Mailing Lists/CIP 0035 : 5North to become SVSource on lists.sync.global ↗

CIP 0035 : 5North to become SV

cip-voteCIP-003514 messagesstarted 07-01-2025
  1. #1Eric Saraniecki07-01-2025source ↗

    Hello fellow Super Validators

    CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.

     

    CIP-0035 : 

    Summary

    • Add Five North as a Tier2 SV (Weight 3)

    • Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network

    • Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

    • Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space. 

    • By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.

    • Successful examples of ecosystem funds include RSK, Solana and Avax. 

    • Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain

    • Grants come with several negative externalities

      • Grants produce a mercenary-style business model for companies on public chains

      • The Foundation giving grants has no upside in the success of the application

      • Foundations are not setup to be VCs and are not well qualified to make investment decisions 

      • Grants are a one-way-function : money only leaves the Foundation and is not returned to the community 

    • Equity investments improve on many of these issues

      • Selling equity in your company requires deeper consideration and longer term thinking

      • The community can financially benefit from holding an equity stake in the companies coming to Canton 

      • A for-profit, venture capital company is more qualified to make equity investments

      • Majority of the profits are returned to the community for further reinvestment

    Mechanics

    • The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton. 

      • 5N GP will be the GP

      • The LP can also have external investors

      • The LP directors will be able to fire the GP in case of mismanagement or underperforming

      • The LP directors will be also able to dissolve the partnership

      • The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

    • The SV will be Operated by the 5N GP

    • 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP

    • The fee structure can be 2% management fees /20% performance 

    • In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

    • Yiannis Varelas is a long time crypto entrepreneur with an engineering background

    • Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK 

    • He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.

    • Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.

    • In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi. 

    Proposed Changes

    • Increase the GSF’s minting weight +3 and assign to Five North

    • Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame

  2. #2Eric Saraniecki07-01-2025source ↗
    Attaching a PDF - the email format wasn't the easiest thing to read. 
  3. #3Veronica Augustsson07-01-2025source ↗

    7RIDGE vote in favour of CIP-0035

     

     

    V E R O N I C A   A U G U S T S S O N​​​​

      /  

    P A R T N E R


    ​

    image236367.png

    7RIDGE IS A PRIVATE MARKETS ASSET MANAGER INVESTED IN TRANSFORMATIVE TECHNOLOGY FOR FINANCIAL SERVICES TO POWER THE GLOBAL ECONOMY

    Signature for V e r o n i c a A u g u s t s s o n

    toggle quoted message Show quoted text

    From: cip-vote@... <cip-vote@...> On Behalf Of Eric Saraniecki via lists.sync.global
    Sent: Tuesday, 7 January 2025 20:15
    To: cip-vote@...
    Subject: [cip-votes] CIP-0035 : 5North to become SV

     

    Hello fellow Super Validators

    CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.

     

    CIP-0035 : 

    Summary

    •  
    • Add Five North as a Tier2 SV (Weight 3)
    •  
    •  
    • Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network
    •  
    •  
    • Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community
    •  

    Motivation

    •  
    • Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space. 
    •  
    •  
    • By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.
    •  
    •  
    • Successful examples of ecosystem funds include RSK, Solana and Avax. 
    •  
    •  
    • Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain
    •  
    •  
    • Grants come with several negative externalities
    •  
      •  
      • Grants produce a mercenary-style business model for companies on public chains
      •  
      •  
      • The Foundation giving grants has no upside in the success of the application
      •  
      •  
      • Foundations are not setup to be VCs and are not well qualified to make investment decisions 
      •  
      •  
      • Grants are a one-way-function : money only leaves the Foundation and is not returned to the community 
      •  
    •  
    • Equity investments improve on many of these issues
    •  
      •  
      • Selling equity in your company requires deeper consideration and longer term thinking
      •  
      •  
      • The community can financially benefit from holding an equity stake in the companies coming to Canton 
      •  
      •  
      • A for-profit, venture capital company is more qualified to make equity investments
      •  
      •  
      • Majority of the profits are returned to the community for further reinvestment
      •  

    Mechanics

    •  
    • The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton. 
    •  
      •  
      • 5N GP will be the GP
      •  
      •  
      • The LP can also have external investors
      •  
      •  
      • The LP directors will be able to fire the GP in case of mismanagement or underperforming
      •  
      •  
      • The LP directors will be also able to dissolve the partnership
      •  
      •  
      • The GP/LP structure will be an open-ended structure and has a minimum life of 2 years
      •  
    •  
    • The SV will be Operated by the 5N GP
    •  
    •  
    • 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP
    •  
    •  
    • The fee structure can be 2% management fees /20% performance 
    •  
    •  
    • In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION
    •  

    About Yiannis Varelas and Five North

    •  
    • Yiannis Varelas is a long time crypto entrepreneur with an engineering background
    •  
    •  
    • Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK 
    •  
    •  
    • He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.
    •  
    •  
    • Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.
    •  
    •  
    • In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi. 
    •  

    Proposed Changes

    •  
    • Increase the GSF’s minting weight +3 and assign to Five North
    •  
    •  
    • Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame
    •  

  4. #4Justin Peterson08-01-2025source ↗
    Tradeweb votes in favor of CIP-0035. 

    Best, Justin 




    From: cip-vote@... <cip-vote@...> on behalf of: Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Date: Wednesday, Jan 08, 2025 at 1:15 AM
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV

    CAUTION:This email originated from outside of Tradeweb. Do not open attachments or click on links if you do not recognize the sender or if the content appears unsafe/you cannot verify the content is safe.

    Hello fellow Super Validators

    CIP 0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.

     

    CIP 0035 : 

    Summary

    • Add Five North as a Tier2 SV (Weight 3)

    • Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network

    • Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

    • Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space. 

    • By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.

    • Successful examples of ecosystem funds include RSK, Solana and Avax. 

    • Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain

    • Grants come with several negative externalities

      • Grants produce a mercenary-style business model for companies on public chains

      • The Foundation giving grants has no upside in the success of the application

      • Foundations are not setup to be VCs and are not well qualified to make investment decisions 

      • Grants are a one-way-function : money only leaves the Foundation and is not returned to the community 

    • Equity investments improve on many of these issues

      • Selling equity in your company requires deeper consideration and longer term thinking

      • The community can financially benefit from holding an equity stake in the companies coming to Canton 

      • A for-profit, venture capital company is more qualified to make equity investments

      • Majority of the profits are returned to the community for further reinvestment

    Mechanics

    • The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton. 

      • 5N GP will be the GP

      • The LP can also have external investors

      • The LP directors will be able to fire the GP in case of mismanagement or underperforming

      • The LP directors will be also able to dissolve the partnership

      • The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

    • The SV will be Operated by the 5N GP

    • 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP

    • The fee structure can be 2% management fees /20% performance 

    • In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

    • Yiannis Varelas is a long time crypto entrepreneur with an engineering background

    • Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK 

    • He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.

    • Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.

    • In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi. 

    Proposed Changes

    • Increase the GSF’s minting weight +3 and assign to Five North

    • Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame


    ________________________________________________________________________

    The information in this email is confidential and may be legally privileged. It is intended solely for the addressee. Access to this email by anyone else is unauthorized. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it, is prohibited and may be unlawful.

    Tradeweb reserves the right to monitor and review the content of all messages sent to or from this e-mail address. Messages sent to or from this e-mail address may be stored on the Tradeweb e-mail system.

  5. #5clarisse@dfns.co08-01-2025source ↗
    Dfns votes in favor of CIP-0035.


    Clarisse Hagège

    CEO & Cofounder

    dfns.co | Linkedin | Book a meeting



    toggle quoted message Show quoted text


    On Tue, Jan 7, 2025 at 6:40 PM Justin Peterson via lists.sync.global <justin.peterson=tradeweb.com@...> wrote:
    Tradeweb votes in favor of CIP-0035. 

    Best, Justin 




    From: cip-vote@... <cip-vote@...> on behalf of: Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Date: Wednesday, Jan 08, 2025 at 1:15 AM
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV

    CAUTION:This email originated from outside of Tradeweb. Do not open attachments or click on links if you do not recognize the sender or if the content appears unsafe/you cannot verify the content is safe.

    Hello fellow Super Validators

    CIP 0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.

     

    CIP 0035 : 

    Summary

    • Add Five North as a Tier2 SV (Weight 3)

    • Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network

    • Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

    • Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space. 

    • By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.

    • Successful examples of ecosystem funds include RSK, Solana and Avax. 

    • Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain

    • Grants come with several negative externalities

      • Grants produce a mercenary-style business model for companies on public chains

      • The Foundation giving grants has no upside in the success of the application

      • Foundations are not setup to be VCs and are not well qualified to make investment decisions 

      • Grants are a one-way-function : money only leaves the Foundation and is not returned to the community 

    • Equity investments improve on many of these issues

      • Selling equity in your company requires deeper consideration and longer term thinking

      • The community can financially benefit from holding an equity stake in the companies coming to Canton 

      • A for-profit, venture capital company is more qualified to make equity investments

      • Majority of the profits are returned to the community for further reinvestment

    Mechanics

    • The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton. 

      • 5N GP will be the GP

      • The LP can also have external investors

      • The LP directors will be able to fire the GP in case of mismanagement or underperforming

      • The LP directors will be also able to dissolve the partnership

      • The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

    • The SV will be Operated by the 5N GP

    • 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP

    • The fee structure can be 2% management fees /20% performance 

    • In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

    • Yiannis Varelas is a long time crypto entrepreneur with an engineering background

    • Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK 

    • He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.

    • Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.

    • In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi. 

    Proposed Changes

    • Increase the GSF’s minting weight +3 and assign to Five North

    • Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame


    ________________________________________________________________________

    The information in this email is confidential and may be legally privileged. It is intended solely for the addressee. Access to this email by anyone else is unauthorized. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it, is prohibited and may be unlawful.

    Tradeweb reserves the right to monitor and review the content of all messages sent to or from this e-mail address. Messages sent to or from this e-mail address may be stored on the Tradeweb e-mail system.

  6. #6Prakash Neelakantan08-01-2025source ↗
    BR votes in favor of CIP-0035
    toggle quoted message Show quoted text

    From: cip-vote@... <cip-vote@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Sent: Tuesday, January 7, 2025 2:16 PM
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV
     
    Hello fellow Super Validators CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote
    ZjQcmQRYFpfptBannerStart
    This Message Is From an External Sender
    This message came from outside your organization.
     
    ZjQcmQRYFpfptBannerEnd

    Hello fellow Super Validators

    CIP 0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.

     

    CIP 0035 : 

    Summary

    • Add Five North as a Tier2 SV (Weight 3)

    • Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network

    • Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

    • Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space. 

    • By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.

    • Successful examples of ecosystem funds include RSK, Solana and Avax. 

    • Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain

    • Grants come with several negative externalities

      • Grants produce a mercenary-style business model for companies on public chains

      • The Foundation giving grants has no upside in the success of the application

      • Foundations are not setup to be VCs and are not well qualified to make investment decisions 

      • Grants are a one-way-function : money only leaves the Foundation and is not returned to the community 

    • Equity investments improve on many of these issues

      • Selling equity in your company requires deeper consideration and longer term thinking

      • The community can financially benefit from holding an equity stake in the companies coming to Canton 

      • A for-profit, venture capital company is more qualified to make equity investments

      • Majority of the profits are returned to the community for further reinvestment

    Mechanics

    • The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton. 

      • 5N GP will be the GP

      • The LP can also have external investors

      • The LP directors will be able to fire the GP in case of mismanagement or underperforming

      • The LP directors will be also able to dissolve the partnership

      • The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

    • The SV will be Operated by the 5N GP

    • 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP

    • The fee structure can be 2% management fees /20% performance 

    • In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

    • Yiannis Varelas is a long time crypto entrepreneur with an engineering background

    • Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK 

    • He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.

    • Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.

    • In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi. 

    Proposed Changes

    • Increase the GSF’s minting weight +3 and assign to Five North

    • Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame

    This message and any attachments are intended only for the use of the addressee and may contain information that is privileged and confidential. If the reader of the message is not the intended recipient or an authorized representative of the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail and delete the message and any attachments from your system.
  7. #7Eric Saraniecki09-01-2025source ↗
    Thanks everyone so far - we are close to a passing vote here 

    How about the rest - can we vote before the end of the week please? 

    toggle quoted message Show quoted text


    On Wed, Jan 8, 2025 at 6:46 AM Prakash Neelakantan via lists.sync.global <prakash.neelakantan=broadridge.com@...> wrote:
    BR votes in favor of CIP-0035
    From: cip-vote@... <cip-vote@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Sent: Tuesday, January 7, 2025 2:16 PM
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV
     
    Hello fellow Super Validators CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote
    ZjQcmQRYFpfptBannerStart
    This Message Is From an External Sender
    This message came from outside your organization.
     
    ZjQcmQRYFpfptBannerEnd

    Hello fellow Super Validators

    CIP 0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.

     

    CIP 0035 : 

    Summary

    • Add Five North as a Tier2 SV (Weight 3)

    • Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network

    • Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

    • Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space. 

    • By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.

    • Successful examples of ecosystem funds include RSK, Solana and Avax. 

    • Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain

    • Grants come with several negative externalities

      • Grants produce a mercenary-style business model for companies on public chains

      • The Foundation giving grants has no upside in the success of the application

      • Foundations are not setup to be VCs and are not well qualified to make investment decisions 

      • Grants are a one-way-function : money only leaves the Foundation and is not returned to the community 

    • Equity investments improve on many of these issues

      • Selling equity in your company requires deeper consideration and longer term thinking

      • The community can financially benefit from holding an equity stake in the companies coming to Canton 

      • A for-profit, venture capital company is more qualified to make equity investments

      • Majority of the profits are returned to the community for further reinvestment

    Mechanics

    • The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton. 

      • 5N GP will be the GP

      • The LP can also have external investors

      • The LP directors will be able to fire the GP in case of mismanagement or underperforming

      • The LP directors will be also able to dissolve the partnership

      • The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

    • The SV will be Operated by the 5N GP

    • 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP

    • The fee structure can be 2% management fees /20% performance 

    • In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

    • Yiannis Varelas is a long time crypto entrepreneur with an engineering background

    • Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK 

    • He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.

    • Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.

    • In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi. 

    Proposed Changes

    • Increase the GSF’s minting weight +3 and assign to Five North

    • Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame

    This message and any attachments are intended only for the use of the addressee and may contain information that is privileged and confidential. If the reader of the message is not the intended recipient or an authorized representative of the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail and delete the message and any attachments from your system.



    --
    W. Eric Saraniecki
    Co-founder / +1 773 719 1983
    Digital Asset, creators of Daml

    This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.digitalasset.com/emaildisclaimer.html. If you are not the intended recipient, please delete this message.
  8. #8Jan Hoenisch09-01-2025source ↗

    MPCH votes in favor of CIP-0035

     

    Jan

     

     

    From: cip-vote@... <cip-vote@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Date: Tuesday, January 7, 2025 at 14:17
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV

    You don't often get email from eric=digitalasset.com@.... Learn why this is important

    Hello fellow Super Validators

    CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.

     

    CIP-0035 : 

    Summary

    • Add Five North as a Tier2 SV (Weight 3)
    • Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network
    • Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

    • Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space. 
    • By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.
    • Successful examples of ecosystem funds include RSK, Solana and Avax. 
    • Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain
    • Grants come with several negative externalities
      • Grants produce a mercenary-style business model for companies on public chains
      • The Foundation giving grants has no upside in the success of the application
      • Foundations are not setup to be VCs and are not well qualified to make investment decisions 
      • Grants are a one-way-function : money only leaves the Foundation and is not returned to the community 
    • Equity investments improve on many of these issues
      • Selling equity in your company requires deeper consideration and longer term thinking
      • The community can financially benefit from holding an equity stake in the companies coming to Canton 
      • A for-profit, venture capital company is more qualified to make equity investments
      • Majority of the profits are returned to the community for further reinvestment

    Mechanics

    • The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton. 
      • 5N GP will be the GP
      • The LP can also have external investors
      • The LP directors will be able to fire the GP in case of mismanagement or underperforming
      • The LP directors will be also able to dissolve the partnership
      • The GP/LP structure will be an open-ended structure and has a minimum life of 2 years
    • The SV will be Operated by the 5N GP
    • 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP
    • The fee structure can be 2% management fees /20% performance 
    • In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

    • Yiannis Varelas is a long time crypto entrepreneur with an engineering background
    • Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK 
    • He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.
    • Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.
    • In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi. 

    Proposed Changes

    • Increase the GSF’s minting weight +3 and assign to Five North
    • Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame

  9. #9Chris Zuehlke10-01-2025source ↗
    Cumberland/DRW votes in favor.

    Thanks
    Chris
    toggle quoted message Show quoted text

    On Jan 9, 2025, at 3:51 PM, Jan Hoenisch via lists.sync.global <jan.hoenisch=mpch.com@...> wrote:

    
    MPCH votes in favor of CIP-0035 Jan From: cip-vote@ lists. sync. global <cip-vote@ lists. sync. global> on behalf of Eric Saraniecki via lists. sync. global <eric=digitalasset. com@ lists. sync. global> Date: Tuesday, January 7, 2025 at 14: 17

    MPCH votes in favor of CIP-0035

    Jan


    From: cip-vote@... <cip-vote@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Date: Tuesday, January 7, 2025 at 14:17
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV

    You don't often get email from eric=digitalasset.com@.... Learn why this is important<https://urldefense.com/v3/__https://aka.ms/LearnAboutSenderIdentification__;!!EvhwMw!S4wS4C49W0bIw6ZAvizm8MX3N0Y7lehjrFzV1E-nQBwOZYoHb4NPxUjgcUVGogto-7_UHMFa58_LQKDIhDBV7k_Q63EJHa_no2hmMIsJ$>

    Hello fellow Super Validators

    CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.


    CIP-0035 :
    Summary

    * Add Five North<https://urldefense.com/v3/__https://www.fivenorthgroup.com/__;!!EvhwMw!S4wS4C49W0bIw6ZAvizm8MX3N0Y7lehjrFzV1E-nQBwOZYoHb4NPxUjgcUVGogto-7_UHMFa58_LQKDIhDBV7k_Q63EJHa_noyFbGcT4$> as a Tier2 SV (Weight 3)
    * Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network
    * Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

    * Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space.
    * By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.
    * Successful examples of ecosystem funds include RSK, Solana and Avax.
    * Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain
    * Grants come with several negative externalities

    * Grants produce a mercenary-style business model for companies on public chains
    * The Foundation giving grants has no upside in the success of the application
    * Foundations are not setup to be VCs and are not well qualified to make investment decisions
    * Grants are a one-way-function : money only leaves the Foundation and is not returned to the community

    * Equity investments improve on many of these issues

    * Selling equity in your company requires deeper consideration and longer term thinking
    * The community can financially benefit from holding an equity stake in the companies coming to Canton
    * A for-profit, venture capital company is more qualified to make equity investments
    * Majority of the profits are returned to the community for further reinvestment

    Mechanics

    * The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton.

    * 5N GP will be the GP
    * The LP can also have external investors
    * The LP directors will be able to fire the GP in case of mismanagement or underperforming
    * The LP directors will be also able to dissolve the partnership
    * The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

    * The SV will be Operated by the 5N GP
    * 5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP
    * The fee structure can be 2% management fees /20% performance
    * In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

    * Yiannis Varelas is a long time crypto entrepreneur with an engineering background
    * Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK
    * He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.
    * Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.
    * In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi.

    Proposed Changes

    * Increase the GSF’s minting weight +3 and assign to Five North
    * Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame

    This e-mail and any attachments may contain information that is confidential and proprietary and otherwise protected from disclosure. If you are not the intended recipient of this e-mail, do not read, duplicate or redistribute it by any means. Please immediately delete it and any attachments and notify the sender that you have received it by mistake. Unintended recipients are prohibited from taking action on the basis of information in this e-mail or any attachments. The DRW Companies make no representations that this e-mail or any attachments are free of computer viruses or other defects.
  10. #10Aman Goyal10-01-2025source ↗
    SVN (SBI) votes in favor. 

    Thanks,
    Aman


    toggle quoted message Show quoted text


    On Fri, Jan 10, 2025 at 10:08 AM Chris Zuehlke via lists.sync.global <czuehlke=drwholdings.com@...> wrote:
    Cumberland/DRW votes in favor.

    Thanks
    Chris

    On Jan 9, 2025, at 3:51 PM, Jan Hoenisch via lists.sync.global <jan.hoenisch=mpch.com@...> wrote:

    
    MPCH votes in favor of CIP-0035 Jan From: cip-vote@ lists. sync. global <cip-vote@ lists. sync. global> on behalf of Eric Saraniecki via lists. sync. global <eric=digitalasset. com@ lists. sync. global> Date: Tuesday, January 7, 2025 at 14: 17

    MPCH votes in favor of CIP-0035

    Jan


    From: cip-vote@... <cip-vote@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Date: Tuesday, January 7, 2025 at 14:17
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV

    You don't often get email from eric=digitalasset.com@.... Learn why this is important<https://urldefense.com/v3/__https://aka.ms/LearnAboutSenderIdentification__;!!EvhwMw!S4wS4C49W0bIw6ZAvizm8MX3N0Y7lehjrFzV1E-nQBwOZYoHb4NPxUjgcUVGogto-7_UHMFa58_LQKDIhDBV7k_Q63EJHa_no2hmMIsJ$>

    Hello fellow Super Validators

    CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.


    CIP-0035 :
    Summary

      *   Add Five North<https://urldefense.com/v3/__https://www.fivenorthgroup.com/__;!!EvhwMw!S4wS4C49W0bIw6ZAvizm8MX3N0Y7lehjrFzV1E-nQBwOZYoHb4NPxUjgcUVGogto-7_UHMFa58_LQKDIhDBV7k_Q63EJHa_noyFbGcT4$> as a Tier2 SV (Weight 3)
      *   Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network
      *   Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

      *   Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space.
      *   By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.
      *   Successful examples of ecosystem funds include RSK, Solana and Avax.
      *   Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain
      *   Grants come with several negative externalities

         *   Grants produce a mercenary-style business model for companies on public chains
         *   The Foundation giving grants has no upside in the success of the application
         *   Foundations are not setup to be VCs and are not well qualified to make investment decisions
         *   Grants are a one-way-function : money only leaves the Foundation and is not returned to the community

      *   Equity investments improve on many of these issues

         *   Selling equity in your company requires deeper consideration and longer term thinking
         *   The community can financially benefit from holding an equity stake in the companies coming to Canton
         *   A for-profit, venture capital company is more qualified to make equity investments
         *   Majority of the profits are returned to the community for further reinvestment

    Mechanics

      *   The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton.

         *   5N GP will be the GP
         *   The LP can also have external investors
         *   The LP directors will be able to fire the GP in case of mismanagement or underperforming
         *   The LP directors will be also able to dissolve the partnership
         *   The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

      *   The SV will be Operated by the 5N GP
      *   5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP
      *   The fee structure can be 2% management fees /20% performance
      *   In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

      *   Yiannis Varelas is a long time crypto entrepreneur with an engineering background
      *   Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK
      *   He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.
      *   Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.
      *   In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi.

    Proposed Changes

      *   Increase the GSF’s minting weight +3 and assign to Five North
      *   Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame

    This e-mail and any attachments may contain information that is confidential and proprietary and otherwise protected from disclosure. If you are not the intended recipient of this e-mail, do not read, duplicate or redistribute it by any means. Please immediately delete it and any attachments and notify the sender that you have received it by mistake. Unintended recipients are prohibited from taking action on the basis of information in this e-mail or any attachments. The DRW Companies make no representations that this e-mail or any attachments are free of computer viruses or other defects.





  11. #11Joshua Frank10-01-2025source ↗
    The Tie votes in favor

    Joshua Frank
    Co-Founder & CEO


    toggle quoted message Show quoted text

    On Thu, Jan 9, 2025 at 11:05 PM Aman Goyal via lists.sync.global <aman.goyal=sbisecsol.com@...> wrote:
    SVN (SBI) votes in favor. 

    Thanks,
    Aman



    On Fri, Jan 10, 2025 at 10:08 AM Chris Zuehlke via lists.sync.global <czuehlke=drwholdings.com@...> wrote:
    Cumberland/DRW votes in favor.

    Thanks
    Chris

    On Jan 9, 2025, at 3:51 PM, Jan Hoenisch via lists.sync.global <jan.hoenisch=mpch.com@...> wrote:

    
    MPCH votes in favor of CIP-0035 Jan From: cip-vote@ lists. sync. global <cip-vote@ lists. sync. global> on behalf of Eric Saraniecki via lists. sync. global <eric=digitalasset. com@ lists. sync. global> Date: Tuesday, January 7, 2025 at 14: 17

    MPCH votes in favor of CIP-0035

    Jan


    From: cip-vote@... <cip-vote@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
    Date: Tuesday, January 7, 2025 at 14:17
    To: cip-vote@... <cip-vote@...>
    Subject: [cip-votes] CIP-0035 : 5North to become SV

    You don't often get email from eric=digitalasset.com@.... Learn why this is important<https://urldefense.com/v3/__https://aka.ms/LearnAboutSenderIdentification__;!!EvhwMw!S4wS4C49W0bIw6ZAvizm8MX3N0Y7lehjrFzV1E-nQBwOZYoHb4NPxUjgcUVGogto-7_UHMFa58_LQKDIhDBV7k_Q63EJHa_no2hmMIsJ$>

    Hello fellow Super Validators

    CIP-0035 was debated and refined through a few back and forth interactions between the Tokenomics Working Group and 5North. I'm now presenting CIP-0035 for your ratification. This CIP passed a Working Group vote this week and now requires 2/3 of the SVs to ratify.

    The GSF is doing a great job of improving the CIP process and creating some tooling. That will start to roll out in the coming weeks. For now, a normal email vote will be sufficient.

    I'll start by voting in favor of CIP-0035.

    Thank you for your timely vote.


    CIP-0035 :
    Summary

      *   Add Five North<https://urldefense.com/v3/__https://www.fivenorthgroup.com/__;!!EvhwMw!S4wS4C49W0bIw6ZAvizm8MX3N0Y7lehjrFzV1E-nQBwOZYoHb4NPxUjgcUVGogto-7_UHMFa58_LQKDIhDBV7k_Q63EJHa_noyFbGcT4$> as a Tier2 SV (Weight 3)
      *   Five North commits to deploy 90% of their SV earnings in the form of investments into companies that would build applications in the Canton Network
      *   Five North will distribute the venture earnings gained through these investments (minus its fees) to the GSF for reinvestment into the Canton Network community

    Motivation

      *   Ecosystem funds have been proven mission-critical for the adoption of net chains and technologies in the blockchain space.
      *   By investing in companies around the ecosystem they accelerate adoption, evangelize the vision and of course help build the blocks needed for apps to create the networks and compound effects of a network.
      *   Successful examples of ecosystem funds include RSK, Solana and Avax.
      *   Applications across the public blockchain ecosystems are accustomed to receiving grants for adopting a new chain
      *   Grants come with several negative externalities

         *   Grants produce a mercenary-style business model for companies on public chains
         *   The Foundation giving grants has no upside in the success of the application
         *   Foundations are not setup to be VCs and are not well qualified to make investment decisions
         *   Grants are a one-way-function : money only leaves the Foundation and is not returned to the community

      *   Equity investments improve on many of these issues

         *   Selling equity in your company requires deeper consideration and longer term thinking
         *   The community can financially benefit from holding an equity stake in the companies coming to Canton
         *   A for-profit, venture capital company is more qualified to make equity investments
         *   Majority of the profits are returned to the community for further reinvestment

    Mechanics

      *   The structure will be a typical LP/GP structure, in which the LP has the purpose of investing into the ecosystem of Canton.

         *   5N GP will be the GP
         *   The LP can also have external investors
         *   The LP directors will be able to fire the GP in case of mismanagement or underperforming
         *   The LP directors will be also able to dissolve the partnership
         *   The GP/LP structure will be an open-ended structure and has a minimum life of 2 years

      *   The SV will be Operated by the 5N GP
      *   5N GP commits to contribute 90% of the token rewards to the LP for life, regardless of whether it remains the GP of the LP
      *   The fee structure can be 2% management fees /20% performance
      *   In the event of the LP is dissolved, the GP will be REQUIRED TO ASSIGN THE VALIDATOR BACK TO THE FOUNDATION

    About Yiannis Varelas and Five North

      *   Yiannis Varelas is a long time crypto entrepreneur with an engineering background
      *   Co-Founder of Monday Capital, a fund that has been investing in blockchain infrastructure since 2017. Early investments include Securitize, Zerohash, QCP, The Graph and RSK
      *   He is also the founder of other successful community venture firms like the Bitcoin Development Studio (acquired by rootstock.io for the RSK community) and Openstory Inc, one of the first blockchain indexers that was acquired by Ava Labs in 2023.
      *   Through Monday Capital, created the first BTC ecosystem fund on top of RSK. The ecosystem fund of RSK was critical to the development of the first Bitcoin DeFi infrastructure and related technologies. The companies include Sovryn - a full service AMM, lending and spot trading platform, Money On Chain - the first and only BTC backed stablecoin and TravelX an NFT ticketing platform that serves the airline industry.
      *   In 2024 he founded Five North, a prop trading and investment firm that focuses on developing, trading and investing in companies that bridge the gap between TradFi and DeFi.

    Proposed Changes

      *   Increase the GSF’s minting weight +3 and assign to Five North
      *   Five North will take over operations of their own SV no later than 6 months after the approval of this CIP unless the SV pool prevents expansion to accommodate a new operator in that time frame

    This e-mail and any attachments may contain information that is confidential and proprietary and otherwise protected from disclosure. If you are not the intended recipient of this e-mail, do not read, duplicate or redistribute it by any means. Please immediately delete it and any attachments and notify the sender that you have received it by mistake. Unintended recipients are prohibited from taking action on the basis of information in this e-mail or any attachments. The DRW Companies make no representations that this e-mail or any attachments are free of computer viruses or other defects.





  12. #12James Lang10-01-2025source ↗

    Liberty City Ventures votes in favor.

     

    toggle quoted message Show quoted text

    From: cip-vote@... <cip-vote@...> On Behalf Of Eric Saraniecki via lists.sync.global
    Sent: Tuesday, January 7, 2025 2:18 PM
    To: cip-vote@...
    Subject: Re: [cip-votes] CIP-0035 : 5North to become SV

     

    Attaching a PDF - the email format wasn't the easiest thing to read. 

  13. #13Wayne Collier22-01-2025source ↗
    As best I can tell, the tally for this vote is:

    Yes: 10 votes

    Digital Asset
    C7 Technology Services
    Tradeweb
    Dfns
    Broadridge
    MPCH
    Cumberland
    SV Nodeops
    The Tie
    Liberty City Ventures

    Abstain / No Vote Recorded: 3 Votes

    Copper (Alex Maslin)
    Orb-1 (Hassan Bassiri)
    Global Synchronizer Foundation (Fernando Vazquez ?)
  14. #14Wayne Collier27-01-2025source ↗
    Given no one has objected to the tally, I'm going to announce this to the community now via cip-announce
     
    I'll include the final tally, without the names of the specific SV rights owners (or representatives) for each vote.