CIP-0093: Add Bosphorus SV (BSV) as a Super Validator Max Weight 6

Abstract

Bosphorus SV (BSV) will drive user and transaction adoption across Eurasia and the Middle East, focusing on institutional participants transacting in stablecoins, tokenized Treasuries, and other RWAs. BSV’s rewards will be tied to verifiable on-chain burn generated by wallets, apps, and institutions it directly onboards or supports.

BSV will focus on:

• Regional tokenized U.S. Treasury (UST) distribution to financial institutions and treasuries
• Stablecoin settlement and rails for cross border trade and institutional transactions
• Stablecoin wallet, debit, and credit card issuance
• On-chain lending and borrowing applications built on stablecoins and tokenized collaterals
• New tokenized sovereign instruments, including government treasuries
• Cross-border trading between cross-country bonds
• Strategic investment and collaboration with new technology builders and fintech infrastructure projects.

About BSV

Run by experienced operators and entrepreneurs with backgrounds spanning finance, technology, and government.

Suleyman Onay is an entrepreneur and operator at the intersection of traditional and digital finance. He is the Managing Director of Colendi, one of Eurasia’s leading financial technology groups, where he built an integrated digital finance ecosystem spanning licensed digital deposit banking, e-money, capital markets and insurance brokerage. Under his leadership, the group raised over $100 million in equity capital and became a key player in bridging fintech innovation and regulated infrastructure. He brings a deep understanding of institutional partnerships, regulatory frameworks, and real world asset adoption - capabilities directly aligned with Canton Network’s mission. He expanded the group into blockchain infrastructure, including acquisition of SETL (a pioneer in institutional settlement technology) and partnership with Circle Payment Networks (CPN). Before his ventures, he was with the Boston Consulting Group (BCG), advising major financial institutions and conglomerates across the region on banking, capital markets and financial investments. A graduate of Harvard Business School, Suleyman focuses on connecting global capital and technology ecosystems with the emerging financial champions of Turkiye, the GCC, and Central Asia.

Ilker Zorluoglu is an operator and strategist at the intersection of Crypto, growth, and policy/government affairs. He served as the head of MENA at Outlier Ventures in London, working directly with the CEO to build founder pipelines and partnerships. Ilker was Chief Marketing Officer at a DePIN product and later Chief Strategy Officer at a blockchain company, where he led go-to-market, ecosystem, and partnerships across EMEA. He co-founded Yönetişim A.Ş., a real-estate SaaS company exited to partners in 2020. Beyond startups, Ilker is an Ambassador for ETH Global and an active advisor to Turkey’s startup and scale-up community. Earlier in his career, he served as a political advisor and campaign strategist, leading record-breaking elections in Türkiye, including what is widely regarded as the most successful campaign in the country’s history with the region’s highest turnout. Ilker holds a B.Sc. in Industrial Engineering from Bilkent University on a full scholarship.

Ari Nazir is a fintech and crypto operator who helped launch the White House National Economic Council’s Fintech office. At Dropbox he worked in strategy and alongside engineers, building a foundation in analytical rigor and scale-minded execution. In digital assets, he worked across crypto hedge funds with hands-on fund investing, operations, and controls, including early investments in Multicoin Capital and Polychain Capital. He co-created NBA Top Shot—the flagship NFT project that surpassed $1B in sales and is backed by Andreessen Horowitz. Ari brings policy fluency, operational discipline, and crypto-native product depth to operate secure, compliant, and high-availability validator infrastructure for the Canton Network.

Motivation

BSV operates in one of the world’s largest digital-asset user bases (Türkiye, GCC, Central Asia) and has existing relationships with banks, PSPs, and fintechs positioned to transact on Canton MainNet.

By anchoring incentives to total burn rather than qualitative milestones, this CIP aligns BSV’s rewards with the network’s real economic activity and ensures direct accountability for usage.

Proposal

Approve BSV as a Super Validator with max Weight 6, governed under the standard SV framework.

Reward eligibility will be calculated on the total burn attributed to BSV-onboarded entities.

Parties onboarded by BSV will be declared to the Accountability Subcommittee. BSV will be required to track and report on the burn attributable to those entities and the Accountability Subcommittee will confirm those finds.

SV Commitment

Deliverable	Acceptance Criteria	Deadline	Weight Earned
Total Canton Coin Burn Attributed	Sum of CC burned by transactions traceable to activity in US Treasuries, Stablecoins, TRY, and other related assets across BSV-onboarded wallets/apps (excluding CC-related burn) <br><br>If burn after the 12 month period dips > 50% from the average over the reward period, BSV will lose any weight awarded for transaction activity at that point going forward.	+ 12 months from CIP Approval<br><br>	+ 0.5 SV Weight per $2m of Inelastic Burn<br><br>Max +5
Issuance of TRY Government Bonds	The successful minting of TRY Government bonds with > $10m of TVL held by non-BSV entities	+18 months from CIP Approval	+1

Target Markets (Context Only)

Eurasia / Eastern Europe / Turkiye / CIS / GCC — emphasizing regulated stablecoin and RWA transactions.

Turkiye

Authority: The Central Bank of the Republic of Turkiye (CBRT)

Focus: CBRT just invited the private sector to join the Central Bank Digital Turkish Lira Research and Development Project (Digital Turkish Lira Project) ecosystem (September 2025).

BSV will aspire to become a significant contributor to research and development, and position Canton Network as one of the strategic partners for the development.

GCC

United Arab Emirates Authorities: CBUAE (central bank), ADGM / FSRA (Abu Dhabi), SCA (securities/stablecoins outside free zones), VARA (Dubai)

CBDC: Digital Dirham strategy; UAE is a lead participant in BIS mBridge (wholesale cross-border CBDC)

ADGM (FSRA): Digital Assets framework updated Jun 2025; guidance explicitly covers stablecoins; further Oct 2025 consultation on staking

Stablecoin / Payment Tokens: CBUAE “Payment Token Services Regulation” in force (licensing/operating conditions for payment tokens)

Dubai (VARA): Rulebook v2.0 issued May 2025 (activity-based obligations for custody, exchange, issuance, lending, etc.)

Bahrain Authority: Central Bank of Bahrain (CBB)

Stablecoin: New dedicated rulebook module ‘Stablecoin Issuance & Offering (SIO)’ announced July 2025 and live in the online rulebook

Qatar (QFC) – announced comprehensive digital-assets framework

Oman (CMA) - announced and has been publishing instructions for VASP registration/activities

Asia (Caucasus & Central Asia)

Kazakhstan

Authorities: National Bank of Kazakhstan (NBK) & National Payment Corporation of Kazakhstan (NPCK)

Digital Tenge: In phased implementation following pilots

Ecosystem: Digital Tenge Hub coordinates industry participation

Uzbekistan

Authorities: Central Bank of Uzbekistan (CBU) & NAPP (National Agency for Perspective Projects) for crypto-assets

Stablecoin/Tokenisation: government plans stablecoin payment pilots & tokenisation pilots—but no formal NAPP/CBU directive yet published

Azerbaijan

Authority: Central Bank of Republic of Azerbaijan (CBA)

CBDC: No official CBDC pilot, open to discussions with global partners

Georgia

Authority: National Bank of Georgia (NBG)

Digital Lari: Research/pilot experimentation Mar 2024–Feb 2025 (programmability, tokenisation, smart contracts) per Fintech Strategy

SV Reward Mechanics:

• An extraBeneficiary PartyID associated with the ‘escrowed’ Super Validator will be setup by the Foundation, or another SV node operator approved to provide SV rewards escrow services, with an SV Weight at the maximum earnable weight.

  • The Applicant is responsible for coordinating the process of setting up the escrowed weights with the GSF and the operator of the SV node.
  • The Applicant is responsible for all costs associated with the operation of the escrow SV
  • The escrow SV will NOT mint rewards on a block by block basis
  • All escrow SV rewards will go to the Unclaimed Rewards pool

• ⅔ of the Super Validator Operators will update their configurations to allow the escrowing SV node to host the full weight to be earned by the given Super Validator

• Applicant is required to present proof of successful completed milestones to the Tokenomics Working Group

  • Applicant is required to present a calculation for number of Canton Coin it should earn for meeting the requirements of the milestone

• If the Tokenomics Working Group agrees the milestone has been met and agrees with the calculation, an announcement will be sent via the Tokenomics-Announce mailing List

  • The GSF will update the extraBeneficiary to an active PartyID controlled by that Super Validator.
  • ⅔ of Super Validator Operators will then assign a portion of the Unclaimed Rewards to be minted by the Applicant’s Validator, based on the calculation approved by the Tokenomics working group.

• If any milestones and associated rewards are not achieved by the deadline

  • Applicant will be notified they have not met a deliverable by the GSF
  • Remaining SV Weight assigned to the extraBeneficiary SV will be removed from the GSF node configuration, and the total SV weight of the GSF SV node will be reduced by the same amount by a vote of the Super Validators.
  • The Tokenomics Working Group will make a recommendation to the SVs on what to do with the Unclaimed Rewards

• Applicant is subject to CIP-0045 : SV Operating Requirements

  • If, at any time, the Applicant has been rewarded SV Weight > 2.5, they are required to operate their SV within 6 months of crossing that Weight. This SV node will join the network with an SV weight of zero (0) and may add weights as the SV completes the milestones listed in this CIP.

Copyright

This CIP is licensed under CC0-1.0: Creative Commons CC0 1.0 Universal.

Changelog

• 2025-11-07: Initial draft of the proposal.
• 2025-11-24: CIP approved.