CIP-TBD: Add Monex as SV of Weight 5 - Yo Nakagawa
Type: Governance
Status: Draft
Author(s): Yo Nakagawa
Created: 2026-04-08
License: CC0-1.0Summary
This proposal defines a set of Super Validator (SV) commitments for Monex focused on expanding Canton Network adoption in Japan across:
Technical infrastructure and support
Exchange integration and distribution
On-chain activity generation
Institutional adoption of tokenized U.S. Treasuries
The proposal allocates up to SV Weight 5 based on successful delivery of measurable milestones and adoption outcomes.
Motivation
Japan represents a strategic market for Canton, with strong regulatory clarity, deep institutional participation, and leading crypto-native infrastructure.
This proposal aims to:
Establish local technical capability to support Canton adoption
Enable direct exchange access and distribution via Coincheck
Drive sustained on-chain activity through validator-operated infrastructure
Unlock institutional flows via Japanese broker-dealer access to tokenized U.S. Treasuries
These milestones collectively position Monex as a key driver of Canton’s expansion in Japan.
Milestones & Rewards
Category
Deliverable
Acceptance Criteria
Deadline
Weight
Japan Business Development
Establish Japan-based technical support team
Dedicated L1/L2 technical support team in Japan supporting Canton Network customers; support maintained for minimum 2 years
+180 days from CIP approval
+1.0
NaaS Adoption
Drive activity via Monex-operated validator infrastructure
Total fees generated on Canton MainNet attributable to Monex-operated validators
+365 days from CIP approval
+0.5 per $2M of fees (Max +1.0)
Canton Exchange Integration
Integrate Coincheck with Canton Network
Coincheck successfully:
• Integrates Canton natively
• Lists CC
• Supports stablecoin deposits/withdrawals on Canton
+180 days from CIP approval
+1.0
JP Broker-Dealer US Treasury Adoption
Build end-to-end DTCC Treasury enablement stack
Deliver production-ready technical stack enabling Japanese broker-dealers to access DTCC-custodied U.S. Treasuries
+365 days from CIP approval
+0.25 per onboarded BD (Max +2.0)
Additional Acceptance Criteria (Broker-Dealer Adoption)
For each onboarded Japanese broker-dealer, the following must be completed:
At least one test trade per workflow, including:
Repo transaction
Spot trade
Custody of Treasuries
Reward Distribution
Maximum total SV Weight: 5
Rewards tied to the Japan technical support milestone are released quarterly over a 2-year period, contingent on continued operation of the support function
All other rewards are earned upon satisfaction of the defined acceptance criteria and deadlines
Notes
All activity and fee attribution must be verifiable on-chain
Broker-dealer onboarding must meet production-grade standards, not pilot or simulated environments
The Foundation retains discretion to validate milestone completion
- An extraBeneficiary PartyID associated with the ‘escrowed’ Super Validator will be setup by the Foundation, or another SV node operator approved to provide SV rewards escrow services, with an SV Weight at the maximum earnable weight.
- The Applicant is responsible for coordinating the process of setting up the escrowed weights with the GSF and the operator of the SV node.
- The Applicant is responsible for all costs associated with the operation of the escrow SV.
- The escrow SV will NOT mint rewards on a block-by-block basis.
- All escrow SV rewards will go to the Unclaimed Rewards pool.
- ⅔ of the Super Validator Operators will update their configurations to allow the escrowing SV node to host the full weight to be earned by the given Super Validator.
- Applicant is required to present proof of successful completed milestones to the Tokenomics Working Group.
- Applicant must present a calculation for the number of Canton Coin it should earn for meeting milestone requirements.
- If the Tokenomics Working Group agrees the milestone has been met and approves the calculation, an announcement will be sent via the Tokenomics-Announce mailing list.
- The GSF will update the extraBeneficiary to an active PartyID controlled by that Super Validator.
- ⅔ of Super Validator Operators will then assign a portion of the Unclaimed Rewards to be minted by the Applicant’s Validator, based on the approved calculation.
