CIP-0079: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
- Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin (CC). The initial phase would leave the price formation process unchanged.
Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.Phases and practical considerations
Phase 1: No change to price formation rules
As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
Oversight committee will have to vote the transition to phase 3
Kaiko will be required to have an ISIN issued for the CC-USD BRR
The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
-
The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
-
Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin
(CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.
Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
- toggle quoted message Show quoted textHi Kinga,
Thank you for raising these important points, your feedback on the Third-Party Feed CIP is very timely.
As a regulated benchmark administrator, we have also been considering these points in parallel with the CIP submission. Our goal is to meet the standards you referenced, while avoiding price fragmentation and friction.
To that end, I have discussed earlier today with Kiet (ccd), and proposed a joint approach framework with Lukka, as follows:
1. Lukka would join the Oversight Committee of the Index, for which Kaiko is the Administrator.
2. Lukka will be appointed calculation agent for the Kaiko CC-USD Reference Rate.
3. For on-network publication, our existing pipelines at Kaiko for first-party and third-party feeds are fully segregated to protect source data and IP. Therefore, we will onboard Lukka as a source on Canton via the Kaiko Data On-Ramp for third parties, effectively creating a Feed A/Feed B setup.
We both believe these three steps will ensure redundancy without creating price fragmentation, while also meeting the required standards.
I will be on a plane tomorrow during the Tokenomics call, however my colleague Bediss, ccd to this email, will represent me and Kaiko on this topic. Don't hesitate to let us know if you have any questions in the meantime, and I look forward to discussing this.
Best,
Ambre
On Tue, Sep 16, 2025 at 3:32 PM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
-
The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
-
Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin
(CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.
Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
- toggle quoted message Show quoted text
Thank you, Ambre – this addresses our concerns. Many thanks for your update.
From: cip-discuss@... <cip-discuss@...> on behalf of Ambre Soubiran via lists.sync.global <ambre=kaiko.com@...>
Date: Tuesday, September 16, 2025 at 11:08
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingYou don't often get email from ambre=kaiko.com@.... Learn why this is important
Hi Kinga,
Thank you for raising these important points, your feedback on the Third-Party Feed CIP is very timely.
As a regulated benchmark administrator, we have also been considering these points in parallel with the CIP submission. Our goal is to meet the standards you referenced, while avoiding price fragmentation and friction.
To that end, I have discussed earlier today with Kiet (ccd), and proposed a joint approach framework with Lukka, as follows:
1. Lukka would join the Oversight Committee of the Index, for which Kaiko is the Administrator.
2. Lukka will be appointed calculation agent for the Kaiko CC-USD Reference Rate.
3. For on-network publication, our existing pipelines at Kaiko for first-party and third-party feeds are fully segregated to protect source data and IP. Therefore, we will onboard Lukka as a source on Canton via the Kaiko Data On-Ramp for third parties, effectively creating a Feed A/Feed B setup.
We both believe these three steps will ensure redundancy without creating price fragmentation, while also meeting the required standards.
I will be on a plane tomorrow during the Tokenomics call, however my colleague Bediss, ccd to this email, will represent me and Kaiko on this topic. Don't hesitate to let us know if you have any questions in the meantime, and I look forward to discussing this.
Best,
AmbreAmbre Soubiran
CEO
ambre@...
115 West 30th Street,
New York, NY, 10001
On Tue, Sep 16, 2025 at 3:32 PM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
-
The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
-
Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin
(CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.
Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
- toggle quoted message Show quoted textI feel like this discussion continues to diverge into debating a particular potential source instead of the main issue here - that each SV adopt some sourceI don't think it's a good idea to mandate which feeds the SVs adopt since each SV acts in its own best interest and independentlyThis feed is clearly a high quality and great option but an SV should be free to choose something different as wellOn Tue, Sep 16, 2025 at 11:21 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thank you, Ambre – this addresses our concerns. Many thanks for your update.
From: cip-discuss@... <cip-discuss@...> on behalf of Ambre Soubiran via lists.sync.global <ambre=kaiko.com@...>
Date: Tuesday, September 16, 2025 at 11:08
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingYou don't often get email from ambre=kaiko.com@.... Learn why this is important
Hi Kinga,
Thank you for raising these important points, your feedback on the Third-Party Feed CIP is very timely.
As a regulated benchmark administrator, we have also been considering these points in parallel with the CIP submission. Our goal is to meet the standards you referenced, while avoiding price fragmentation and friction.
To that end, I have discussed earlier today with Kiet (ccd), and proposed a joint approach framework with Lukka, as follows:
1. Lukka would join the Oversight Committee of the Index, for which Kaiko is the Administrator.
2. Lukka will be appointed calculation agent for the Kaiko CC-USD Reference Rate.
3. For on-network publication, our existing pipelines at Kaiko for first-party and third-party feeds are fully segregated to protect source data and IP. Therefore, we will onboard Lukka as a source on Canton via the Kaiko Data On-Ramp for third parties, effectively creating a Feed A/Feed B setup.
We both believe these three steps will ensure redundancy without creating price fragmentation, while also meeting the required standards.
I will be on a plane tomorrow during the Tokenomics call, however my colleague Bediss, ccd to this email, will represent me and Kaiko on this topic. Don't hesitate to let us know if you have any questions in the meantime, and I look forward to discussing this.
Best,
AmbreAmbre Soubiran
CEO
ambre@...
115 West 30th Street,
New York, NY, 10001
On Tue, Sep 16, 2025 at 3:32 PM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
-
The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
-
Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin
(CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.
Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
--
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. - toggle quoted message Show quoted text
I don’t believe that we are restricting the use of other providers. Our comment was to provide at the minimum two available sources from the getgo as an option. We strongly believe that enabling the feeds technically goes hand in hand with also having access to multiple pricing sources to choose from.
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Date: Tuesday, September 16, 2025 at 11:29
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingI feel like this discussion continues to diverge into debating a particular potential source instead of the main issue here - that each SV adopt some source
I don't think it's a good idea to mandate which feeds the SVs adopt since each SV acts in its own best interest and independently
This feed is clearly a high quality and great option but an SV should be free to choose something different as well
On Tue, Sep 16, 2025 at 11:21 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:Thank you, Ambre – this addresses our concerns. Many thanks for your update.
From: cip-discuss@... <cip-discuss@...> on behalf of Ambre Soubiran via lists.sync.global <ambre=kaiko.com@...>
Date: Tuesday, September 16, 2025 at 11:08
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingYou don't often get email from ambre=kaiko.com@.... Learn why this is important
Hi Kinga,
Thank you for raising these important points, your feedback on the Third-Party Feed CIP is very timely.
As a regulated benchmark administrator, we have also been considering these points in parallel with the CIP submission. Our goal is to meet the standards you referenced, while avoiding price fragmentation and friction.
To that end, I have discussed earlier today with Kiet (ccd), and proposed a joint approach framework with Lukka, as follows:
1. Lukka would join the Oversight Committee of the Index, for which Kaiko is the Administrator.
2. Lukka will be appointed calculation agent for the Kaiko CC-USD Reference Rate.
3. For on-network publication, our existing pipelines at Kaiko for first-party and third-party feeds are fully segregated to protect source data and IP. Therefore, we will onboard Lukka as a source on Canton via the Kaiko Data On-Ramp for third parties, effectively creating a Feed A/Feed B setup.
We both believe these three steps will ensure redundancy without creating price fragmentation, while also meeting the required standards.
I will be on a plane tomorrow during the Tokenomics call, however my colleague Bediss, ccd to this email, will represent me and Kaiko on this topic. Don't hesitate to let us know if you have any questions in the meantime, and I look forward to discussing this.
Best,
AmbreAmbre Soubiran
CEO
ambre@...
115 West 30th Street,
New York, NY, 10001
Error! Filename not specified.Error! Filename not specified.On Tue, Sep 16, 2025 at 3:32 PM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
- The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
- Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin (CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
--
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. - toggle quoted message Show quoted textsorry to be a broken record - there are n pathways an SV can consume a price feed - the very convenient way Kaiko will provide one is is not in any way limiting to the other ways in which price can be delivered to SVsOn Tue, Sep 16, 2025 at 11:33 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
I don’t believe that we are restricting the use of other providers. Our comment was to provide at the minimum two available sources from the getgo as an option. We strongly believe that enabling the feeds technically goes hand in hand with also having access to multiple pricing sources to choose from.
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Date: Tuesday, September 16, 2025 at 11:29
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingI feel like this discussion continues to diverge into debating a particular potential source instead of the main issue here - that each SV adopt some source
I don't think it's a good idea to mandate which feeds the SVs adopt since each SV acts in its own best interest and independently
This feed is clearly a high quality and great option but an SV should be free to choose something different as well
On Tue, Sep 16, 2025 at 11:21 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thank you, Ambre – this addresses our concerns. Many thanks for your update.
From: cip-discuss@... <cip-discuss@...> on behalf of Ambre Soubiran via lists.sync.global <ambre=kaiko.com@...>
Date: Tuesday, September 16, 2025 at 11:08
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingYou don't often get email from ambre=kaiko.com@.... Learn why this is important
Hi Kinga,
Thank you for raising these important points, your feedback on the Third-Party Feed CIP is very timely.
As a regulated benchmark administrator, we have also been considering these points in parallel with the CIP submission. Our goal is to meet the standards you referenced, while avoiding price fragmentation and friction.
To that end, I have discussed earlier today with Kiet (ccd), and proposed a joint approach framework with Lukka, as follows:
1. Lukka would join the Oversight Committee of the Index, for which Kaiko is the Administrator.
2. Lukka will be appointed calculation agent for the Kaiko CC-USD Reference Rate.
3. For on-network publication, our existing pipelines at Kaiko for first-party and third-party feeds are fully segregated to protect source data and IP. Therefore, we will onboard Lukka as a source on Canton via the Kaiko Data On-Ramp for third parties, effectively creating a Feed A/Feed B setup.
We both believe these three steps will ensure redundancy without creating price fragmentation, while also meeting the required standards.
I will be on a plane tomorrow during the Tokenomics call, however my colleague Bediss, ccd to this email, will represent me and Kaiko on this topic. Don't hesitate to let us know if you have any questions in the meantime, and I look forward to discussing this.
Best,
AmbreAmbre Soubiran
CEO
ambre@...
115 West 30th Street,
New York, NY, 10001
Error! Filename not specified.Error! Filename not specified.On Tue, Sep 16, 2025 at 3:32 PM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
- The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
- Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin (CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
--
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.--
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. - toggle quoted message Show quoted text
Fully agree that Kaiko’s option isn’t limiting in theory. The practical issue is that, with the October 15 deadline, most SVs will inevitably start there. Since the CIP explicitly provides a solution rather than only stating the requirement to implement pricing feeds, our suggestion is that the standard should ensure at least two alternate sources are available from the start. This preserves flexibility and strengthens the network’s resilience.
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Date: Tuesday, September 16, 2025 at 11:40
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listingsorry to be a broken record - there are n pathways an SV can consume a price feed - the very convenient way Kaiko will provide one is is not in any way limiting to the other ways in which price can be delivered to SVs
On Tue, Sep 16, 2025 at 11:33 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:I don’t believe that we are restricting the use of other providers. Our comment was to provide at the minimum two available sources from the getgo as an option. We strongly believe that enabling the feeds technically goes hand in hand with also having access to multiple pricing sources to choose from.
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Date: Tuesday, September 16, 2025 at 11:29
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingI feel like this discussion continues to diverge into debating a particular potential source instead of the main issue here - that each SV adopt some source
I don't think it's a good idea to mandate which feeds the SVs adopt since each SV acts in its own best interest and independently
This feed is clearly a high quality and great option but an SV should be free to choose something different as well
On Tue, Sep 16, 2025 at 11:21 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thank you, Ambre – this addresses our concerns. Many thanks for your update.
From: cip-discuss@... <cip-discuss@...> on behalf of Ambre Soubiran via lists.sync.global <ambre=kaiko.com@...>
Date: Tuesday, September 16, 2025 at 11:08
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingYou don't often get email from ambre=kaiko.com@.... Learn why this is important
Hi Kinga,
Thank you for raising these important points, your feedback on the Third-Party Feed CIP is very timely.
As a regulated benchmark administrator, we have also been considering these points in parallel with the CIP submission. Our goal is to meet the standards you referenced, while avoiding price fragmentation and friction.
To that end, I have discussed earlier today with Kiet (ccd), and proposed a joint approach framework with Lukka, as follows:
1. Lukka would join the Oversight Committee of the Index, for which Kaiko is the Administrator.
2. Lukka will be appointed calculation agent for the Kaiko CC-USD Reference Rate.
3. For on-network publication, our existing pipelines at Kaiko for first-party and third-party feeds are fully segregated to protect source data and IP. Therefore, we will onboard Lukka as a source on Canton via the Kaiko Data On-Ramp for third parties, effectively creating a Feed A/Feed B setup.
We both believe these three steps will ensure redundancy without creating price fragmentation, while also meeting the required standards.
I will be on a plane tomorrow during the Tokenomics call, however my colleague Bediss, ccd to this email, will represent me and Kaiko on this topic. Don't hesitate to let us know if you have any questions in the meantime, and I look forward to discussing this.
Best,
AmbreAmbre Soubiran
CEO
ambre@...
115 West 30th Street,
New York, NY, 10001
Error! Filename not specified.Error! Filename not specified.On Tue, Sep 16, 2025 at 3:32 PM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
- The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
- Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin (CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
--
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Agree completely that SVs should be free to choose their own sources and act independently. The concern is not about mandating which feed must be adopted, but rather about making sure there’s real optionality built in from day one. With the October 15 deadline, most operators will naturally start with the Kaiko option, but if the CIP already goes beyond “require a feed” and points to a specific solution, it should also ensure at least two alternate sources are available. That way SVs retain true choice, avoid lock-in risk, and the network gains resilience without limiting independence.
Get Outlook for iOS
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Sent: Tuesday, September 16, 2025 11:29:24 AM
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>; Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingI feel like this discussion continues to diverge into debating a particular potential source instead of the main issue here - that each SV adopt some source
I don't think it's a good idea to mandate which feeds the SVs adopt since each SV acts in its own best interest and independently
This feed is clearly a high quality and great option but an SV should be free to choose something different as well
On Tue, Sep 16, 2025 at 11:21 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thank you, Ambre – this addresses our concerns. Many thanks for your update.
From: cip-discuss@... <cip-discuss@...> on behalf of Ambre Soubiran via lists.sync.global <ambre=kaiko.com@...>
Date: Tuesday, September 16, 2025 at 11:08
To: cip-discuss@... <cip-discuss@...>
Cc: Kiet Tran <kiet.tran@...>, Bediss Cherif <Bediss.cherif@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingYou don't often get email from ambre=kaiko.com@.... Learn why this is important
Hi Kinga,
Thank you for raising these important points, your feedback on the Third-Party Feed CIP is very timely.
As a regulated benchmark administrator, we have also been considering these points in parallel with the CIP submission. Our goal is to meet the standards you referenced, while avoiding price fragmentation and friction.
To that end, I have discussed earlier today with Kiet (ccd), and proposed a joint approach framework with Lukka, as follows:
1. Lukka would join the Oversight Committee of the Index, for which Kaiko is the Administrator.
2. Lukka will be appointed calculation agent for the Kaiko CC-USD Reference Rate.
3. For on-network publication, our existing pipelines at Kaiko for first-party and third-party feeds are fully segregated to protect source data and IP. Therefore, we will onboard Lukka as a source on Canton via the Kaiko Data On-Ramp for third parties, effectively creating a Feed A/Feed B setup.
We both believe these three steps will ensure redundancy without creating price fragmentation, while also meeting the required standards.
I will be on a plane tomorrow during the Tokenomics call, however my colleague Bediss, ccd to this email, will represent me and Kaiko on this topic. Don't hesitate to let us know if you have any questions in the meantime, and I look forward to discussing this.
Best,
AmbreAmbre Soubiran
CEO
ambre@...
115 West 30th Street,
New York, NY, 10001
Error! Filename not specified.Error! Filename not specified.On Tue, Sep 16, 2025 at 3:32 PM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Dear All,
MPCH wanted to give a short and hopefully helpful response to the Third Party Feed CIP. This CIP is a strong step forward, but we as an SV operator strongly believe that it should require the minimum of two independent pricing sources from the outset. Traditional finance shows the precedent—LIBOR replacement, multiple index providers, Bloomberg vs Refinitiv feeds—all rely on redundancy to ensure fairness, compliance, and resilience.
Rationale below:
- Operational resilience: Two feeds allow cross-checks and protect the network from outages or data issues.
- Market precedent: Regulated markets always mandate redundancy to avoid bias or single-point failures.
- Lock-in risk: Wiring the system to one provider now makes later switching impractical, concentrating dependency.
Mandating at least two providers by October 15, 2025 preserves real choice for SVs, prevents dependency, and strengthens trust in Canton’s tokenomics.
Happy to discuss,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of DrAmandaLMartin via lists.sync.global <amartin=linuxfoundation.org@...>
Date: Monday, September 15, 2025 at 09:46
To: cip-discuss@... <cip-discuss@...>
Subject: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Please see CIP below open for discussion. Feel free to reach out if you have questions!
CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Number: TBA
Layer: Standards / Operations
Title: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Author(s): W Eric Saraniecki
Discussions-To: TBA
Type: Governance
Status: Draft
Created: TBA
Requires: —
Replaces: —
License: TBAAbstract
This CIP requires all Super Validator (SV) operators to demonstrate operational readiness to ingest, validate, monitor, and expose a reference price feed (e.g., CC/USD) no later than October 15, 2025, in support of the Canton Coin (CC) listing. The Kaiko reference price (see attached Kaiko proposal) is cited as an example of a feed SVs may use to meet this requirement.
Motivation
The Canton Coin (CC) / Dollar (USD) conversion rate is fundamental to the Canton Network's tokenomics, essential for understanding expected featured app reward behaviors and traffic fees. Currently, Super Validators manually upload this rate based on their individual assessments.
With a future Canton Coin listing and the emerging OTC market, it is imperative for Super Validators to base the CC/USD conversion rate on market prices to avoid price dislocation which could disincentivize use of the chain.
Specification
#
Requirement
Scope (what must be true)
Deadline / Window
R1
Ingest a reference price feed
Subscribe to one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes
Must be live on MainNet by Oct 15, 2025
Provider guidance: The Kaiko reference price feed (see Attached: Kaiko CIP — Reference Price for CC) is an acceptable example for R1. Comparable providers (e.g., other institutional price feeds offering authenticated delivery and documented methodology) are acceptable.
Rationale
This is a readiness standard, not an oracle design. It ensures every SV can ingest an external feed and validate and monitor it with basic controls. Calling out Kaiko keeps the path concrete while allowing provider choice.
References
Ambre Soubiran, CEO, Kaiko
This proposal outlines a strategic shift in how the CC/USD conversion rate is integrated into the network, anticipating the Canton Coin's listing.
This CIP addresses:
- The existing CC/USD conversion rate mechanism (both infrastructure and price formation)
- Establishing a Canton Price Index, an IOSCO, BMR-regulated standard approach and associated governance model. The index would evolve in phases, matching the successive listings of the Canton Coin (CC). The initial phase would leave the price formation process unchanged.
- Infrastructure: how to improve the setup and void hard coded prices without functionally changing price formation, applicable immediately
A-The Current CC/USD Conversion Rate Mechanism
Price formation
At present, the CC/USD conversion rate is uploaded by Super Validators based on their internal assessments, primarily because the Canton Coin is not yet listed, and public price data or OTC transaction details are not transparently available. However, as the Canton Network evolves, we anticipate the Canton Coin's listing on exchanges in the short to medium term, alongside an increase in OTC transactions and the emergence of OTC platforms. Consequently, it is critical to re-evaluate how the conversion rate is determined and integrated into the network.
Technical dissemination:
The current process for populating the Canton Network with a CC/USD conversion rate involves SuperValidators manually uploading a rate via their UI on an as-needed basis. The most recently uploaded rate is then utilized in each 10-minute round. The SPLICE application, the core component of the Canton Synchronizer, computes the median of these rates and registers it within the AMULET contract, the Canton Coin's smart contract. AMULET subsequently makes the CC/USD rate posted publicly.
B- Establishing a Canton Benchmark Reference Rate (“BRR”)
Kaiko proposes to set-up an Index price to ultimately feed SVs and the network for subsequent operations. The use of a Reference Price, established by relying on a Reference Price unlocks several compliance and fairness elements for the Network:
Participants of the network will be free to use a different reference for the use of their applications, leading to a de facto transparency of their mark-ups or mark-downs applied on the reference price, putting the emphasis on transparency, and maximising value for the Network users, who will benefit from a business model transparency
Governance
Under IOSCO and BMR framework, Kaiko will establish an oversight committee, and act under Kaiko Indices, a regulated entity (LEI:969500BKJ2X29T7NJH85), registered and licensed ESMA benchmark administrator, as the Canton (CC) - US Dollar (USD) Benchmark Reference Rate (Kaiko CC-USD BRR) administrator.
The oversight committee can include any Canton Super Validators on a voluntary basis, represented equally regardless of their weight on the Network. All resolutions of the oversight committees should be documented by writing, with the resolutions made public on Kaiko's public facing interfaces.Phases and practical considerations
Phase 1: No change to price formation rules
- As long as the oversight committee and the governance is not in place, the Kaiko CC-USD BRR shall replicate existing price formation mechanisms. Only the technical delivery (next section of the CIP) could be amended.
Phase 2: Transitional price formation mechanism
- The Canton Coin will be iteratively listed on venues, and liquidity will increase over time. Ultimately, the CC-USD BRR will have to match Kaiko's BRR framework (vetted venues to source price form, liquidity thresholds, and all components as described in the overall Kaiko Reference Rates rulebook). However, during the intermediary phase, the price formation of CC-USD will have to iteratively mature to include price sources and market setting of the CC-USD price without risking market and price dislocation for the network.
- The CC-USD BRR committee will as such convene monthly after the first listing, decide on monthly rebalancing of the price sources and methodology adjustments to the CC-USD BRR provisional methodology until CC becomes eligible to a standard Kaiko BRR. The oversight committee could set an extraordinary meeting as required. Kaiko as Administrator will be responsible to propose and implement voted changes until Canton Coin is eligible for a standard BRR. The overall process will require full transparency.
Phase 3: Official CC-USD BRR, underlying ISIN and regulatory supervision
- Oversight committee will have to vote the transition to phase 3
- Kaiko will be required to have an ISIN issued for the CC-USD BRR
- The CC-USD BRR will have to fall under regulatory supervision of Kaiko's regulated indices
C- Upgrading the Onchain Price Technical Dissemination
Super Validators will no longer have to hardcode the CC/USD conversion rate but will instead have the ability to access it on-chain using Kaiko's on-chain feeds within the Canton Network. Super Validator can access across all phases to the CC-USD BRR through Kaiko's On-ramp facility and on-chain price feeds, ensuring that there will be no technical implication of the approach.
The implementation of the underlying infrastructure does not imply dependencies with the above approach, except for phase 1 price input. During the initial phase, Kaiko will have to expose a price collection facility allowing SVs to submit publicly their prices in order to replicate the current price formation mechanism at the time of writing of this CIP.
The revised process will be as follows:Specific to phase 1: Replicating current process
CC/USD Price contributions from SVs
Kaiko will collect the CC/USD prices from Canton through an interface accessible to all Super Validators. SVs will have the ability to change their prices for the next publication. If no changes are submitted by an SV, their previously submitted value will be used.CC/USD Price calculation from SVs
Once Super Validators have uploaded their prices to Kaiko, the median price will be calculated off-chain by Kaiko, replicating SPLICE methodology, and Kaiko will publish the median price back on the Network.
In subsequent phases, the price calculation will no longer rely on SV price input but the CC-USD rate will be a Mark-to-Market rate. As such, SVs will only be required to choose the source, and the downstream process and integration with SPLICE and AMULET will be fully automated.Generic: publishing the CC-USD price
The price feed will be published on-chain via Kaiko's Canton Price feeds on the network, initially every 1 min, then eventually in the future up to second/real-time level updates if required or beneficial. The technical price format, Data contract standard shall match the standard of the overall facility, and be maintained by Kaiko with that regard. The technical interfaces must not be price discovery phases dependent. SVs can then use the Kaiko CC-USD price to programmatically (vs manually at the time of writing) submit their price to SPLICE, or choose another on-chain source. The DSO will publish the consensus price from SPLICE to AMULET, regardless of their sources. SVs will thus be able to choose to rely on the Kaiko CC-USD BRR directly into SPLICE (vs manual update). They could also choose to use another source.
Conclusion
This CIP intends at equipping the network with a highly resilient, operational and regulatorily compliant price standard for Canton Coin to operationally enable the network and its economy, protect it from price bias and market dislocation, reducing arbitrage exposition for users and application builders, with a dedicated governance and process that matches both the need for a price consensus framework as well as regulatory compliance. The CIP aims at providing the network and its users with transparency, utility and fairness.
Note: this CIP is independent from CIP-0063. Kaiko does not seek, nor will it be eligible to unlock additional SV points per the CIP-0063 through the approval of this CIP.
--
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. - Are any of the SV Node owners willing to endorse this CIP in its current form?
MPCH would like to request clearer guidance on what SV operators must demonstrate to show compliance with the requirement to accept data feeds.
We also strongly believe that at least two alternative sources of accessible data should be available to all SVs before the deadline, to preserve flexibility and ensure the network’s resilience
- toggle quoted message Show quoted text
Liberty City Ventures would also like clarity as to whether accepting a feed would entail requiring the data received via that feed to automatically set the on-chain conversion price.
From: cip-discuss@... <cip-discuss@...> On Behalf Of Kinga Bosse via lists.sync.global
Sent: Wednesday, September 17, 2025 1:03 PM
To: cip-discuss@...
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingMPCH would like to request clearer guidance on what SV operators must demonstrate to show compliance with the requirement to accept data feeds.
We also strongly believe that at least two alternative sources of accessible data should be available to all SVs before the deadline, to preserve flexibility and ensure the network’s resilience
From: cip-discuss@... <cip-discuss@...> on behalf of Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Date: Wednesday, September 17, 2025 at 12:49 PM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form?
- 7RIDGE/C7 is willing to sponsor or endorse!
Veronica
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
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
Från: cip-discuss@... <cip-discuss@...> för Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Skickat: Wednesday, September 17, 2025 12:49:34 PM
Till: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form? - toggle quoted message Show quoted textHi all. We discussed offline with Eric and Kinga about this but I just want to make sure
that this is clear to all, and I didn't miss something:
- The consumption of the price feed, doesn't automatically set the price on the SV.
Each SV operator will need to explicitly set the price advertised on their SV as
a second step, either automatically or any other way.- By October 15th, each SV should demonstrate that it is able to consume "a" price feed.
Not THE price feed that is brought as an example from this proposal.- Ideally you want at least 2 price feeds to be available on the deadline for reasonsarticulated by Kinga, but if only 1 is available at this date, I personally don't see
a reason why this should be delayed.
If I misunderstood something, please let me know.
Y.On Wed, Sep 17, 2025 at 2:04 PM Veronica Augustsson via lists.sync.global <veronica=7ridge.com@...> wrote:7RIDGE/C7 is willing to sponsor or endorse!
Veronica
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
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
Från: cip-discuss@... <cip-discuss@...> för Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Skickat: Wednesday, September 17, 2025 12:49:34 PM
Till: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form? - toggle quoted message Show quoted text
Thanks Yiannis, for laying this out clearly. We agree with the framing that each SV needs to demonstrate the ability to consume a feed by October 15, and that this does not imply a single mandated provider.
That said, we request clarity on the anticipated update frequency requirement, as this will directly shape how SVs implement the “set price” step. If the cadence is frequent or near real-time, then having multiple reliable sources available from the start becomes critical for resilience and to avoid lock-in risk and we still believe we should make this part of the requirement.
Therefore, we recommend that the CIP:
-
Clearly define the minimum expected cadence (if any) for updates, since this has direct implications for SV implementation; and
-
Clarify what it means to “consume” a price feed in the absence of any stated frequency of updates, as “demonstrated ability” could otherwise vary significantly across SVs.
Best,
Kinga
On Wed, Sep 17, 2025 at 2:04 PM Veronica Augustsson via lists.sync.global <veronica=7ridge.com@...> wrote:7RIDGE/C7 is willing to sponsor or endorse!
Veronica
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
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
Från: cip-discuss@... <cip-discuss@...> för Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Skickat: Wednesday, September 17, 2025 12:49:34 PM
Till: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form? -
- toggle quoted message Show quoted textI have no interest in making the requirements more onerous at this point given the tight timelineStatus quo is a manual process, rolling onto feeds is step 1, we can improve it over time - the median is there to help in the short termI will update the CIP to make it clear each SV needs to be able to update their feed every 10m according to a price feed of their choosing and i would appreciate a swift voteOn Thu, Sep 18, 2025 at 7:43 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thanks Yiannis, for laying this out clearly. We agree with the framing that each SV needs to demonstrate the ability to consume a feed by October 15, and that this does not imply a single mandated provider.
That said, we request clarity on the anticipated update frequency requirement, as this will directly shape how SVs implement the “set price” step. If the cadence is frequent or near real-time, then having multiple reliable sources available from the start becomes critical for resilience and to avoid lock-in risk and we still believe we should make this part of the requirement.
Therefore, we recommend that the CIP:
-
Clearly define the minimum expected cadence (if any) for updates, since this has direct implications for SV implementation; and
-
Clarify what it means to “consume” a price feed in the absence of any stated frequency of updates, as “demonstrated ability” could otherwise vary significantly across SVs.
Best,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of Yiannis Varelas via lists.sync.global <y=fivenorth.io@...>
Date: Thursday, September 18, 2025 at 7:25 AM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Hi all. We discussed offline with Eric and Kinga about this but I just want to make sure
that this is clear to all, and I didn't miss something:
- The consumption of the price feed, doesn't automatically set the price on the SV.
Each SV operator will need to explicitly set the price advertised on their SV as
a second step, either automatically or any other way.- By October 15th, each SV should demonstrate that it is able to consume "a" price feed.
Not THE price feed that is brought as an example from this proposal.- Ideally you want at least 2 price feeds to be available on the deadline for reasonsarticulated by Kinga, but if only 1 is available at this date, I personally don't see
a reason why this should be delayed.
If I misunderstood something, please let me know.
Y.
On Wed, Sep 17, 2025 at 2:04 PM Veronica Augustsson via lists.sync.global <veronica=7ridge.com@...> wrote:7RIDGE/C7 is willing to sponsor or endorse!
Veronica
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
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
Från: cip-discuss@... <cip-discuss@...> för Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Skickat: Wednesday, September 17, 2025 12:49:34 PM
Till: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form?--
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. -
- toggle quoted message Show quoted text
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Sent: Thursday, September 18, 2025 8:10:20 AM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingI have no interest in making the requirements more onerous at this point given the tight timeline
Status quo is a manual process, rolling onto feeds is step 1, we can improve it over time - the median is there to help in the short term
I will update the CIP to make it clear each SV needs to be able to update their feed every 10m according to a price feed of their choosing and i would appreciate a swift vote
On Thu, Sep 18, 2025 at 7:43 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thanks Yiannis, for laying this out clearly. We agree with the framing that each SV needs to demonstrate the ability to consume a feed by October 15, and that this does not imply a single mandated provider.
That said, we request clarity on the anticipated update frequency requirement, as this will directly shape how SVs implement the “set price” step. If the cadence is frequent or near real-time, then having multiple reliable sources available from the start becomes critical for resilience and to avoid lock-in risk and we still believe we should make this part of the requirement.
Therefore, we recommend that the CIP:
-
Clearly define the minimum expected cadence (if any) for updates, since this has direct implications for SV implementation; and
-
Clarify what it means to “consume” a price feed in the absence of any stated frequency of updates, as “demonstrated ability” could otherwise vary significantly across SVs.
Best,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of Yiannis Varelas via lists.sync.global <y=fivenorth.io@...>
Date: Thursday, September 18, 2025 at 7:25 AM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Hi all. We discussed offline with Eric and Kinga about this but I just want to make sure
that this is clear to all, and I didn't miss something:
- The consumption of the price feed, doesn't automatically set the price on the SV.
Each SV operator will need to explicitly set the price advertised on their SV as
a second step, either automatically or any other way.- By October 15th, each SV should demonstrate that it is able to consume "a" price feed.
Not THE price feed that is brought as an example from this proposal.- Ideally you want at least 2 price feeds to be available on the deadline for reasonsarticulated by Kinga, but if only 1 is available at this date, I personally don't see
a reason why this should be delayed.
If I misunderstood something, please let me know.
Y.
On Wed, Sep 17, 2025 at 2:04 PM Veronica Augustsson via lists.sync.global <veronica=7ridge.com@...> wrote:7RIDGE/C7 is willing to sponsor or endorse!
Veronica
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
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
Från: cip-discuss@... <cip-discuss@...> för Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Skickat: Wednesday, September 17, 2025 12:49:34 PM
Till: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form?
--
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. -
- toggle quoted message Show quoted textMade 2 changes in the Requirements Table
R1
Ingest a reference price feed
Subscribe to at least one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes at least every 10 minutes
Must be live on MainNet by Oct 15, 2025
I've asked amanda to update the official CIP and then we can go to vote pleaseOn Thu, Sep 18, 2025 at 8:25 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:Many thanks! MPCH will support with these changes
Get Outlook for iOS
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Sent: Thursday, September 18, 2025 8:10:20 AM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingI have no interest in making the requirements more onerous at this point given the tight timeline
Status quo is a manual process, rolling onto feeds is step 1, we can improve it over time - the median is there to help in the short term
I will update the CIP to make it clear each SV needs to be able to update their feed every 10m according to a price feed of their choosing and i would appreciate a swift vote
On Thu, Sep 18, 2025 at 7:43 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thanks Yiannis, for laying this out clearly. We agree with the framing that each SV needs to demonstrate the ability to consume a feed by October 15, and that this does not imply a single mandated provider.
That said, we request clarity on the anticipated update frequency requirement, as this will directly shape how SVs implement the “set price” step. If the cadence is frequent or near real-time, then having multiple reliable sources available from the start becomes critical for resilience and to avoid lock-in risk and we still believe we should make this part of the requirement.
Therefore, we recommend that the CIP:
-
Clearly define the minimum expected cadence (if any) for updates, since this has direct implications for SV implementation; and
-
Clarify what it means to “consume” a price feed in the absence of any stated frequency of updates, as “demonstrated ability” could otherwise vary significantly across SVs.
Best,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of Yiannis Varelas via lists.sync.global <y=fivenorth.io@...>
Date: Thursday, September 18, 2025 at 7:25 AM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC Listing
Hi all. We discussed offline with Eric and Kinga about this but I just want to make sure
that this is clear to all, and I didn't miss something:
- The consumption of the price feed, doesn't automatically set the price on the SV.
Each SV operator will need to explicitly set the price advertised on their SV as
a second step, either automatically or any other way.- By October 15th, each SV should demonstrate that it is able to consume "a" price feed.
Not THE price feed that is brought as an example from this proposal.- Ideally you want at least 2 price feeds to be available on the deadline for reasonsarticulated by Kinga, but if only 1 is available at this date, I personally don't see
a reason why this should be delayed.
If I misunderstood something, please let me know.
Y.
On Wed, Sep 17, 2025 at 2:04 PM Veronica Augustsson via lists.sync.global <veronica=7ridge.com@...> wrote:7RIDGE/C7 is willing to sponsor or endorse!
Veronica
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
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
Från: cip-discuss@... <cip-discuss@...> för Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Skickat: Wednesday, September 17, 2025 12:49:34 PM
Till: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form?
--
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.--
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. -
- toggle quoted message Show quoted text
Thank you Eric.
7RIDGE/C7 remain interested in sponsoring or endorsing this CIP
From: cip-discuss@... <cip-discuss@...> On Behalf Of Eric Saraniecki via lists.sync.global
Sent: Thursday, 18 September 2025 14:28
To: cip-discuss@...
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingMade 2 changes in the Requirements Table
R1
Ingest a reference price feed
Subscribe to at least one feed delivering CC/USD to the SV
Must be live on MainNet by Oct 15, 2025
R2
Publish on-chain
Update your on-chain conversion rate as the reference rate changes at least every 10 minutes
Must be live on MainNet by Oct 15, 2025
I've asked amanda to update the official CIP and then we can go to vote please
On Thu, Sep 18, 2025 at 8:25 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Many thanks! MPCH will support with these changes
Get Outlook for iOS
From: cip-discuss@... <cip-discuss@...> on behalf of Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Sent: Thursday, September 18, 2025 8:10:20 AM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingI have no interest in making the requirements more onerous at this point given the tight timeline
Status quo is a manual process, rolling onto feeds is step 1, we can improve it over time - the median is there to help in the short term
I will update the CIP to make it clear each SV needs to be able to update their feed every 10m according to a price feed of their choosing and i would appreciate a swift vote
On Thu, Sep 18, 2025 at 7:43 AM Kinga Bosse via lists.sync.global <kinga.bosse=mpch.com@...> wrote:
Thanks Yiannis, for laying this out clearly. We agree with the framing that each SV needs to demonstrate the ability to consume a feed by October 15, and that this does not imply a single mandated provider.
That said, we request clarity on the anticipated update frequency requirement, as this will directly shape how SVs implement the “set price” step. If the cadence is frequent or near real-time, then having multiple reliable sources available from the start becomes critical for resilience and to avoid lock-in risk and we still believe we should make this part of the requirement.
Therefore, we recommend that the CIP:
- Clearly define the minimum expected cadence (if any) for updates, since this has direct implications for SV implementation; and
- Clarify what it means to “consume” a price feed in the absence of any stated frequency of updates, as “demonstrated ability” could otherwise vary significantly across SVs.
Best,
Kinga
From: cip-discuss@... <cip-discuss@...> on behalf of Yiannis Varelas via lists.sync.global <y=fivenorth.io@...>
Date: Thursday, September 18, 2025 at 7:25 AM
To: cip-discuss@... <cip-discuss@...>
Subject: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingHi all. We discussed offline with Eric and Kinga about this but I just want to make sure
that this is clear to all, and I didn't miss something:
- The consumption of the price feed, doesn't automatically set the price on the SV.
Each SV operator will need to explicitly set the price advertised on their SV as
a second step, either automatically or any other way.- By October 15th, each SV should demonstrate that it is able to consume "a" price feed.
Not THE price feed that is brought as an example from this proposal.- Ideally you want at least 2 price feeds to be available on the deadline for reasons
articulated by Kinga, but if only 1 is available at this date, I personally don't see
a reason why this should be delayed.
If I misunderstood something, please let me know.
Y.
On Wed, Sep 17, 2025 at 2:04 PM Veronica Augustsson via lists.sync.global <veronica=7ridge.com@...> wrote:
7RIDGE/C7 is willing to sponsor or endorse!
Veronica
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
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
Från: cip-discuss@... <cip-discuss@...> för Wayne Collier via lists.sync.global <wayne.collier=digitalasset.com@...>
Skickat: Wednesday, September 17, 2025 12:49:34 PM
Till: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-XXXX: SV Readiness — Demonstrate Third-Party Price Feed Integration for CC ListingAre any of the SV Node owners willing to endorse this CIP in its current form?
--
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.
--
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.
