable by the DAO multisig wallet.
SSV deployed address: 0x9D65fF81a3c488d585bBfb0Bfe3c7707c7917f54
To complete the picture and allow the upgrade, a new TokenUpgrade contract will be deployed with the purpose of facilitating a safe and easy upgrade for existing CDT holders.
A simple CDT deposit into the TokenUpgrade contract will send SSV tokens back to the sender at the rate of 1:100 (100 CDT = 1 SSV).
The DAO will mint 10M SSV tokens to cover token upgrades for all CDT holders (1B CDT in existence).The newly minted SSV tokens will be deposited into the TokenUpgrade contract:
TokenUpgrade deployed address: 0x2bf73A478cc6a7bA4E6758A3A52AbDc8CDBa735E
