CIP-1: Create an ERC-20 wrapped CTC token (wCTC) to facilitate mainnet liquidity
Ended 1y ago
closed
Description

Proposal Outline

The Creditcoin Foundation is proposing the creation of an ERC-20 wrapped CTC (mainnet) token on Ethereum in order to facilitate mainnet liquidity. This token will be called wCTC.

A newly created swap tool will allow users to request wCTC at a 1:1 ratio by sending CTC (mainnet) to a specified address on the Creditcoin mainnet. Utilizing the same swap tool, users will also be able to swap back from wCTC to CTC (mainnet) at a 1:1 ratio.

Once users have swapped their CTC (mainnet) for wCTC, they will be able to trade their wCTC for G-CRE on a floating Uniswap pair. The Creditcoin foundation will provide limited liquidity to this pair in order to allow users to liquidate their mainnet tokens.

As there is no direct way to bridge tokens from Creditcoin to Ethereum, the Creditcoin Foundation will operate this swap tool privately.

There are important factors to consider before voting. We have summarised any anticipated concerns below to help inform the community:

  • Centralized - The wCTC token swapping process will be centralized, being conducted manually by the Creditcoin Foundation. To mitigate the associated risks, we will publicize the relevant contracts and wallets to maximise the wCTC ↔ CTC swap transparency.
  • Price impact + slippage risk - As the G-CRE ↔ wCTC pair on Uniswap uses a floating exchange mechanism, there is a significant likelihood of price slippage between the two tokens, meaning that wCTC could end up trading at a discounted price to G-CRE. While CTC (mainnet) ↔ wCTC is a 1:1 quantity conversion, the market will determine what the wCTC → G-CRE price will be.
  • Development time - Implementing a new wCTC token will take development time away from Creditcoin 3.0.

For more information on why a two-way CTC (mainnet) ↔ G-CRE bridge isn’t possible, please read our blog post: https://creditcoin.org/blog/wctc-governance-proposal/

Technical Implementation Specifications

  • Gluwa will develop a new swap wCTC (ERC-20) ↔ CTC (mainnet) swap tool.
  • The swap interface will be hosted on the Creditcoin Website.
  • The wCTC ↔ CTC (mainnet) swap will follow a 1:1 quantity conversion ratio, excepting any swapping fees (see below).
  • To cover the cost of transactions on Ethereum, the following swapping fees will be applied:
    • CTC (mainnet) -> wCTC (ERC-20)
      • Fee: 10 CTC paid by the user (subject to change based on market conditions). This fee covers the Foundation’s wCTC transaction costs on Ethereum.
      • Example: If a user sends 100 CTC, they will receive 90 wCTC.
    • wCTC (ERC-20) -> CTC (mainnet)
      • Fee: No CTC fee. Users must pay any ETH gas fees directly during the transaction.
      • Example: If a user sends 100 wCTC, they receive 100 CTC (mainnet).
  • The Creditcoin Foundation will publicize the CTC (mainnet) and wCTC (ERC-20) contracts and addresses used for the swapping of tokens in order to ensure transparency.
  • As the swap is manual, users should expect a processing period to receive their tokens. Currently, the Foundation plans to send tokens every Monday.
  • Creditcoin will publish a full swap guide to help users through the process.
  • Depending on the volume of swap requests, the Foundation may batch transactions in order to reduce transaction fee expenses.

Official Links

Full announcement: https://creditcoin.org/blog/wctc-governance-proposal/

Forum discussions: https://community.creditcoin.org/t/the-ctc-token-roadmap-wctc-governance-proposal/9010

Optionssingle

Votes·338

5CB5...bpA2
5CB5...bpA2
5CB5JNHoE8MG11EmzfhvkZKppfuC5tWc9NGUuGToupsTbpA2
Yes
# 1
3.79 CTC
5CVb...qpHY
5CVb...qpHY
5CVbWDzEyv9JNozQoT86QjDuG4iXxUkichtcE5UuR6uwqpHY
Yes
# 1
3.79 CTC
5FKd...yXm5
5FKd...yXm5
5FKdkWMqd1m4Ea1fZBsrit8DKS1qU7DS9az98S3yBnqNyXm5
Yes
# 1
3.79 CTC
5GRj...CABv
5GRj...CABv
5GRjsuJgGut1EMarxPL7xn6VPJmhr3J8wUKnkA6iyjinCABv
Yes
# 1
3.79 CTC
5Cr3...BkAW
5Cr3...BkAW
5Cr378in6Zo5kpVxA8yF2XjBxSZvz7ciXf59mew2CiFJBkAW
Yes
# 1
3.79 CTC
5Hmm...CZHF
5Hmm...CZHF
5HmmaPsj6tTUzASpDGVPuj6LiVMFgb6hDCQ747z4BcnvCZHF
Yes
# 1
3.79 CTC
5C4t...sGoK
5C4t...sGoK
5C4taU6ShUsGkaugkR9aDoFtaARSmDsEDw7qNojaU5gCsGoK
Yes
# 1
3.79 CTC
5F9X...rEX7
5F9X...rEX7
5F9XRXCNAGQUceTm9Rg3TU5dLxLw7ub34gKSemDDXt5srEX7
Yes
# 1
3.79 CTC
5Esk...t1ty
5Esk...t1ty
5EskqGbH93Pn8rqmR4AsxTUTP5UTLYrpa8DJZm9TGaLTt1ty
Yes
# 1
3.79 CTC
5FeD...ARv4
5FeD...ARv4
5FeDR4rCYuJton2QY77tpSa9oJVAZA7SMbk7UrqbsdALARv4
Yes
# 1
3.79 CTC
5H45...cDGp
5H45...cDGp
5H45hTRxUqbBzAUgkdQQLWWuZjBFw4f3kTdQmSwfFZD4cDGp
Yes
# 1
3.79 CTC
5DA4...LNui
5DA4...LNui
5DA4LxgnBS4EQCWUYAjY9peeT7ueMBtcyPpXP9FCP9bKLNui
Yes
# 1
3.79 CTC
5FvX...ujkL
5FvX...ujkL
5FvX1MYMWxgeeky4cvKXUKNcphMrybSz9vaum3AoYGNLujkL
Yes
# 1
3.79 CTC
5HHZ...uBJi
5HHZ...uBJi
5HHZmK3ir6G1WQyA7W8fkshKika2ArEd54taTWn41s4xuBJi
Yes
# 1
3.79 CTC
5HWN...4eU4
5HWN...4eU4
5HWN2H732dM74mb7wF23TsMzqBuZyUfwNq5n4sQUgAMp4eU4
Yes
# 1
3.79 CTC
5FCR...Xt3B
5FCR...Xt3B
5FCRRMMhoifMXYiDXj5V8ZdB4Mh4RhQqgXmWbuV3SR7EXt3B
Yes
# 1
621.06 CTC
nice
5HTX...e1mt
5HTX...e1mt
5HTXHMXF6Spm7KeUiAgTW5MG29EYDf5Q5ytJi7oTRuLKe1mt
Yes
# 1
3.79 CTC
5HeE...pYxc
5HeE...pYxc
5HeEMTGumXvMEEzYacaZUXXKkR83xatZFB5yFA8BupizpYxc
Yes
# 1
3.79 CTC
5H8u...agd1
5H8u...agd1
5H8uvRiovuxpxW2t77e8BLDeHLnvy1H7JHGXmnSCxsmEagd1
Yes
# 1
3.79 CTC
5Dkf...UQEk
5Dkf...UQEk
5DkfTnn9bBaskgPjZTNQY2vhajdWKHwetnFo6Pr5FDhPUQEk
Yes
# 1
3.79 CTC
5D9n...nu5K
5D9n...nu5K
5D9nbsjqgVmHTgqG8XU9oUPgb9jvTEg4AmP6MwJhrZnEnu5K
Yes
# 1
3.79 CTC
5En8...wCiZ
5En8...wCiZ
5En8KDH5XuVZy4myvCuMcvKB59RSzSxhqwanm8XNFVtUwCiZ
Yes
# 1
3.79 CTC
5DPY...JZfi
5DPY...JZfi
5DPYYU7oqN2e9gurzReTkScPVCoTxRfRJWyXf33bszDXJZfi
Yes
# 1
3.79 CTC
5Gb4...teHV
5Gb4...teHV
5Gb4QgFmYEFKBZQuQ6MQ3PZt2nd8nWj79mRnwvhhRDzFteHV
Yes
# 1
3.78 CTC
5Fgk...FPTv
5Fgk...FPTv
5FgkAotMuQPsVEgWi9ZUc798MNSizDykkPiyY3N5TyTbFPTv
Yes
# 1
3.79 CTC
5CMb...dJbk
5CMb...dJbk
5CMbhUAiCBdxahjUBNpQs8NSj1wvR3FPeXBAqQQ4nLYYdJbk
Yes
# 1
3.79 CTC
5EDB...khhb
5EDB...khhb
5EDBvfMoNbLvb4vFitquwW81Z8aQGAwvAQ58EBenPU3Bkhhb
Yes
# 1
3.79 CTC
5GGo...UE6Q
5GGo...UE6Q
5GGoVtkeUWZaEsvwVFh4AGUbvKFZgB31zaTSeCKdu4DLUE6Q
Yes
# 1
3.79 CTC
5F95...pdYc
5F95...pdYc
5F95xwyrjzxmhVFXZ3RM9H6cUjzqeU1dAZYjbbqNH7LHpdYc
Yes
# 1
3.79 CTC
5Ech...L3rg
5Ech...L3rg
5Ech8RgRgSb3MwrY4ZtZukBt53YBHmh6cQAyKZRQy69uL3rg
Yes
# 1
3.79 CTC
5CZa...YDed
5CZa...YDed
5CZaJdGNPi5FpVNvu1us7PPq1a6C4Ckb4KjrbuZnFWVNYDed
Yes
# 1
3.79 CTC
5Gb4...b6mE
5Gb4...b6mE
5Gb4fCfqrGHXeEZja9Tdxvmjd8ioNrcStxN4wyfXmd2Rb6mE
Yes
# 1
3.79 CTC
5HpH...2yxL
5HpH...2yxL
5HpHN5i3GFjz9HdKeAYVf4dzbX9YUCHD92GBotqF1Sah2yxL
Yes
# 1
3.79 CTC
5FEJ...v63w
5FEJ...v63w
5FEJ5dy1psUQfWB1uTe4EZHvr6cShketJd1VJVz17P1kv63w
Yes
# 1
3.79 CTC
5CPo...buar
5CPo...buar
5CPoTiiv72S7yqsBTENoFLJa8w7U49HsPdqTdtKSniBCbuar
Yes
# 1
99.8 CTC
5Ejj...viWd
5Ejj...viWd
5Ejjcptr2WZjobHVhP9r2NASQZpmqbcqS5vsfn6ydYDMviWd
Yes
# 1
3.79 CTC
5Cw8...Q1Nc
5Cw8...Q1Nc
5Cw8HAamxYQKWf1tNPsvSsxqs1rtyDdHQD56YLjQEA56Q1Nc
Yes
# 1
3.79 CTC
5DZh...UMrg
5DZh...UMrg
5DZhfg6ZxPGhuCHBGTBJGhaqivo2ASmbyymkbJcqoRPfUMrg
Yes
# 1
3.79 CTC
5DcR...3cyG
5DcR...3cyG
5DcRaiQxnPvxvBNuFWLNCQ4tDCwEXRUF1rfnuGscPCwX3cyG
Yes
# 1
3.79 CTC
5GW9...23ar
5GW9...23ar
5GW9av4gh4Tyn9aXB5XoqFmcJPBu4qTFNzeqtaBkhLEN23ar
Yes
# 1
3.79 CTC
5FWN...iqpT
5FWN...iqpT
5FWN6GXGrbCXRRnMz99cnKgVVCCEDXA4UoSbTwFWorDwiqpT
Yes
# 1
3.78 CTC
5FcQ...1uz2
5FcQ...1uz2
5FcQcFi3GKV7mXk4mjKE17uKochUQC9hVv9rAMWhKq4m1uz2
Yes
# 1
3.79 CTC
5Cta...JreW
5Cta...JreW
5CtaBuuVryeAfwxnVFeYsC4fBHtt7NzD6VneR5dXP3nKJreW
Yes
# 1
3.79 CTC
5GEC...wUih
5GEC...wUih
5GECXgX9gWsB8qBGsBBPJneKCZByMmW4buo8pVNzNSjEwUih
Yes
# 1
3.79 CTC
5D1z...gp9E
5D1z...gp9E
5D1zQBcYHbPv1HRHHb8QQ4Ycr5sC7nrap1PAa224mxZtgp9E
Yes
# 1
3.79 CTC
5Gbz...DnDT
5Gbz...DnDT
5GbzUNjwgE4dkL7hgSC2fNuTrooK7wixGaU7gcFqDH3NDnDT
Yes
# 1
3.79 CTC
5Dbz...xnG8
5Dbz...xnG8
5DbzaJ2hxYiAeW16RyXj8SrG9ie9mb7xBXweonaRA6vWxnG8
Yes
# 1
3.79 CTC
5DaN...GSkr
5DaN...GSkr
5DaNS7rbaN1s7RwWvJXE2j4ZUSCtvkEe2mNrUZQFNA8EGSkr
Yes
# 1
3.79 CTC
5Dqw...s9u4
5Dqw...s9u4
5Dqwf8rKVkmd63VEvN3G2rmHHMMdQ5oUy62JpmUMBcZqs9u4
Yes
# 1
3.79 CTC
5HBc...5HGF
5HBc...5HGF
5HBcCXEaZdFfCL5o91VyQpXrbV6WHMh9BgcAyDpurXCw5HGF
Yes
# 1
3.79 CTC

Discussions·4

No current comments
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Information
Snapshot
Assets(1)
CTC
x1
Timestamp
Created
Oct 17 2023 13:41
Start date
Oct 17 2023 14:00
End date
Oct 24 2023 14:00
Results
Voted
8.85M CTC
Voters
338
balance-of
Yes
8.25M CTC
 
No
597.85K CTC
 
quadratic-balance-of
Yes
13.31K CTC
 
No
864.77 CTC
 
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