CIP-0099: Proposed Modification to CIP-0060 (zerohash)
- Please see below open for discussion.
Background and Rationale
Since approval of this CIP, Circle deployed USDCx rather than native USDC, which introduces additional technical, regulatory, and customer-education requirements relative to the original assumptions in CIP-0060.
For zerohash, USDCx increases implementation complexity and reduces the likelihood for zerohash to meet the original volume-based milestones, despite good-faith execution against the intent of the proposal.
To account for this change while preserving the original incentive structure and outcomes, the following targeted modifications are proposed.
Modifications to Adoption Incentives (Only)
All SV deliverables and milestones other than Adoption Incentives remain unchanged.
1. Extended Enablement Period for USDCx
zerohash will be granted additional time to fully enable USDCx within its product suite with functionality comparable to natively issued USDC on the Canton network. Additionally, the Incentive Schedule of the remaining 4.5 weight shall also be adjusted to account the additional scope.
New deadline: March 31, 2026
Scope includes:
Technical integration and operational readiness
Regulatory review and compliance adjustments
Customer education and onboarding related to USDCx usage on Canton
This extension and adjustment recognizes that USDCx integration represents new and unanticipated work relative to the original CIP assumptions.
2. Revised Adoption Incentive Schedule (USDCx & CC Volume-Based)
Beginning April 1, 2026, Adoption Incentives will be measured on USDCx volume on Canton and Canton Coin (other similar assets), according to the following schedule:
Milestone A
0.5 SV weight earned for enabling USDCx and enabling 2 Tier 1 platforms (including Kalshi, Interactive Brokers, tastytrade, Draftkings or any other Platforms agreed by the Accountability Committee).
Milestones B
Months 1–6 Post Successful completion of Milestone A:
0.25 SV Weight earned per $40 million of notional settled on Canton, totalling $240 Million.
Maximum: 1.5 SV Weight
Months 1–12 Post–March 31, 2026
0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $250 million i.e. $250 million - $500 million notional unlocks 0.5 SV.
Maximum: 0.5 SV Weight
Months 1–24 Post–March 31, 2026
0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $500 million i.e. $750 million - $1 billion notional unlocks 0.5 SV.
Maximum: 1.5 SV Weight
No Other Changes
All other SV deliverables, deadlines, and weights remain unchanged
The original intent of incentivizing adoption, not enablement remains intact
This modification strictly adjusts timing and unit economics to reflect updated technical and market realities
- toggle quoted message Show quoted text
Cumberland is generally supportive of adjusting adoption timelines and deliverables to reflect measurement against USDCx instead of USDC. That being said, before we can give full support to this CIP proposal, we would like to receive clarity on two changes within the CIP:
- The only changes made to the initial CIP-0060 would be made under the "Adoption Incentives" section of the SV Reward Deliverables. As such, we’d like to confirm there are no changes to already earned SV milestones or the exclusivity provision
- This proposal reduces the Adoption Incentive section from 4.5 maximum weight to 4 maximum weight. We'd like to confirm this intention
From: cip-discuss@... <cip-discuss@...> On Behalf Of DrAmandaLMartin via lists.sync.global
Sent: Saturday, December 27, 2025 2:11 PM
To: cip-discuss@...
Subject: [ext] [cip-discuss] CIP-TBD: Proposed Modification to CIP-0060 (zerohash)Please see below open for discussion. Background and Rationale Since approval of this CIP, Circle deployed USDCx rather than native USDC, which introduces additional technical, regulatory, and customer-education requirements relative to the
Please see below open for discussion.
Background and Rationale
Since approval of this CIP, Circle deployed USDCx rather than native USDC, which introduces additional technical, regulatory, and customer-education requirements relative to the original assumptions in CIP-0060.
For zerohash, USDCx increases implementation complexity and reduces the likelihood for zerohash to meet the original volume-based milestones, despite good-faith execution against the intent of the proposal.
To account for this change while preserving the original incentive structure and outcomes, the following targeted modifications are proposed.
Modifications to Adoption Incentives (Only)
All SV deliverables and milestones other than Adoption Incentives remain unchanged.
1. Extended Enablement Period for USDCx
zerohash will be granted additional time to fully enable USDCx within its product suite with functionality comparable to natively issued USDC on the Canton network. Additionally, the Incentive Schedule of the remaining 4.5 weight shall also be adjusted to account the additional scope.
- New deadline: March 31, 2026
- Scope includes:
·
- Technical integration and operational readiness
- Regulatory review and compliance adjustments
- Customer education and onboarding related to USDCx usage on Canton
This extension and adjustment recognizes that USDCx integration represents new and unanticipated work relative to the original CIP assumptions.
2. Revised Adoption Incentive Schedule (USDCx & CC Volume-Based)
Beginning April 1, 2026, Adoption Incentives will be measured on USDCx volume on Canton and Canton Coin (other similar assets), according to the following schedule:
Milestone A
0.5 SV weight earned for enabling USDCx and enabling 2 Tier 1 platforms (including Kalshi, Interactive Brokers, tastytrade, Draftkings or any other Platforms agreed by the Accountability Committee).
Milestones B
Months 1–6 Post Successful completion of Milestone A:
- 0.25 SV Weight earned per $40 million of notional settled on Canton, totalling $240 Million.
- Maximum: 1.5 SV Weight
Months 1–12 Post–March 31, 2026
- 0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $250 million i.e. $250 million - $500 million notional unlocks 0.5 SV.
- Maximum: 0.5 SV Weight
Months 1–24 Post–March 31, 2026
- 0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $500 million i.e. $750 million - $1 billion notional unlocks 0.5 SV.
- Maximum: 1.5 SV Weight
No Other Changes
- All other SV deliverables, deadlines, and weights remain unchanged
- The original intent of incentivizing adoption, not enablement remains intact
- This modification strictly adjusts timing and unit economics to reflect updated technical and market realities
This e-mail and any attachments may contain information that is confidential and proprietary and otherwise protected from disclosure. If you are not the intended recipient of this e-mail, do not read, duplicate or redistribute it by any means. Please immediately delete it and any attachments and notify the sender that you have received it by mistake. Unintended recipients are prohibited from taking action on the basis of information in this e-mail or any attachments. The DRW Companies make no representations that this e-mail or any attachments are free of computer viruses or other defects.
- No changes to the exclusivityNo changes to already earned milestonesThis proposal shifts 0.5 from adoption to an 'enablement' bonus for activating USDCx : net result is reducing Adoption max from 4.5 to 4If we can advance this to vote this week, will help ZH get moving with some certaintyThanksOn Tue, Dec 30, 2025 at 2:18 AM Andrew Bryan via lists.sync.global <abryan=cumberland.io@...> wrote:
Cumberland is generally supportive of adjusting adoption timelines and deliverables to reflect measurement against USDCx instead of USDC. That being said, before we can give full support to this CIP proposal, we would like to receive clarity on two changes within the CIP:
- The only changes made to the initial CIP-0060 would be made under the "Adoption Incentives" section of the SV Reward Deliverables. As such, we’d like to confirm there are no changes to already earned SV milestones or the exclusivity provision
- This proposal reduces the Adoption Incentive section from 4.5 maximum weight to 4 maximum weight. We'd like to confirm this intention
From: cip-discuss@... <cip-discuss@...> On Behalf Of DrAmandaLMartin via lists.sync.global
Sent: Saturday, December 27, 2025 2:11 PM
To: cip-discuss@...
Subject: [ext] [cip-discuss] CIP-TBD: Proposed Modification to CIP-0060 (zerohash)Please see below open for discussion. Background and Rationale Since approval of this CIP, Circle deployed USDCx rather than native USDC, which introduces additional technical, regulatory, and customer-education requirements relative to the
Please see below open for discussion.
Background and Rationale
Since approval of this CIP, Circle deployed USDCx rather than native USDC, which introduces additional technical, regulatory, and customer-education requirements relative to the original assumptions in CIP-0060.
For zerohash, USDCx increases implementation complexity and reduces the likelihood for zerohash to meet the original volume-based milestones, despite good-faith execution against the intent of the proposal.
To account for this change while preserving the original incentive structure and outcomes, the following targeted modifications are proposed.
Modifications to Adoption Incentives (Only)
All SV deliverables and milestones other than Adoption Incentives remain unchanged.
1. Extended Enablement Period for USDCx
zerohash will be granted additional time to fully enable USDCx within its product suite with functionality comparable to natively issued USDC on the Canton network. Additionally, the Incentive Schedule of the remaining 4.5 weight shall also be adjusted to account the additional scope.
- New deadline: March 31, 2026
- Scope includes:
·
- Technical integration and operational readiness
- Regulatory review and compliance adjustments
- Customer education and onboarding related to USDCx usage on Canton
This extension and adjustment recognizes that USDCx integration represents new and unanticipated work relative to the original CIP assumptions.
2. Revised Adoption Incentive Schedule (USDCx & CC Volume-Based)
Beginning April 1, 2026, Adoption Incentives will be measured on USDCx volume on Canton and Canton Coin (other similar assets), according to the following schedule:
Milestone A
0.5 SV weight earned for enabling USDCx and enabling 2 Tier 1 platforms (including Kalshi, Interactive Brokers, tastytrade, Draftkings or any other Platforms agreed by the Accountability Committee).
Milestones B
Months 1–6 Post Successful completion of Milestone A:
- 0.25 SV Weight earned per $40 million of notional settled on Canton, totalling $240 Million.
- Maximum: 1.5 SV Weight
Months 1–12 Post–March 31, 2026
- 0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $250 million i.e. $250 million - $500 million notional unlocks 0.5 SV.
- Maximum: 0.5 SV Weight
Months 1–24 Post–March 31, 2026
- 0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $500 million i.e. $750 million - $1 billion notional unlocks 0.5 SV.
- Maximum: 1.5 SV Weight
No Other Changes
- All other SV deliverables, deadlines, and weights remain unchanged
- The original intent of incentivizing adoption, not enablement remains intact
- This modification strictly adjusts timing and unit economics to reflect updated technical and market realities
This e-mail and any attachments may contain information that is confidential and proprietary and otherwise protected from disclosure. If you are not the intended recipient of this e-mail, do not read, duplicate or redistribute it by any means. Please immediately delete it and any attachments and notify the sender that you have received it by mistake. Unintended recipients are prohibited from taking action on the basis of information in this e-mail or any attachments. The DRW Companies make no representations that this e-mail or any attachments are free of computer viruses or other defects.
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 am supportive of moving forward as per your suggesion.
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 From: cip-discuss@... <cip-discuss@...> On Behalf Of Eric Saraniecki via lists.sync.global
Sent: Wednesday, 31 December 2025 16:03
To: cip-discuss@...
Subject: Re: [cip-discuss] CIP-TBD: Proposed Modification to CIP-0060 (zerohash)No changes to the exclusivity
No changes to already earned milestones
This proposal shifts 0.5 from adoption to an 'enablement' bonus for activating USDCx : net result is reducing Adoption max from 4.5 to 4
If we can advance this to vote this week, will help ZH get moving with some certainty
Thanks
On Tue, Dec 30, 2025 at 2:18 AM Andrew Bryan via lists.sync.global <abryan=cumberland.io@...> wrote:
Cumberland is generally supportive of adjusting adoption timelines and deliverables to reflect measurement against USDCx instead of USDC. That being said, before we can give full support to this CIP proposal, we would like to receive clarity on two changes within the CIP:
- The only changes made to the initial CIP-0060 would be made under the "Adoption Incentives" section of the SV Reward Deliverables. As such, we’d like to confirm there are no changes to already earned SV milestones or the exclusivity provision
- This proposal reduces the Adoption Incentive section from 4.5 maximum weight to 4 maximum weight. We'd like to confirm this intention
From: cip-discuss@... <cip-discuss@...> On Behalf Of DrAmandaLMartin via lists.sync.global
Sent: Saturday, December 27, 2025 2:11 PM
To: cip-discuss@...
Subject: [ext] [cip-discuss] CIP-TBD: Proposed Modification to CIP-0060 (zerohash)Please see below open for discussion. Background and Rationale Since approval of this CIP, Circle deployed USDCx rather than native USDC, which introduces additional technical, regulatory, and customer-education requirements relative to the
Please see below open for discussion.
Background and Rationale
Since approval of this CIP, Circle deployed USDCx rather than native USDC, which introduces additional technical, regulatory, and customer-education requirements relative to the original assumptions in CIP-0060.
For zerohash, USDCx increases implementation complexity and reduces the likelihood for zerohash to meet the original volume-based milestones, despite good-faith execution against the intent of the proposal.
To account for this change while preserving the original incentive structure and outcomes, the following targeted modifications are proposed.
Modifications to Adoption Incentives (Only)
All SV deliverables and milestones other than Adoption Incentives remain unchanged.
1. Extended Enablement Period for USDCx
zerohash will be granted additional time to fully enable USDCx within its product suite with functionality comparable to natively issued USDC on the Canton network. Additionally, the Incentive Schedule of the remaining 4.5 weight shall also be adjusted to account the additional scope.
- New deadline: March 31, 2026
- Scope includes:
·
- Technical integration and operational readiness
- Regulatory review and compliance adjustments
- Customer education and onboarding related to USDCx usage on Canton
This extension and adjustment recognizes that USDCx integration represents new and unanticipated work relative to the original CIP assumptions.
2. Revised Adoption Incentive Schedule (USDCx & CC Volume-Based)
Beginning April 1, 2026, Adoption Incentives will be measured on USDCx volume on Canton and Canton Coin (other similar assets), according to the following schedule:
Milestone A
0.5 SV weight earned for enabling USDCx and enabling 2 Tier 1 platforms (including Kalshi, Interactive Brokers, tastytrade, Draftkings or any other Platforms agreed by the Accountability Committee).
Milestones B
Months 1–6 Post Successful completion of Milestone A:
- 0.25 SV Weight earned per $40 million of notional settled on Canton, totalling $240 Million.
- Maximum: 1.5 SV Weight
Months 1–12 Post–March 31, 2026
- 0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $250 million i.e. $250 million - $500 million notional unlocks 0.5 SV.
- Maximum: 0.5 SV Weight
Months 1–24 Post–March 31, 2026
- 0.5 SV Weight earned per $250 million of notional settled on Canton, in excess of $500 million i.e. $750 million - $1 billion notional unlocks 0.5 SV.
- Maximum: 1.5 SV Weight
No Other Changes
- All other SV deliverables, deadlines, and weights remain unchanged
- The original intent of incentivizing adoption, not enablement remains intact
- This modification strictly adjusts timing and unit economics to reflect updated technical and market realities
This e-mail and any attachments may contain information that is confidential and proprietary and otherwise protected from disclosure. If you are not the intended recipient of this e-mail, do not read, duplicate or redistribute it by any means. Please immediately delete it and any attachments and notify the sender that you have received it by mistake. Unintended recipients are prohibited from taking action on the basis of information in this e-mail or any attachments. The DRW Companies make no representations that this e-mail or any attachments are free of computer viruses or other defects.
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. - Cumberland is supportive of the proposed changes as well.ThanksChris
