cBSN to BSN Conversion ## Introduction It has been proposed, voted, and passed for a burn/vest/claim system for cBSN to convert to BSN 1:1. The vote has taken place on Snapshot. This proposal is to carry out the specifications voted on by the cBSN and SHB holders in line with the formal proposal. Full proposal and voting [here](https://snapshot.org/#/blockswapdao.eth/proposal/0xabe4cf96549a963aabaeb88b6f14647f558289bd9ac593ba7fc9362f33ea8246). Blockswap Governance [here](https://gov.blockswap.network/). ## Key Actionable Items ### cBSN Conversion - BSN tokens equal to the cBSN in circulation (a rate of 1:1) will be delivered to a common claim drip faucet on a 90 day linear unlocking. - A wallet’s full cBSN balance will be burned to start the BSN claim process only when enough BSN has been unlocked within the common drip faucet. Partial burning is not possible. - Burning cBSN starts a 90 day linear vesting schedule that is claimable on a block by block basis. ### Time Constraints Blockswap DAO will limit the window to begin this process to 100 days; cBSN and SHB holders may utilize this window to burn and claim BSN tokens at their convenience. After that, no further claim will be processed, and the remaining BSN tokens will return to the DAO. The exception is unclaimed merkle tree BSN. ### Execution The Blockswap Labs team will execute the above and the community drip faucet will begin accruing BSN tokens within 30 days. Any remaining tokens of the 300,000,000 BSN which have not started the claiming process within 100 days will be returned to the DAO.