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

5CLU...fSWB
5CLU...fSWB
5CLUCSfZC4qMn2NajeDYCQTmm1Jo5uih1UB2FJGiwyy5fSWB
Yes
# 1
3.79 CTC
5HK2...aktR
5HK2...aktR
5HK2UqrfUqg4vuyzx5xDTXs7mZyc1eMwJC35SpEiHjx4aktR
Yes
# 1
3.79 CTC
5Fxg...YMr3
5Fxg...YMr3
5FxgWoRCuUFjEvuxz24c3e8hgMpEMrBEpFgJboVskkRrYMr3
Yes
# 1
3.79 CTC
5CfL...LCB2
5CfL...LCB2
5CfLmaHz9gZUdeMA4ckBV8cg5BKPiMPp7sSHwb14iFWsLCB2
Yes
# 1
3.79 CTC
5G3u...FFDc
5G3u...FFDc
5G3uSMjm73KRFrRtgkxAR5W1k64NgVQ2pK3pRfkXSZCjFFDc
Yes
# 1
3.79 CTC
5HCK...bMiM
5HCK...bMiM
5HCKpeSjzEEkrDJRrMSndRzozUm1zzwrwx3BjEQykW4tbMiM
Yes
# 1
3.79 CTC
5HbH...Xb9N
5HbH...Xb9N
5HbHE2pbTNpqw948cGFCtuPbrP22ZaP1HutByAeyrG4eXb9N
Yes
# 1
3.79 CTC
5FyQ...azcW
5FyQ...azcW
5FyQNGKvXzj3KeNfAFfPYrXAzkbzBgLEj9uUpHAXrPqGazcW
Yes
# 1
3.79 CTC
5Ci5...wyxL
5Ci5...wyxL
5Ci5erZF9LSyvxiPiigKFuo1dC9JMbPqJnNAvG7RPfsPwyxL
Yes
# 1
3.79 CTC
5Dc3...CvLQ
5Dc3...CvLQ
5Dc3aACvUeH9JNEpTzuxETMWZLASBbrHpmdxAc7uh33NCvLQ
Yes
# 1
3.78 CTC
5D7h...o63Y
5D7h...o63Y
5D7hGMhKhssjo381Y1zsutv51F2ESyTK9ZKksEymFnBSo63Y
Yes
# 1
3.79 CTC
5Fvm...qKdE
5Fvm...qKdE
5FvmnMxCtweDJu5PEUBvXEoNsxnzgmDQk82ejTvTwPCzqKdE
Yes
# 1
196.12 CTC
5GeH...xsxe
5GeH...xsxe
5GeHnoLGK758QcwLej5aCkA2iWgPR65dHB6u6jySivyjxsxe
Yes
# 1
3.79 CTC
5FLc...Eg55
5FLc...Eg55
5FLctD6EEKyzQJ8oVFqRGbvqWuhRWkosnQ2cfHw7BgkxEg55
Yes
# 1
3.79 CTC
5Caf...kvN1
5Caf...kvN1
5CafNhRdcKSegVrZnrBfeSUvhgsdjC82Hk6zx4LPUmxxkvN1
Yes
# 1
3.79 CTC
5DkH...Fa7E
5DkH...Fa7E
5DkHiqUH7GWs9EjFZfRRvEWLUyrzmcx67wUE9uz3ZkapFa7E
Yes
# 1
3.79 CTC
5FjK...pA7M
5FjK...pA7M
5FjKKpNiedCza1gzhwfF3fiLGYibjZRzartPLydaT6bupA7M
Yes
# 1
3.79 CTC
5GWU...RbwY
5GWU...RbwY
5GWUNEyXn4UH8AmTS4nWE4fSGkPCAkfaaK99WbNnDsehRbwY
Yes
# 1
99.79 CTC
5CVV...ipKd
5CVV...ipKd
5CVVmwMjExWFP9ewtHMsG7SMjEUZRCDXNacKbHXe3JYbipKd
Yes
# 1
3.76 CTC
5FWM...q7i3
5FWM...q7i3
5FWMUswgnZp1vGuXCQHTjSfAE3sRBgz4BaQdBR1eZq2Dq7i3
Yes
# 1
3.78 CTC
5ErE...yb8x
5ErE...yb8x
5ErEvxRiXH7RSdeHvDrhcBeHpTw57E5dJ9D5M1cJTit9yb8x
Yes
# 1
1.01M CTC
5Eo2...Nbr5
5Eo2...Nbr5
5Eo2HY7bGgQwaeNkdkH2uemZyZBgFbJT8txodqxkaJxeNbr5
Yes
# 1
36.24K CTC
5Gn8...ioWY
5Gn8...ioWY
5Gn8qW625GkJ4k5RFVeeGZGMGyjQx2J2YeB5EcAeRmrNioWY
Yes
# 1
16.38K CTC
5EcK...F7yh
5EcK...F7yh
5EcKreHD5jXK3iT5iAPdzg35jqVt7XyQVQRHc3uMXY91F7yh
Yes
# 1
5.84K CTC
5DHk...BW6L
5DHk...BW6L
5DHk3C7oF7ZAV5joaKL7w151VHCrpjta2w1QRhV6SFgABW6L
Yes
# 1
34.92K CTC
5FkP...w1Sf
5FkP...w1Sf
5FkPxtX2h7Q5e2NcDEvU7i1Uezo7GdifKzqXVmuYZmD5w1Sf
Yes
# 1
2.87K CTC
5HgK...7du8
5HgK...7du8
5HgKgTnB7223Xroz5tmqXLfNHt1ZSHxr92So5MG2tetQ7du8
Yes
# 1
1.07K CTC
5FhU...hZAE
5FhU...hZAE
5FhUEmWNywL4Be2yYcXVwBP4ZECPyGJbtPZS2emTLv3fhZAE
Yes
# 1
1.05K CTC
5CrM...P1ds
5CrM...P1ds
5CrMSVui7g9Att6diUfe3i8pSNbmQtbsaT4s1DY4xVyaP1ds
Yes
# 1
1.13K CTC
5ECX...3KnJ
5ECX...3KnJ
5ECXkourBMYD254bJTKeraf43JAk7yfUZLk5FLcxHjjN3KnJ
Yes
# 1
1.13K CTC
5GTn...cm6U
5GTn...cm6U
5GTn5hsE4a6Y2qp9nN2Lo53jZSDR55pPmFydDBpNze4Tcm6U
Yes
# 1
1.12K CTC
5HSt...nvoq
5HSt...nvoq
5HSt2GSQM1GSXoQ1JEz1hYYEBcWce7h3CiqzTsuLzZzUnvoq
Yes
# 1
1.13K CTC
5Cqw...ZkVu
5Cqw...ZkVu
5CqwDMyX58wtFkC6CfhU2n81YAzsiVkW8psAACsGDTzmZkVu
Yes
# 1
1.13K CTC
5HRN...G6TY
5HRN...G6TY
5HRNwyEWZo4DVWQ4z6714yLVpS7KPfSfEgBqYHJEgx7pG6TY
Yes
# 1
1.13K CTC
5H6G...KpAa
5H6G...KpAa
5H6Gtw5eYs1gyYKSv3J5FzAuex6pPVFjjnH6xrDsBKAKKpAa
Yes
# 1
1.07K CTC
5DLU...pK2r
5DLU...pK2r
5DLUELQYsTnCZ99NuUS2fC6x9r4jdNxoyyH9XGfBz8h6pK2r
Yes
# 1
1.13K CTC
5D5F...ntKe
5D5F...ntKe
5D5F2ZbXyM9TjMBp9Saoj9c63RzNSbZNHaQKzqjMgMkSntKe
Yes
# 1
1.06K CTC
5GTf...uYHp
5GTf...uYHp
5GTfLwkvM8ZkVxurPGqJb74rjsWzdfBVHsBtgoTXgfyRuYHp
Yes
# 1
1.07K CTC
5FWN...bmdd
5FWN...bmdd
5FWNfAkVs7Nc9fm8ymdn4gDhnQEZENbb4mZJbBZ9mPvcbmdd
Yes
# 1
1.13K CTC
5E4x...FGYR
5E4x...FGYR
5E4xchDnMZyHPqqAaw9xZSNJ9cfwJyfp9sex5TJBt51nFGYR
Yes
# 1
1.07K CTC
5CCo...gqny
5CCo...gqny
5CCorAKXYe81iwyCJunCWRNozcWNQ5XdpybuvSpGoTRLgqny
Yes
# 1
1.07K CTC
5E4j...1yVm
5E4j...1yVm
5E4jjSSrkyikMSAJA7kpmqiE4kDKk5JCNfrzt9jwCne81yVm
Yes
# 1
1.07K CTC
5F96...XZNA
5F96...XZNA
5F96sdAcrbPUxhXDyKrTwV7VZgv3C3qTfCXxjcJeXcEZXZNA
Yes
# 1
1.07K CTC
5HC9...whxA
5HC9...whxA
5HC9uEFj5bS9h5hd6kBU2JVs8ag7CDARTC9TpxicJH4AwhxA
Yes
# 1
1.08K CTC
5DMF...A6VW
5DMF...A6VW
5DMF25eCCDwG3TGgve443tzokPmqYhdcxurPeoSmaikdA6VW
Yes
# 1
1.07K CTC
5GN3...VoJo
5GN3...VoJo
5GN3gpkVPaCoGL56JoPcy8dUSDvxgxGBPMk7QCvk2GxhVoJo
Yes
# 1
1.07K CTC
5DqQ...jMuK
5DqQ...jMuK
5DqQbiEYbcrKCX6qC4PLpZ5WwiWz3mQtbdMZdCMhq8SGjMuK
Yes
# 1
375.91K CTC
5CJU...K9Mw
5CJU...K9Mw
5CJUe5BEVedPpUuStYmXowbnYoegZP2chcsF1kMw15hgK9Mw
Yes
# 1
93.64K CTC
5HRG...przb
5HRG...przb
5HRGzdXAajzPjfeygxVSeQ22t3BQxxsyQFhm82Bie36Dprzb
Yes
# 1
691.9K CTC
5GP7...1YG5
5GP7...1YG5
5GP7BWym4PaoP3zwYoDa6GygW76icK7pZLbmyDn3zGB11YG5
Yes
# 1
759.35K CTC
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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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