CIP-0093: Add Bosphorus SV (BSV) as a Super Validator Max Weight 6
- Please see CIP below open for discussion. Feel free to reach out if you have questions
CIP: TBD
Author: Eric Saraniecki
Status: Draft
Type: Governance
Created: 2025-11-07
Approved: TBD
License: CC0-1.0
CIP-XXXX: Add Bosphorus SV (BSV) as a Super Validator Max Weight 6
Abstract
Bosphorus SV (BSV) will drive user and transaction adoption across Eurasia and the Middle East, focusing on institutional participants transacting in stablecoins, tokenized Treasuries, and other RWAs. BSV’s rewards will be tied to verifiable on-chain burn generated by wallets, apps, and institutions it directly onboards or supports.
BSV will focus on:
Regional tokenized U.S. Treasury (UST) distribution to financial institutions and treasuries
Stablecoin settlement and rails for cross border trade and institutional transactions
Stablecoin wallet, debit, and credit card issuance
On-chain lending and borrowing applications built on stablecoins and tokenized collaterals
New tokenized sovereign instruments, including government treasuries
Cross-border trading between cross-country bonds
Strategic investment and collaboration with new technology builders and fintech infrastructure projects.
About BSV
Run by experienced operators and entrepreneurs with backgrounds spanning finance, technology, and government.
Suleyman Onay is an entrepreneur and operator at the intersection of traditional and digital finance. He is the Managing Director of Colendi, one of Eurasia’s leading financial technology groups, where he built an integrated digital finance ecosystem spanning licensed digital deposit banking, e-money, capital markets and insurance brokerage. Under his leadership, the group raised over $100 million in equity capital and became a key player in bridging fintech innovation and regulated infrastructure. He brings a deep understanding of institutional partnerships, regulatory frameworks, and real world asset adoption - capabilities directly aligned with Canton Network’s mission. He expanded the group into blockchain infrastructure, including acquisition of SETL (a pioneer in institutional settlement technology) and partnership with Circle Payment Networks (CPN). Before his ventures, he was with the Boston Consulting Group (BCG), advising major financial institutions and conglomerates across the region on banking, capital markets and financial investments. A graduate of Harvard Business School, Suleyman focuses on connecting global capital and technology ecosystems with the emerging financial champions of Turkiye, the GCC, and Central Asia.Ilker Zorluoglu is an operator and strategist at the intersection of Crypto, growth, and policy/government affairs. He served as the head of MENA at Outlier Ventures in London, working directly with the CEO to build founder pipelines and partnerships. Ilker was Chief Marketing Officer at a DePIN product and later Chief Strategy Officer at a blockchain company, where he led go-to-market, ecosystem, and partnerships across EMEA. He co-founded Yönetişim A.Ş., a real-estate SaaS company exited to partners in 2020. Beyond startups, Ilker is an Ambassador for ETH Global and an active advisor to Turkey’s startup and scale-up community. Earlier in his career, he served as a political advisor and campaign strategist, leading record-breaking elections in Türkiye, including what is widely regarded as the most successful campaign in the country’s history with the region’s highest turnout. Ilker holds a B.Sc. in Industrial Engineering from Bilkent University on a full scholarship.
Ari Nazir is a fintech and crypto operator who helped launch the White House National Economic Council’s Fintech office. At Dropbox he worked in strategy and alongside engineers, building a foundation in analytical rigor and scale-minded execution. In digital assets, he worked across crypto hedge funds with hands-on fund investing, operations, and controls, including early investments in Multicoin Capital and Polychain Capital. He co-created NBA Top Shot— the flagship NFT project that surpassed $1B in sales and is backed by Andreessen Horowitz. Ari brings policy fluency, operational discipline, and crypto-native product depth to operate secure, compliant, and high-availability validator infrastructure for the Canton Network.
Motivation
BSV operates in one of the world’s largest digital-asset user bases (Türkiye, GCC, Central Asia) and has existing relationships with banks, PSPs, and fintechs positioned to transact on Canton MainNet.
By anchoring incentives to total burn rather than qualitative milestones, this CIP aligns BSV’s rewards with the network’s real economic activity and ensures direct accountability for usage.
Proposal
Approve BSV as a Super Validator with max Weight 6, governed under the standard SV framework.
Reward eligibility will be calculated on the total burn attributed to BSV-onboarded entities.
Parties onboarded by BSV will be declared to the Accountability Subcommittee. BSV will be required to track and report on the burn attributable to those entities and the Accountability Subcommittee will confirm those finds.
SV Commitment
Metric
Definition
Deadline
Reward Basis
Total Canton Coin Burn Attributed
Sum of CC burned by transactions traceable to activity in US Treasuries, Stablecoins, TRY, and other related assets across BSV-onboarded wallets/apps (excluding CC-related burn)
If burn after the 12 month period dips > 50% from the average over the reward period, BSV will lose any weight awarded for transaction activity at that point going forward.
+ 12 months from CIP Approval
+ 0.5 SV Weight per $2m of Inelastic Burn
Max +5Issuance of TRY Government Bonds
The successful minting of TRY Government bonds with > $10m of TVL held by non-BSV entities
+18 months from CIP Approval
+ 1
Target Markets (Context Only)
Eurasia / Eastern Europe / Turkiye / CIS / GCC — emphasizing regulated stablecoin and RWA transactions.
Turkiye:
Authority: The Central Bank of the Republic of Turkiye (CBRT)
Focus: CBRT just invited the private sector to join the Central Bank Digital Turkish Lira Research and Development Project (Digital Turkish Lira Project) ecosystem (September 2025).
BSV will aspire to become a significant contributor to research and development, and position Canton Network as one of the strategic partners for the development.
GCC:
United Arab Emirates Authorities: CBUAE (central bank), ADGM / FSRA (Abu Dhabi), SCA (securities/stablecoins outside free zones), VARA (Dubai)
CBDC: Digital Dirham strategy; UAE is a lead participant in BIS mBridge (wholesale cross-border CBDC)
ADGM (FSRA): Digital Assets framework updated Jun 2025; guidance explicitly covers stablecoins; further Oct 2025 consultation on staking
Stablecoin / Payment Tokens: CBUAE “Payment Token Services Regulation” in force (licensing/operating conditions for payment tokens)
Dubai (VARA): Rulebook v2.0 issued May 2025 (activity-based obligations for custody, exchange, issuance, lending, etc.)
Bahrain Authority: Central Bank of Bahrain (CBB)
Stablecoin: New dedicated rulebook module ‘Stablecoin Issuance & Offering (SIO)’ announced July 2025 and live in the online rulebook
Qatar (QFC) – announced comprehensive digital-assets framework
Oman (CMA) - announced and has been publishing instructions for VASP registration/activities
Asia (Caucasus & Central Asia)
Kazakhstan
Authorities: National Bank of Kazakhstan (NBK) & National Payment Corporation of Kazakhstan (NPCK)
Digital Tenge: In phased implementation following pilots
Ecosystem: Digital Tenge Hub coordinates industry participation
Uzbekistan
Authorities: Central Bank of Uzbekistan (CBU) & NAPP (National Agency for Perspective Projects) for crypto-assets
Stablecoin/Tokenisation: government plans stablecoin payment pilots & tokenisation pilots—but no formal NAPP/CBU directive yet published
Azerbaijan
Authority: Central Bank of Republic of Azerbaijan (CBA)
CBDC: No official CBDC pilot, open to discussions with global partners
Georgia
Authority: National Bank of Georgia (NBG)
- Hi all,
Long overdue response from me here - Five North is happy to endorse this.
Bosphorus SV brings exactly the mix the network needs right now: operators with real regulatory reach, deep institutional relationships across Türkiye, GCC, and Central Asia, and a clear plan to convert that access into measurable, on-chain economic activity. Tying rewards to verifiable burn is the right incentive design IMO. It has objective, it's auditable, and aligned with Canton’s long-term viability.
If they deliver even a fraction of the stablecoin, UST, and sovereign-tokenisation flows they’re positioned for, the network benefits materially.
Y.
