Mailing Lists/CIP-0106: Add QCP Group as a Super Validator (weight 10.0) -- Yiannis Varelas, Eric SaranieckiSource on lists.sync.global ↗

CIP-0106: Add QCP Group as a Super Validator (weight 10.0) -- Yiannis Varelas, Eric Saraniecki

cip-discussCIP-010610 messagesstarted 02-02-2026

#1Yiannis Varelas02-02-2026source ↗

CIP-00xx

Title: Add QCP Group as a Super Validator (weight 10.0)
Author: Yiannis Varelas, Eric Saraniecki
Status: Draft
Type: Governance
Created: 2026-02-01
License: CC0-1.0

Abstract

QCP Group proposes to join the Canton Network as a Super Validator (SV) with a maximum potential weight of 10.0, tied to quantifiable institutional adoption, application delivery, and network economic activity milestones.

QCP brings deep product, derivatives, and collateral infrastructure expertise, proven institutional market access, and active participation in Canton ecosystem pilots (including Nasdaq and Digital Asset collaborations). QCP’s role as an SV will amplify institutional traffic, expand real-world asset tokenization, and drive measurable Canton Coin utility

About QCP Group

QCP Group is a leading institutional crypto trading and market infrastructure firm with regulatory licenses across key jurisdictions. QCP has:

Built institutional-grade trading and execution systems.
Delivered collateral workflow pilots with major market operators.
Provided liquidity and OTC services for digital assets.
Actively engaged top-tier institutional participants in private canton infrastructure evaluations.

QCP’s participation strengthens Canton’s institutional on-chain settlement capabilities and utility proposition

Deliverables for SV Reward (Weight 10.0)

Deliverable	Acceptance Criteria	Deadline	Weight Earned
Institutional Collateral Application Development	Complete development and validation of an end-to-end institutional collateral lifecycle workflow, including: (1) collateral agreement generation, (2) margin allocation, (3) margin confirmation, and (4) settlement. Workflow must reflect real bilateral trading relationships. Evidence includes collateral agreement records and settlement history from test trades executed on a Canton utility application.	3 months from CIP approval	+0.5
RWA Tokenization Enablement	Onboard 10 Tokenized Money Market Funds (TMMFs) onto a tokenization platform capable of issuing, bridging, and managing RWAs on-chain, with assets accurately recognized and verifiable on Canton. Evidence includes on-chain token confirmations and asset records.	3 months from CIP approval	+0.5
Canton Coin Burn via Application-Driven Economic Activity	Earn +0.5 weight for every USD $2M equivalent of Canton Coin burned, attributable to application-driven network activity. Eligible activity includes asset swaps, minting and redemption flows, derivative vault strategies, and settlement activity occurring within or across Canton applications, including burn resulting from counterparty participation. Burn must be traceable on-chain to eligible application activity.	Up to 24 months from CIP approval	+9.0 max

Total Maximum Earnable Weight: 10.0

Eligible Burn Criteria

Canton Coin Burn via Application-Driven Economic Activity

Weight Allocation:
+0.5 reward weight for every USD $2,000,000 equivalent of Canton Coin permanently burned, up to a maximum of +9.0 weight.

Eligible Burn Criteria (ALL must be met):

Application-Scoped Activity
Burned Canton Coin must result directly from transactions executed within, or triggered by, GSF-approved Canton applications, including but not limited to:

Asset swaps
Minting and redemption flows
Derivative vault strategies
Collateral settlement and margin workflows

On-Chain Verifiability
All burns must be:

Recorded on-chain and publicly verifiable
Attributable to identifiable transaction hashes
Linked to application-level transaction metadata or contract addresses approved by the Tokenomics Working Group

Economic Causality Requirement
Burn must be the necessary economic consequence of application usage (e.g., fees, protocol-mandated burn, settlement costs), not discretionary or artificially induced burns.
Counterparty-Inclusive Attribution
Burn may include Canton Coin burned by:

The Applicant
Application users
Third-party counterparties

Provided that the burn is directly attributable to eligible application activity introduced, operated, or materially enabled by the Applicant.
Anti-Gaming & Double-Counting Protections

Burned Canton Coin may not be counted more than once across milestones or CIPs.
Self-cycling, wash activity, or economically circular transactions intended primarily to generate burn are explicitly excluded.
The Tokenomics Working Group retains discretion to exclude activity deemed non-economic or manipulative.

Measurement & Reporting

Burn measurement will be calculated using the time-weighted average USD price of Canton Coin over the relevant settlement window, using a price source approved by the Tokenomics Working Group.
The Applicant must submit a detailed burn report including:

Transaction hashes
Application identifiers
Burn amounts
Price calculation methodology

Validation & Approval

Each incremental +0.5 weight tranche requires Tokenomics Working Group validation.
Upon approval, standard escrow SV reward mechanics apply.

SV Reward Mechanics

An extraBeneficiary PartyID tied to an escrowed Super Validator will be configured by the Canton Foundation or an approved SV operator with the full maximum weight.
QCP will coordinate escrow configuration with the GSF and the SV node operator.
QCP is responsible for all costs for operating the escrow SV.
The escrow SV does not mint rewards per block; all rewards accrue to the Unclaimed Rewards Pool.
Upon milestone completion, QCP will:

Present proof of completion to the Tokenomics Working Group.
Present a Canton Coin calculation for earned rewards.
If approved, the GSF updates the extraBeneficiary to QCP’s PartyID.
⅔ of active Super Validator Operators will assign the approved reward portion to QCP’s Validator.

Failure to deliver milestones:

QCP will be notified of missed deliverables.
Remaining unearned weight is removed from the escrow SV.
The Tokenomics Working Group will recommend disposition of remaining Unclaimed Rewards. (GitHub)

Motivation

The Canton Network is uniquely positioned for enterprise adoption of privacy-preserving, interoperable digital asset infrastructure. However, institutional traffic, settlement throughput, and real-world asset scale remain early-stage. QCP’s mandate as an SV is to shift the network from pilot into institutional flow by delivering:

Production-grade settlement workflows matched to regulated market expectations,
RWA onboarding at scale,
Sustained transaction volume that demonstrably increases Canton Coin utility and economic activity.

QCP’s cross-market expertise and existing relationships shorten the adoption curve by linking TradFi workflows to on-chain settlement. (Canton Foundation)

Copyright

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

#2Veronica Augustsson13-02-2026source ↗

We have spent some time with Yiannis and team on this CIP and would like to sponsor or endorse this CIP.

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

Show quoted text

From: cip-discuss@... <cip-discuss@...> On Behalf Of Yiannis Varelas via lists.sync.global
Sent: Monday, 2 February 2026 08:33
To: cip-discuss@...
Subject: [cip-discuss] CIP-TBD: Add QCP Group as a Super Validator (weight 10.0)

CIP-00xx

Title: Add QCP Group as a Super Validator (weight 10.0)
Author: QCP Group
Status: Draft
Type: Governance
Created: 2026-02-01
License: CC0-1.0

Abstract

QCP Group proposes to join the Canton Network as a Super Validator (SV) with a maximum potential weight of 10.0, tied to quantifiable institutional adoption, application delivery, and network economic activity milestones.

About QCP Group

QCP Group is a leading institutional crypto trading and market infrastructure firm with regulatory licenses across key jurisdictions. QCP has:

Built institutional-grade trading and execution systems.
Delivered collateral workflow pilots with major market operators.
Provided liquidity and OTC services for digital assets.
Actively engaged top-tier institutional participants in private canton infrastructure evaluations.

QCP’s participation strengthens Canton’s institutional on-chain settlement capabilities and utility proposition

Deliverables for SV Reward (Weight 10.0)

Deliverable	Acceptance Criteria	Deadline	Weight Earned
Institutional Collateral Application Development	Complete development and validation of an end-to-end institutional collateral lifecycle workflow, including: (1) collateral agreement generation, (2) margin allocation, (3) margin confirmation, and (4) settlement. Workflow must reflect real bilateral trading relationships. Evidence includes collateral agreement records and settlement history from test trades executed on a Canton utility application.	3 months from CIP approval	+0.5
RWA Tokenization Enablement	Onboard 10 Tokenized Money Market Funds (TMMFs) onto a tokenization platform capable of issuing, bridging, and managing RWAs on-chain, with assets accurately recognized and verifiable on Canton. Evidence includes on-chain token confirmations and asset records.	3 months from CIP approval	+0.5
Canton Coin Burn via Application-Driven Economic Activity	Earn +0.5 weight for every USD $2M equivalent of Canton Coin burned, attributable to application-driven network activity. Eligible activity includes asset swaps, minting and redemption flows, derivative vault strategies, and settlement activity occurring within or across Canton applications, including burn resulting from counterparty participation. Burn must be traceable on-chain to eligible application activity.	Up to 24 months from CIP approval	+9.0 max

Total Maximum Earnable Weight: 10.0

Eligible Burn Criteria

Canton Coin Burn via Application-Driven Economic Activity

Weight Allocation:
+0.5 reward weight for every USD $2,000,000 equivalent of Canton Coin permanently burned, up to a maximum of +9.0 weight.

Eligible Burn Criteria (ALL must be met):

Application-Scoped Activity
Burned Canton Coin must result directly from transactions executed within, or triggered by, GSF-approved Canton applications, including but not limited to:

Asset swaps
Minting and redemption flows
Derivative vault strategies
Collateral settlement and margin workflows

On-Chain Verifiability
All burns must be:

Recorded on-chain and publicly verifiable
Attributable to identifiable transaction hashes
Linked to application-level transaction metadata or contract addresses approved by the Tokenomics Working Group

Economic Causality Requirement
Burn must be the necessary economic consequence of application usage (e.g., fees, protocol-mandated burn, settlement costs), not discretionary or artificially induced burns.
Counterparty-Inclusive Attribution
Burn may include Canton Coin burned by:

The Applicant
Application users
Third-party counterparties

Provided that the burn is directly attributable to eligible application activity introduced, operated, or materially enabled by the Applicant.
Anti-Gaming & Double-Counting Protections

Burned Canton Coin may not be counted more than once across milestones or CIPs.
Self-cycling, wash activity, or economically circular transactions intended primarily to generate burn are explicitly excluded.
The Tokenomics Working Group retains discretion to exclude activity deemed non-economic or manipulative.

Measurement & Reporting

Burn measurement will be calculated using the time-weighted average USD price of Canton Coin over the relevant settlement window, using a price source approved by the Tokenomics Working Group.
The Applicant must submit a detailed burn report including:

Transaction hashes
Application identifiers
Burn amounts
Price calculation methodology

Validation & Approval

Each incremental +0.5 weight tranche requires Tokenomics Working Group validation.
Upon approval, standard escrow SV reward mechanics apply.

SV Reward Mechanics

An extraBeneficiary PartyID tied to an escrowed Super Validator will be configured by the Canton Foundation or an approved SV operator with the full maximum weight.
QCP will coordinate escrow configuration with the GSF and the SV node operator.
QCP is responsible for all costs for operating the escrow SV.
The escrow SV does not mint rewards per block; all rewards accrue to the Unclaimed Rewards Pool.
Upon milestone completion, QCP will:

Present proof of completion to the Tokenomics Working Group.
Present a Canton Coin calculation for earned rewards.
If approved, the GSF updates the extraBeneficiary to QCP’s PartyID.
⅔ of active Super Validator Operators will assign the approved reward portion to QCP’s Validator.

Failure to deliver milestones:

QCP will be notified of missed deliverables.
Remaining unearned weight is removed from the escrow SV.
The Tokenomics Working Group will recommend disposition of remaining Unclaimed Rewards. (GitHub)

Motivation

The Canton Network is uniquely positioned for enterprise adoption of privacy-preserving, interoperable digital asset infrastructure. However, institutional traffic, settlement throughput, and real-world asset scale remain early-stage. QCP’s mandate as an SV is to shift the network from pilot into institutional flow by delivering:

Production-grade settlement workflows matched to regulated market expectations,
RWA onboarding at scale,
Sustained transaction volume that demonstrably increases Canton Coin utility and economic activity.

QCP’s cross-market expertise and existing relationships shorten the adoption curve by linking TradFi workflows to on-chain settlement. (Canton Foundation)

Copyright

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

#3Alex Chen13-02-2026source ↗
Hi Yiannis, thanks for this submission.

We're excited about QCP's involvement - prior to voting, I'm curious about some components about this proposal:
- Collateral Application: Would this be a part of Digital Asset's app, or is QCP launching its own service?
- RWA Enablement: Similar question to the above - would this be an operational effort or primarily business development?
- CC Burn: Related to the above points, we see that a majority of the weight comes from burn / onchain activity through interactions with apps.
  - It's my opinion that SVs should offer net new and valuable changes to either the protocol or significant long-term ecosystem functionality / utility building.
  - Weight that comes from burn / app activity, particularly via 3rd party apps as the CIP notes is in scope, has the app reward bucket as its own incentive structure and we don't think that raises to the level of SV. Are there components to this proposal that align with the prior subbullet to support the case for an SV?
As always, happy to discuss further and provide clarification on the above points.

Kind regards,

Alex

--

Cumberland
#4Yiannis Varelas14-02-2026source ↗

Hi Alex,

You’ve raised good points. I spoke with a few other SVs as well after your note.

I’m going to hold off on pushing this to a vote for now and come back
with an updated version that reflects the broader feedback.

Thanks,
Y.

On Fri, Feb 13, 2026 at 5:21 PM Alex Chen via lists.sync.global
<alechen=cumberland.io@...> wrote:

Hi Yiannis, thanks for this submission.

We're excited about QCP's involvement - prior to voting, I'm curious about some components about this proposal:

Collateral Application: Would this be a part of Digital Asset's app, or is QCP launching its own service?
RWA Enablement: Similar question to the above - would this be an operational effort or primarily business development?
CC Burn: Related to the above points, we see that a majority of the weight comes from burn / onchain activity through interactions with apps.

It's my opinion that SVs should offer net new and valuable changes to either the protocol or significant long-term ecosystem functionality / utility building.
Weight that comes from burn / app activity, particularly via 3rd party apps as the CIP notes is in scope, has the app reward bucket as its own incentive structure and we don't think that raises to the level of SV. Are there components to this proposal that align with the prior subbullet to support the case for an SV?

As always, happy to discuss further and provide clarification on the above points.

Kind regards,
Alex

--
Cumberland
#5Yiannis Varelas24-02-2026source ↗
Hi all,

Alex's feedback raised some async discussions with existing and potential new SVs.
There is a valid broader concern around how activity-based weight fits the SV narrative.

Rather than debate philosophy, I’d like to propose two concrete amendments to the CIP:

1. Reduce the maximum weight from 10.0 to 5.0.
This lowers the headline impact and better calibrates this to a performance-based SV track rather than a dominant structural seat.

2. Convert the burn milestone into a sustained-performance obligation.
Any weight earned via activity-based burn would be subject to a 3-year sustainment requirement. If activity drops materially, the Accountability Committee would have the right to proportionally reduce the burn-based weight.

Specifically:
- Sustainment period: 3 years from each tranche approval.
- A “drop in activity” would be defined as >50% decline in rolling 2-quarter average eligible burn (USD equivalent) relative to the reference rate at award.
- If that decline persists for 2 consecutive quarters, proportional weight reduction may be applied.
- Infrastructure-based weight would not be subject to clawback.
- No additional penalty beyond the burn-based portion.
This keeps the model performance-based and ties SV weight to sustained institutional contribution, not one-time volume spikes.

More broadly, I think this could serve as a template for any activity-based SV going forward. If SV weight is tied to economic gravity, it should reflect sustained gravity, not a moment in time.

Happy to refine the language further, but wanted to put something concrete on the table.

Best,
Yiannis

#6Yiannis Varelas28-02-2026source ↗

Hi all,

I had very good async calls and I'm posting here the updated Full CIP with the changes I proposed above
plus a summary of the changes for reference.

Summary of Amendments

1. Recalibration of Maximum Weight

Previous: 10.0 Maximum Weight.
New: 5.0 Maximum Weight.
Rationale: This reduction ensures that the SV seat remains a performance-based track rather than a dominant structural position. It balances QCP’s influence to better align with the existing validator landscape while still providing significant incentive for driving network utility.

2. Implementation of "High Water Mark" Sustainment

The reward for "Canton Coin Burn" is no longer a permanent award based on a one-time spike. It is now tied to a 3-year sustainment obligation:

Sustainment Period: Each +0.5 weight tranche earned via activity is subject to a 3-year monitoring period from the date of approval.
Performance Floor: A "drop in activity" is strictly defined as a >50% decline in the rolling 2-quarter average of eligible burn (USD equivalent) relative to the rate at the time of award.
Accountability: If a decline persists for 2 consecutive quarters, the Accountability Committee has the mandate to proportionally reduce the burn-based weight.

3. Protection of Infrastructure Contributions

The +1.0 weight tied to Application Development and RWA Tokenization (the "Infrastructure" portion) is not subject to the activity-based clawback. This recognizes the permanent value of the code and onboarding frameworks delivered to the network.

4. Strategic Shift

This amendment moves the proposal from a "milestone-hunt" to a "sustained gravity" model. It ensures that QCP’s weight as an SV is a direct and ongoing reflection of the institutional flow they bring to the Canton Network.

##################################################################################################

CIP-00xx

Title: Add QCP Group as a Super Validator (weight 5.0)

Author: Yiannis Varelas, Eric Saraniecki

Status: Draft

Type: Governance

Created: 2026-02-01

License: CC0-1.0

Abstract

QCP Group proposes to join the Canton Network as a Super Validator (SV) with a maximum potential weight of 5.0, tied to quantifiable institutional adoption, application delivery, and network economic activity milestones.

About QCP Group

QCP Group is a leading institutional crypto trading and market infrastructure firm with regulatory licenses across key jurisdictions. QCP has:

Built institutional-grade trading and execution systems.
Delivered collateral workflow pilots with major market operators.
Provided liquidity and OTC services for digital assets.
Actively engaged top-tier institutional participants in private canton infrastructure evaluations.

QCP’s participation strengthens Canton’s institutional on-chain settlement capabilities and utility proposition.

Deliverables for SV Reward (Weight 5.0)

Deliverable	Acceptance Criteria	Deadline	Weight Earned
Institutional Collateral Application Development	Complete development and validation of an end-to-end institutional collateral lifecycle workflow, including: (1) collateral agreement generation, (2) margin allocation, (3) margin confirmation, and (4) settlement. Workflow must reflect real bilateral trading relationships. Evidence includes collateral agreement records and settlement history from test trades executed on a Canton utility application.	3 months from CIP approval	+0.5
RWA Tokenization Enablement	Onboard 10 Tokenized Money Market Funds (TMMFs) onto a tokenization platform capable of issuing, bridging, and managing RWAs on-chain, with assets accurately recognized and verifiable on Canton. Evidence includes on-chain token confirmations and asset records.	3 months from CIP approval	+0.5
Canton Coin Burn via Application-Driven Economic Activity	Earn +0.5 weight for every USD $2M equivalent of Canton Coin burned, attributable to application-driven network activity. Eligible activity includes asset swaps, minting and redemption flows, derivative vault strategies, and settlement activity occurring within or across Canton applications, including burn resulting from counterparty participation. Burn must be traceable on-chain to eligible application activity.	Up to 24 months from CIP approval	+4.0 max

Total Maximum Earnable Weight: 5.0

Eligible Burn & Sustainment Criteria

Canton Coin Burn via Application-Driven Economic Activity

Weight Allocation:

+0.5 reward weight for every USD $2,000,000 equivalent of Canton Coin permanently burned, up to a maximum of +4.0 weight.

Eligible Burn Criteria (ALL must be met):

Application-Scoped Activity: Burned Canton Coin must result directly from transactions executed within, or triggered by, GSF-approved Canton applications.
On-Chain Verifiability: All burns must be recorded on-chain and publicly verifiable.
Economic Causality Requirement: Burn must be the necessary economic consequence of application usage, not discretionary.
Counterparty-Inclusive Attribution: Burn may include Canton Coin burned by the Applicant, Application users, or Third-party counterparties.

Sustainment Requirement (High Water Mark Activity):

Any weight earned via activity-based burn is subject to a 3-year sustainment requirement from each tranche approval to ensure "High Water Mark" activity is maintained:

Sustainment Period: 3 years from each tranche approval.
Drop in Activity Definition: A >50% decline in rolling 2-quarter average eligible burn (USD equivalent) relative to the reference rate at the time of the award.
Remediation: If the decline persists for 2 consecutive quarters, the Accountability Committee reserves the right to apply a proportional weight reduction.
Exclusions: Infrastructure-based weight (+1.0 total) is not subject to clawback. There is no additional penalty beyond the burn-based portion.

Anti-Gaming & Double-Counting Protections

Burned Canton Coin may not be counted more than once across milestones or CIPs.
Self-cycling, wash activity, or economically circular transactions intended primarily to generate burn are explicitly excluded.
The Tokenomics Working Group retains discretion to exclude activity deemed non-economic or manipulative.

Measurement & Reporting

Burn measurement will be calculated using the time-weighted average USD price of Canton Coin over the relevant settlement window, using a price source approved by the Tokenomics Working Group.

The Applicant must submit a detailed burn report including:

Transaction hashes
Application identifiers
Burn amounts
Price calculation methodology

Validation & Approval

Each incremental +0.5 weight tranche requires Tokenomics Working Group validation.
Upon approval, standard escrow SV reward mechanics apply.

SV Reward Mechanics

An extraBeneficiary PartyID tied to an escrowed Super Validator will be configured by the Canton Foundation or an approved SV operator with the full maximum weight.

QCP will coordinate escrow configuration with the GSF and the SV node operator.
QCP is responsible for all costs for operating the escrow SV.
The escrow SV does not mint rewards per block; all rewards accrue to the Unclaimed Rewards Pool.
Upon milestone completion, QCP will present proof of completion and a Canton Coin calculation for earned rewards to the Tokenomics Working Group.
If approved, the GSF updates the extraBeneficiary to QCP’s PartyID.
⅔ of active Super Validator Operators will assign the approved reward portion to QCP’s Validator.

Failure to deliver milestones:

QCP will be notified of missed deliverables.
Remaining unearned weight is removed from the escrow SV.

Motivation

The Canton Network is uniquely positioned for enterprise adoption of privacy-preserving, interoperable digital asset infrastructure. QCP’s mandate as an SV is to shift the network from pilot into institutional flow by delivering production-grade settlement workflows, RWA onboarding at scale, and sustained transaction volume. By tying SV weight to sustained economic gravity rather than one-time spikes, this proposal ensures long-term institutional contribution to the network.

Copyright

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

#7Eric Saraniecki01-03-2026source ↗

thanks Yiannis - i think this is great and def something we will be able to use in other contexts going forward

my only open question is around the timeline to achieve the burn recognition - i think 24 months is too long, i would prefer 12 but could get comfortable at 18

On Sat, Feb 28, 2026 at 3:44 AM Yiannis Varelas via lists.sync.global <y=fivenorth.io@...> wrote:

Hi all,

I had very good async calls and I'm posting here the updated Full CIP with the changes I proposed above
plus a summary of the changes for reference.

Summary of Amendments

1. Recalibration of Maximum Weight

Previous: 10.0 Maximum Weight.

New: 5.0 Maximum Weight.

Rationale: This reduction ensures that the SV seat remains a performance-based track rather than a dominant structural position. It balances QCP’s influence to better align with the existing validator landscape while still providing significant incentive for driving network utility.

2. Implementation of "High Water Mark" Sustainment

The reward for "Canton Coin Burn" is no longer a permanent award based on a one-time spike. It is now tied to a 3-year sustainment obligation:

Sustainment Period: Each +0.5 weight tranche earned via activity is subject to a 3-year monitoring period from the date of approval.

Performance Floor: A "drop in activity" is strictly defined as a >50% decline in the rolling 2-quarter average of eligible burn (USD equivalent) relative to the rate at the time of award.

Accountability: If a decline persists for 2 consecutive quarters, the Accountability Committee has the mandate to proportionally reduce the burn-based weight.

3. Protection of Infrastructure Contributions

The +1.0 weight tied to Application Development and RWA Tokenization (the "Infrastructure" portion) is not subject to the activity-based clawback. This recognizes the permanent value of the code and onboarding frameworks delivered to the network.

4. Strategic Shift

This amendment moves the proposal from a "milestone-hunt" to a "sustained gravity" model. It ensures that QCP’s weight as an SV is a direct and ongoing reflection of the institutional flow they bring to the Canton Network.

##################################################################################################

CIP-00xx

Title: Add QCP Group as a Super Validator (weight 5.0)

Author: Yiannis Varelas, Eric Saraniecki

Status: Draft

Type: Governance

Created: 2026-02-01

License: CC0-1.0

Abstract

QCP Group proposes to join the Canton Network as a Super Validator (SV) with a maximum potential weight of 5.0, tied to quantifiable institutional adoption, application delivery, and network economic activity milestones.

QCP brings deep product, derivatives, and collateral infrastructure expertise, proven institutional market access, and active participation in Canton ecosystem pilots (including Nasdaq and Digital Asset collaborations). QCP’s role as an SV will amplify institutional traffic, expand real-world asset tokenization, and drive measurable Canton Coin utility.

About QCP Group

QCP Group is a leading institutional crypto trading and market infrastructure firm with regulatory licenses across key jurisdictions. QCP has:

Built institutional-grade trading and execution systems.

Delivered collateral workflow pilots with major market operators.

Provided liquidity and OTC services for digital assets.

Actively engaged top-tier institutional participants in private canton infrastructure evaluations.

QCP’s participation strengthens Canton’s institutional on-chain settlement capabilities and utility proposition.

Deliverables for SV Reward (Weight 5.0)

Deliverable

Acceptance Criteria

Deadline

Weight Earned

Institutional Collateral Application Development

Complete development and validation of an end-to-end institutional collateral lifecycle workflow, including: (1) collateral agreement generation, (2) margin allocation, (3) margin confirmation, and (4) settlement. Workflow must reflect real bilateral trading relationships. Evidence includes collateral agreement records and settlement history from test trades executed on a Canton utility application.

3 months from CIP approval

+0.5

RWA Tokenization Enablement

Onboard 10 Tokenized Money Market Funds (TMMFs) onto a tokenization platform capable of issuing, bridging, and managing RWAs on-chain, with assets accurately recognized and verifiable on Canton. Evidence includes on-chain token confirmations and asset records.

3 months from CIP approval

+0.5

Canton Coin Burn via Application-Driven Economic Activity

Earn +0.5 weight for every USD $2M equivalent of Canton Coin burned, attributable to application-driven network activity. Eligible activity includes asset swaps, minting and redemption flows, derivative vault strategies, and settlement activity occurring within or across Canton applications, including burn resulting from counterparty participation. Burn must be traceable on-chain to eligible application activity.

Up to 24 months from CIP approval

+4.0 max

Total Maximum Earnable Weight: 5.0

Eligible Burn & Sustainment Criteria

Canton Coin Burn via Application-Driven Economic Activity

Weight Allocation:

+0.5 reward weight for every USD $2,000,000 equivalent of Canton Coin permanently burned, up to a maximum of +4.0 weight.

Eligible Burn Criteria (ALL must be met):

Application-Scoped Activity: Burned Canton Coin must result directly from transactions executed within, or triggered by, GSF-approved Canton applications.

On-Chain Verifiability: All burns must be recorded on-chain and publicly verifiable.

Economic Causality Requirement: Burn must be the necessary economic consequence of application usage, not discretionary.

Counterparty-Inclusive Attribution: Burn may include Canton Coin burned by the Applicant, Application users, or Third-party counterparties.

Sustainment Requirement (High Water Mark Activity):

Any weight earned via activity-based burn is subject to a 3-year sustainment requirement from each tranche approval to ensure "High Water Mark" activity is maintained:

Sustainment Period: 3 years from each tranche approval.

Drop in Activity Definition: A >50% decline in rolling 2-quarter average eligible burn (USD equivalent) relative to the reference rate at the time of the award.

Remediation: If the decline persists for 2 consecutive quarters, the Accountability Committee reserves the right to apply a proportional weight reduction.

Exclusions: Infrastructure-based weight (+1.0 total) is not subject to clawback. There is no additional penalty beyond the burn-based portion.

Anti-Gaming & Double-Counting Protections

Burned Canton Coin may not be counted more than once across milestones or CIPs.

Self-cycling, wash activity, or economically circular transactions intended primarily to generate burn are explicitly excluded.

The Tokenomics Working Group retains discretion to exclude activity deemed non-economic or manipulative.

Measurement & Reporting

Burn measurement will be calculated using the time-weighted average USD price of Canton Coin over the relevant settlement window, using a price source approved by the Tokenomics Working Group.

The Applicant must submit a detailed burn report including:

Transaction hashes

Application identifiers

Burn amounts

Price calculation methodology

Validation & Approval

Each incremental +0.5 weight tranche requires Tokenomics Working Group validation.

Upon approval, standard escrow SV reward mechanics apply.

SV Reward Mechanics

An extraBeneficiary PartyID tied to an escrowed Super Validator will be configured by the Canton Foundation or an approved SV operator with the full maximum weight.

QCP will coordinate escrow configuration with the GSF and the SV node operator.

QCP is responsible for all costs for operating the escrow SV.

The escrow SV does not mint rewards per block; all rewards accrue to the Unclaimed Rewards Pool.

Upon milestone completion, QCP will present proof of completion and a Canton Coin calculation for earned rewards to the Tokenomics Working Group.

If approved, the GSF updates the extraBeneficiary to QCP’s PartyID.

⅔ of active Super Validator Operators will assign the approved reward portion to QCP’s Validator.

Failure to deliver milestones:

QCP will be notified of missed deliverables.

Remaining unearned weight is removed from the escrow SV.

Motivation

The Canton Network is uniquely positioned for enterprise adoption of privacy-preserving, interoperable digital asset infrastructure. QCP’s mandate as an SV is to shift the network from pilot into institutional flow by delivering production-grade settlement workflows, RWA onboarding at scale, and sustained transaction volume. By tying SV weight to sustained economic gravity rather than one-time spikes, this proposal ensures long-term institutional contribution to the network.

Copyright

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

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.

#8Yiannis Varelas01-03-2026source ↗

We are OK with 18 months. If there is no further comment we can move it to vote with 18 if you want to endorse.

Show quoted text

On Sun, Mar 1, 2026 at 10:22 Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...> wrote:

thanks Yiannis - i think this is great and def something we will be able to use in other contexts going forward

my only open question is around the timeline to achieve the burn recognition - i think 24 months is too long, i would prefer 12 but could get comfortable at 18

On Sat, Feb 28, 2026 at 3:44 AM Yiannis Varelas via lists.sync.global <y=fivenorth.io@...> wrote:
Hi all,

I had very good async calls and I'm posting here the updated Full CIP with the changes I proposed above
plus a summary of the changes for reference.

Summary of Amendments

1. Recalibration of Maximum Weight

Previous: 10.0 Maximum Weight.

New: 5.0 Maximum Weight.

Rationale: This reduction ensures that the SV seat remains a performance-based track rather than a dominant structural position. It balances QCP’s influence to better align with the existing validator landscape while still providing significant incentive for driving network utility.

2. Implementation of "High Water Mark" Sustainment

The reward for "Canton Coin Burn" is no longer a permanent award based on a one-time spike. It is now tied to a 3-year sustainment obligation:

Sustainment Period: Each +0.5 weight tranche earned via activity is subject to a 3-year monitoring period from the date of approval.

Performance Floor: A "drop in activity" is strictly defined as a >50% decline in the rolling 2-quarter average of eligible burn (USD equivalent) relative to the rate at the time of award.

Accountability: If a decline persists for 2 consecutive quarters, the Accountability Committee has the mandate to proportionally reduce the burn-based weight.

3. Protection of Infrastructure Contributions

The +1.0 weight tied to Application Development and RWA Tokenization (the "Infrastructure" portion) is not subject to the activity-based clawback. This recognizes the permanent value of the code and onboarding frameworks delivered to the network.

4. Strategic Shift

This amendment moves the proposal from a "milestone-hunt" to a "sustained gravity" model. It ensures that QCP’s weight as an SV is a direct and ongoing reflection of the institutional flow they bring to the Canton Network.

##################################################################################################

CIP-00xx

Title: Add QCP Group as a Super Validator (weight 5.0)

Author: Yiannis Varelas, Eric Saraniecki

Status: Draft

Type: Governance

Created: 2026-02-01

License: CC0-1.0

Abstract

QCP Group proposes to join the Canton Network as a Super Validator (SV) with a maximum potential weight of 5.0, tied to quantifiable institutional adoption, application delivery, and network economic activity milestones.

QCP brings deep product, derivatives, and collateral infrastructure expertise, proven institutional market access, and active participation in Canton ecosystem pilots (including Nasdaq and Digital Asset collaborations). QCP’s role as an SV will amplify institutional traffic, expand real-world asset tokenization, and drive measurable Canton Coin utility.

About QCP Group

QCP Group is a leading institutional crypto trading and market infrastructure firm with regulatory licenses across key jurisdictions. QCP has:

Built institutional-grade trading and execution systems.

Delivered collateral workflow pilots with major market operators.

Provided liquidity and OTC services for digital assets.

Actively engaged top-tier institutional participants in private canton infrastructure evaluations.

QCP’s participation strengthens Canton’s institutional on-chain settlement capabilities and utility proposition.

Deliverables for SV Reward (Weight 5.0)

Deliverable

Acceptance Criteria

Deadline

Weight Earned

Institutional Collateral Application Development

Complete development and validation of an end-to-end institutional collateral lifecycle workflow, including: (1) collateral agreement generation, (2) margin allocation, (3) margin confirmation, and (4) settlement. Workflow must reflect real bilateral trading relationships. Evidence includes collateral agreement records and settlement history from test trades executed on a Canton utility application.

3 months from CIP approval

+0.5

RWA Tokenization Enablement

Onboard 10 Tokenized Money Market Funds (TMMFs) onto a tokenization platform capable of issuing, bridging, and managing RWAs on-chain, with assets accurately recognized and verifiable on Canton. Evidence includes on-chain token confirmations and asset records.

3 months from CIP approval

+0.5

Canton Coin Burn via Application-Driven Economic Activity

Earn +0.5 weight for every USD $2M equivalent of Canton Coin burned, attributable to application-driven network activity. Eligible activity includes asset swaps, minting and redemption flows, derivative vault strategies, and settlement activity occurring within or across Canton applications, including burn resulting from counterparty participation. Burn must be traceable on-chain to eligible application activity.

Up to 24 months from CIP approval

+4.0 max

Total Maximum Earnable Weight: 5.0

Eligible Burn & Sustainment Criteria

Canton Coin Burn via Application-Driven Economic Activity

Weight Allocation:

+0.5 reward weight for every USD $2,000,000 equivalent of Canton Coin permanently burned, up to a maximum of +4.0 weight.

Eligible Burn Criteria (ALL must be met):

Application-Scoped Activity: Burned Canton Coin must result directly from transactions executed within, or triggered by, GSF-approved Canton applications.

On-Chain Verifiability: All burns must be recorded on-chain and publicly verifiable.

Economic Causality Requirement: Burn must be the necessary economic consequence of application usage, not discretionary.

Counterparty-Inclusive Attribution: Burn may include Canton Coin burned by the Applicant, Application users, or Third-party counterparties.

Sustainment Requirement (High Water Mark Activity):

Any weight earned via activity-based burn is subject to a 3-year sustainment requirement from each tranche approval to ensure "High Water Mark" activity is maintained:

Sustainment Period: 3 years from each tranche approval.

Drop in Activity Definition: A >50% decline in rolling 2-quarter average eligible burn (USD equivalent) relative to the reference rate at the time of the award.

Remediation: If the decline persists for 2 consecutive quarters, the Accountability Committee reserves the right to apply a proportional weight reduction.

Exclusions: Infrastructure-based weight (+1.0 total) is not subject to clawback. There is no additional penalty beyond the burn-based portion.

Anti-Gaming & Double-Counting Protections

Burned Canton Coin may not be counted more than once across milestones or CIPs.

Self-cycling, wash activity, or economically circular transactions intended primarily to generate burn are explicitly excluded.

The Tokenomics Working Group retains discretion to exclude activity deemed non-economic or manipulative.

Measurement & Reporting

Burn measurement will be calculated using the time-weighted average USD price of Canton Coin over the relevant settlement window, using a price source approved by the Tokenomics Working Group.

The Applicant must submit a detailed burn report including:

Transaction hashes

Application identifiers

Burn amounts

Price calculation methodology

Validation & Approval

Each incremental +0.5 weight tranche requires Tokenomics Working Group validation.

Upon approval, standard escrow SV reward mechanics apply.

SV Reward Mechanics

An extraBeneficiary PartyID tied to an escrowed Super Validator will be configured by the Canton Foundation or an approved SV operator with the full maximum weight.

QCP will coordinate escrow configuration with the GSF and the SV node operator.

QCP is responsible for all costs for operating the escrow SV.

The escrow SV does not mint rewards per block; all rewards accrue to the Unclaimed Rewards Pool.

Upon milestone completion, QCP will present proof of completion and a Canton Coin calculation for earned rewards to the Tokenomics Working Group.

If approved, the GSF updates the extraBeneficiary to QCP’s PartyID.

⅔ of active Super Validator Operators will assign the approved reward portion to QCP’s Validator.

Failure to deliver milestones:

QCP will be notified of missed deliverables.

Remaining unearned weight is removed from the escrow SV.

Motivation

The Canton Network is uniquely positioned for enterprise adoption of privacy-preserving, interoperable digital asset infrastructure. QCP’s mandate as an SV is to shift the network from pilot into institutional flow by delivering production-grade settlement workflows, RWA onboarding at scale, and sustained transaction volume. By tying SV weight to sustained economic gravity rather than one-time spikes, this proposal ensures long-term institutional contribution to the network.

Copyright

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

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.

#9Eric Saraniecki01-03-2026source ↗

Very happy to endorse

Show quoted text

On Mar 1, 2026, at 11:47 AM, Yiannis Varelas via lists.sync.global <y=fivenorth.io@...> wrote:

We are OK with 18 months. If there is no further comment we can move it to vote with 18 if you want to endorse.

On Sun, Mar 1, 2026 at 10:22 Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...> wrote:

thanks Yiannis - i think this is great and def something we will be able to use in other contexts going forward

my only open question is around the timeline to achieve the burn recognition - i think 24 months is too long, i would prefer 12 but could get comfortable at 18

On Sat, Feb 28, 2026 at 3:44 AM Yiannis Varelas via lists.sync.global <y=fivenorth.io@...> wrote:
Hi all,

I had very good async calls and I'm posting here the updated Full CIP with the changes I proposed above
plus a summary of the changes for reference.

Summary of Amendments

1. Recalibration of Maximum Weight

Previous: 10.0 Maximum Weight.

New: 5.0 Maximum Weight.

Rationale: This reduction ensures that the SV seat remains a performance-based track rather than a dominant structural position. It balances QCP’s influence to better align with the existing validator landscape while still providing significant incentive for driving network utility.

2. Implementation of "High Water Mark" Sustainment

The reward for "Canton Coin Burn" is no longer a permanent award based on a one-time spike. It is now tied to a 3-year sustainment obligation:

Sustainment Period: Each +0.5 weight tranche earned via activity is subject to a 3-year monitoring period from the date of approval.

Performance Floor: A "drop in activity" is strictly defined as a >50% decline in the rolling 2-quarter average of eligible burn (USD equivalent) relative to the rate at the time of award.

Accountability: If a decline persists for 2 consecutive quarters, the Accountability Committee has the mandate to proportionally reduce the burn-based weight.

3. Protection of Infrastructure Contributions

The +1.0 weight tied to Application Development and RWA Tokenization (the "Infrastructure" portion) is not subject to the activity-based clawback. This recognizes the permanent value of the code and onboarding frameworks delivered to the network.

4. Strategic Shift

This amendment moves the proposal from a "milestone-hunt" to a "sustained gravity" model. It ensures that QCP’s weight as an SV is a direct and ongoing reflection of the institutional flow they bring to the Canton Network.

##################################################################################################

CIP-00xx

Title: Add QCP Group as a Super Validator (weight 5.0)

Author: Yiannis Varelas, Eric Saraniecki

Status: Draft

Type: Governance

Created: 2026-02-01

License: CC0-1.0

Abstract

QCP Group proposes to join the Canton Network as a Super Validator (SV) with a maximum potential weight of 5.0, tied to quantifiable institutional adoption, application delivery, and network economic activity milestones.

QCP brings deep product, derivatives, and collateral infrastructure expertise, proven institutional market access, and active participation in Canton ecosystem pilots (including Nasdaq and Digital Asset collaborations). QCP’s role as an SV will amplify institutional traffic, expand real-world asset tokenization, and drive measurable Canton Coin utility.

About QCP Group

QCP Group is a leading institutional crypto trading and market infrastructure firm with regulatory licenses across key jurisdictions. QCP has:

Built institutional-grade trading and execution systems.

Delivered collateral workflow pilots with major market operators.

Provided liquidity and OTC services for digital assets.

Actively engaged top-tier institutional participants in private canton infrastructure evaluations.

QCP’s participation strengthens Canton’s institutional on-chain settlement capabilities and utility proposition.

Deliverables for SV Reward (Weight 5.0)

Deliverable

Acceptance Criteria

Deadline

Weight Earned

Institutional Collateral Application Development

Complete development and validation of an end-to-end institutional collateral lifecycle workflow, including: (1) collateral agreement generation, (2) margin allocation, (3) margin confirmation, and (4) settlement. Workflow must reflect real bilateral trading relationships. Evidence includes collateral agreement records and settlement history from test trades executed on a Canton utility application.

3 months from CIP approval

+0.5

RWA Tokenization Enablement

Onboard 10 Tokenized Money Market Funds (TMMFs) onto a tokenization platform capable of issuing, bridging, and managing RWAs on-chain, with assets accurately recognized and verifiable on Canton. Evidence includes on-chain token confirmations and asset records.

3 months from CIP approval

+0.5

Canton Coin Burn via Application-Driven Economic Activity

Earn +0.5 weight for every USD $2M equivalent of Canton Coin burned, attributable to application-driven network activity. Eligible activity includes asset swaps, minting and redemption flows, derivative vault strategies, and settlement activity occurring within or across Canton applications, including burn resulting from counterparty participation. Burn must be traceable on-chain to eligible application activity.

Up to 24 months from CIP approval

+4.0 max

Total Maximum Earnable Weight: 5.0

Eligible Burn & Sustainment Criteria

Canton Coin Burn via Application-Driven Economic Activity

Weight Allocation:

+0.5 reward weight for every USD $2,000,000 equivalent of Canton Coin permanently burned, up to a maximum of +4.0 weight.

Eligible Burn Criteria (ALL must be met):

Application-Scoped Activity: Burned Canton Coin must result directly from transactions executed within, or triggered by, GSF-approved Canton applications.

On-Chain Verifiability: All burns must be recorded on-chain and publicly verifiable.

Economic Causality Requirement: Burn must be the necessary economic consequence of application usage, not discretionary.

Counterparty-Inclusive Attribution: Burn may include Canton Coin burned by the Applicant, Application users, or Third-party counterparties.

Sustainment Requirement (High Water Mark Activity):

Any weight earned via activity-based burn is subject to a 3-year sustainment requirement from each tranche approval to ensure "High Water Mark" activity is maintained:

Sustainment Period: 3 years from each tranche approval.

Drop in Activity Definition: A >50% decline in rolling 2-quarter average eligible burn (USD equivalent) relative to the reference rate at the time of the award.

Remediation: If the decline persists for 2 consecutive quarters, the Accountability Committee reserves the right to apply a proportional weight reduction.

Exclusions: Infrastructure-based weight (+1.0 total) is not subject to clawback. There is no additional penalty beyond the burn-based portion.

Anti-Gaming & Double-Counting Protections

Burned Canton Coin may not be counted more than once across milestones or CIPs.

Self-cycling, wash activity, or economically circular transactions intended primarily to generate burn are explicitly excluded.

The Tokenomics Working Group retains discretion to exclude activity deemed non-economic or manipulative.

Measurement & Reporting

Burn measurement will be calculated using the time-weighted average USD price of Canton Coin over the relevant settlement window, using a price source approved by the Tokenomics Working Group.

The Applicant must submit a detailed burn report including:

Transaction hashes

Application identifiers

Burn amounts

Price calculation methodology

Validation & Approval

Each incremental +0.5 weight tranche requires Tokenomics Working Group validation.

Upon approval, standard escrow SV reward mechanics apply.

SV Reward Mechanics

An extraBeneficiary PartyID tied to an escrowed Super Validator will be configured by the Canton Foundation or an approved SV operator with the full maximum weight.

QCP will coordinate escrow configuration with the GSF and the SV node operator.

QCP is responsible for all costs for operating the escrow SV.

The escrow SV does not mint rewards per block; all rewards accrue to the Unclaimed Rewards Pool.

Upon milestone completion, QCP will present proof of completion and a Canton Coin calculation for earned rewards to the Tokenomics Working Group.

If approved, the GSF updates the extraBeneficiary to QCP’s PartyID.

⅔ of active Super Validator Operators will assign the approved reward portion to QCP’s Validator.

Failure to deliver milestones:

QCP will be notified of missed deliverables.

Remaining unearned weight is removed from the escrow SV.

Motivation

The Canton Network is uniquely positioned for enterprise adoption of privacy-preserving, interoperable digital asset infrastructure. QCP’s mandate as an SV is to shift the network from pilot into institutional flow by delivering production-grade settlement workflows, RWA onboarding at scale, and sustained transaction volume. By tying SV weight to sustained economic gravity rather than one-time spikes, this proposal ensures long-term institutional contribution to the network.

Copyright

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

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.

#10Veronica Augustsson02-03-2026source ↗

If we need a sponsor for this, 7RIDGE/C7 is pleased to sponsor.

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 Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...>
Skickat: Sunday, March 1, 2026 11:57:26 AM
Till: cip-discuss@... <cip-discuss@...>
Kopia: cip-discuss@... <cip-discuss@...>
Ämne: Re: [cip-discuss] CIP-TBD: Add QCP Group as a Super Validator (weight 10.0) -- Yiannis Varelas, Eric Saraniecki

Very happy to endorse

On Mar 1, 2026, at 11:47 AM, Yiannis Varelas via lists.sync.global <y=fivenorth.io@...> wrote:

We are OK with 18 months. If there is no further comment we can move it to vote with 18 if you want to endorse.

On Sun, Mar 1, 2026 at 10:22 Eric Saraniecki via lists.sync.global <eric=digitalasset.com@...> wrote:

thanks Yiannis - i think this is great and def something we will be able to use in other contexts going forward

my only open question is around the timeline to achieve the burn recognition - i think 24 months is too long, i would prefer 12 but could get comfortable at 18

On Sat, Feb 28, 2026 at 3:44 AM Yiannis Varelas via lists.sync.global <y=fivenorth.io@...> wrote:

Hi all,

I had very good async calls and I'm posting here the updated Full CIP with the changes I proposed above
plus a summary of the changes for reference.

Summary of Amendments

1. Recalibration of Maximum Weight

Previous: 10.0 Maximum Weight.

New: 5.0 Maximum Weight.

Rationale: This reduction ensures that the SV seat remains a performance-based track rather than a dominant structural position. It balances QCP’s influence to better align with the existing validator landscape while still providing significant incentive for driving network utility.

2. Implementation of "High Water Mark" Sustainment

The reward for "Canton Coin Burn" is no longer a permanent award based on a one-time spike. It is now tied to a 3-year sustainment obligation:

Sustainment Period: Each +0.5 weight tranche earned via activity is subject to a 3-year monitoring period from the date of approval.

Performance Floor: A "drop in activity" is strictly defined as a >50% decline in the rolling 2-quarter average of eligible burn (USD equivalent) relative to the rate at the time of award.

Accountability: If a decline persists for 2 consecutive quarters, the Accountability Committee has the mandate to proportionally reduce the burn-based weight.

3. Protection of Infrastructure Contributions

The +1.0 weight tied to Application Development and RWA Tokenization (the "Infrastructure" portion) is not subject to the activity-based clawback. This recognizes the permanent value of the code and onboarding frameworks delivered to the network.

4. Strategic Shift

This amendment moves the proposal from a "milestone-hunt" to a "sustained gravity" model. It ensures that QCP’s weight as an SV is a direct and ongoing reflection of the institutional flow they bring to the Canton Network.

##################################################################################################

CIP-00xx

Title: Add QCP Group as a Super Validator (weight 5.0)

Author: Yiannis Varelas, Eric Saraniecki

Status: Draft

Type: Governance

Created: 2026-02-01

License: CC0-1.0

Abstract

QCP Group proposes to join the Canton Network as a Super Validator (SV) with a maximum potential weight of 5.0, tied to quantifiable institutional adoption, application delivery, and network economic activity milestones.

QCP brings deep product, derivatives, and collateral infrastructure expertise, proven institutional market access, and active participation in Canton ecosystem pilots (including Nasdaq and Digital Asset collaborations). QCP’s role as an SV will amplify institutional traffic, expand real-world asset tokenization, and drive measurable Canton Coin utility.

About QCP Group

QCP Group is a leading institutional crypto trading and market infrastructure firm with regulatory licenses across key jurisdictions. QCP has:

Built institutional-grade trading and execution systems.

Delivered collateral workflow pilots with major market operators.

Provided liquidity and OTC services for digital assets.

Actively engaged top-tier institutional participants in private canton infrastructure evaluations.

QCP’s participation strengthens Canton’s institutional on-chain settlement capabilities and utility proposition.

Deliverables for SV Reward (Weight 5.0)

Deliverable

Acceptance Criteria

Deadline

Weight Earned

Institutional Collateral Application Development

Complete development and validation of an end-to-end institutional collateral lifecycle workflow, including: (1) collateral agreement generation, (2) margin allocation, (3) margin confirmation, and (4) settlement. Workflow must reflect real bilateral trading relationships. Evidence includes collateral agreement records and settlement history from test trades executed on a Canton utility application.

3 months from CIP approval

+0.5

RWA Tokenization Enablement

Onboard 10 Tokenized Money Market Funds (TMMFs) onto a tokenization platform capable of issuing, bridging, and managing RWAs on-chain, with assets accurately recognized and verifiable on Canton. Evidence includes on-chain token confirmations and asset records.

3 months from CIP approval

+0.5

Canton Coin Burn via Application-Driven Economic Activity

Earn +0.5 weight for every USD $2M equivalent of Canton Coin burned, attributable to application-driven network activity. Eligible activity includes asset swaps, minting and redemption flows, derivative vault strategies, and settlement activity occurring within or across Canton applications, including burn resulting from counterparty participation. Burn must be traceable on-chain to eligible application activity.

Up to 24 months from CIP approval

+4.0 max

Total Maximum Earnable Weight: 5.0

Eligible Burn & Sustainment Criteria

Canton Coin Burn via Application-Driven Economic Activity

Weight Allocation:

+0.5 reward weight for every USD $2,000,000 equivalent of Canton Coin permanently burned, up to a maximum of +4.0 weight.

Eligible Burn Criteria (ALL must be met):

Application-Scoped Activity: Burned Canton Coin must result directly from transactions executed within, or triggered by, GSF-approved Canton applications.

On-Chain Verifiability: All burns must be recorded on-chain and publicly verifiable.

Economic Causality Requirement: Burn must be the necessary economic consequence of application usage, not discretionary.

Counterparty-Inclusive Attribution: Burn may include Canton Coin burned by the Applicant, Application users, or Third-party counterparties.

Sustainment Requirement (High Water Mark Activity):

Any weight earned via activity-based burn is subject to a 3-year sustainment requirement from each tranche approval to ensure "High Water Mark" activity is maintained:

Sustainment Period: 3 years from each tranche approval.

Drop in Activity Definition: A >50% decline in rolling 2-quarter average eligible burn (USD equivalent) relative to the reference rate at the time of the award.

Remediation: If the decline persists for 2 consecutive quarters, the Accountability Committee reserves the right to apply a proportional weight reduction.

Exclusions: Infrastructure-based weight (+1.0 total) is not subject to clawback. There is no additional penalty beyond the burn-based portion.

Anti-Gaming & Double-Counting Protections

Burned Canton Coin may not be counted more than once across milestones or CIPs.

Self-cycling, wash activity, or economically circular transactions intended primarily to generate burn are explicitly excluded.

The Tokenomics Working Group retains discretion to exclude activity deemed non-economic or manipulative.

Measurement & Reporting

Burn measurement will be calculated using the time-weighted average USD price of Canton Coin over the relevant settlement window, using a price source approved by the Tokenomics Working Group.

The Applicant must submit a detailed burn report including:

Transaction hashes

Application identifiers

Burn amounts

Price calculation methodology

Validation & Approval

Each incremental +0.5 weight tranche requires Tokenomics Working Group validation.

Upon approval, standard escrow SV reward mechanics apply.

SV Reward Mechanics

An extraBeneficiary PartyID tied to an escrowed Super Validator will be configured by the Canton Foundation or an approved SV operator with the full maximum weight.

QCP will coordinate escrow configuration with the GSF and the SV node operator.

QCP is responsible for all costs for operating the escrow SV.

The escrow SV does not mint rewards per block; all rewards accrue to the Unclaimed Rewards Pool.

Upon milestone completion, QCP will present proof of completion and a Canton Coin calculation for earned rewards to the Tokenomics Working Group.

If approved, the GSF updates the extraBeneficiary to QCP’s PartyID.

⅔ of active Super Validator Operators will assign the approved reward portion to QCP’s Validator.

Failure to deliver milestones:

QCP will be notified of missed deliverables.

Remaining unearned weight is removed from the escrow SV.

Motivation

The Canton Network is uniquely positioned for enterprise adoption of privacy-preserving, interoperable digital asset infrastructure. QCP’s mandate as an SV is to shift the network from pilot into institutional flow by delivering production-grade settlement workflows, RWA onboarding at scale, and sustained transaction volume. By tying SV weight to sustained economic gravity rather than one-time spikes, this proposal ensures long-term institutional contribution to the network.

Copyright

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

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.