We are thrilled to announce that the token merger between cheqd and Dock has been officially approved by both $CHEQ and $DOCK holders. This milestone marks the next phase of our journey together to deliver the most feature-complete software stack for decentralised ID. Both Dock and cheqd will remain separate legal entities, each focusing on their strengths. cheqd will continue to advance payment and trust infrastructure at the network-layer, while Dock will continue focused on issuance, verification, and monetization of verifiable credentials for Identity Solution Providers through their Certs platform. Read more about the alliance here.
With the approval of this token merger, $DOCK tokens will be swapped for $CHEQ tokens at the pre-determined ratio of 18.5178 $DOCK to 1 $CHEQ, with any unclaimed $CHEQ tokens likely to be burned, reinforcing the deflationary mechanics of the cheqd network. Now the merger has been approved, the cheqd and Dock teams are working on the migration, including the process and dates, and will communicate these as they become clear.
Dock’s historical and future transactions will be migrated to the cheqd blockchain. This will enhance functionality and ensure the continuity of all Dock’s current operations within the cheqd network.
Browse our FAQ to learn more about the alliance and token merger.
Majority Approval from cheqd and Dock Communities
The token merger has received overwhelming support from both the cheqd and Dock communities.The governance vote, which lasted for 5 days on the cheqd network and 15 days on the Dock network, resulted in a 53.1% voter turnout approval from $CHEQ holders and 3.54% voter turnout approval from $DOCK holders, with both achieving 100% in favour of the merge. This strong backing from both communities reflects the shared belief in the potential of this merger to unlock new opportunities for all parties involved and drive the future of decentralised or self-sovereign identity.
What Does the Merger Mean to cheqd $CHEQ?
This merger solidifies cheqd’s position as the home of decentralised identity, underpinning Dock’s Certs platform with cheqd’s privacy-preserving payments and trust registries. Dock’s migration of network traffic to cheqd will significantly boost activity on the network, bringing approximately 300% more traffic to the mainnet and 50% to the testnet. This will accelerate network effects, driving more adoption across industries and use cases, especially as incoming regulations like eIDAS 2.0 are implemented.
This integration is set to increase $CHEQ’s utility, as more identity transactions will occur across our infrastructure, supporting a broader ecosystem of verifiable credentials and increasing token burn.
The integration of cheqd and Dock’s established ecosystems will forge a powerful network of over 100,000 community members and hundreds of active partners.
What Happens Next?
As we move forward, cheqd and Dock will announce the commencement dates for the following key activities:
- Token Migration: The migration of $DOCK tokens to $CHEQ is expected to begin in the latter half of Q4.
- Porting Blockchain Transactions: Existing blockchain transactions on the Dock chain will be ported to the cheqd blockchain.
The cheqd and Dock teams will work closely with exchanges to facilitate the token migration, ensuring a seamless transition for all trading activities. Post-migration, Dock will default to using the cheqd network. While Dock will continue to support clients who require alternative chains or ledgerless identity systems, using cheqd by default will provide Dock’s clients with access to the most advanced and secure decentralised ID software stack available.
A Defining Moment for the Decentralised Identity Market
This merger sends a huge signal to the SSI and DID market, marking a defining moment in our mission to build the global trusted data economy. By merging our communities, technologies, and resources, we are poised to accelerate innovation and adoption, driving the growth of verifiable credentials on a global scale.
Together, we are leading the charge into a new era where secure, self-sovereign identity becomes the industry standard. This is just the beginning—stay tuned for more as we shape the future of decentralised identity.
