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

5DwG...dPmV
5DwG...dPmV
5DwG6Z5ibWm1mPrGzb5b8ZMfn9mpamx9Jy4o2psKKcL2dPmV
Yes
# 1
3.79 CTC
5H12...wT1g
5H12...wT1g
5H12crFwqrGJ2TpR8ox1i9BLyw9DD8aqJkxTwN3T6fQNwT1g
Yes
# 1
3.79 CTC
5H6w...DSrN
5H6w...DSrN
5H6w3LMKK65aWpordvhEaoirnxSsmPk4RVDLgYuz2RyUDSrN
Yes
# 1
3.79 CTC
5Fji...N8ke
5Fji...N8ke
5FjiAtpY5kYTNmKXuMUf5jD8teHFxUBwt3ArHxarGpvxN8ke
Yes
# 1
3.79 CTC
5Eew...WngJ
5Eew...WngJ
5EewvgSQhkxktf7MZJ6v6W2kX7zpDC4ncJ7uDooqdwFoWngJ
Yes
# 1
3.79 CTC
5D2i...eVmQ
5D2i...eVmQ
5D2idKkGQjdrNvaUM96nLiS8PTdpXDgDCxKzamXDttTseVmQ
Yes
# 1
3.79 CTC
5HeJ...G19U
5HeJ...G19U
5HeJ4FjzWDGJqHTqJAiViugUAbinhMmsAc4UJCJcEYrSG19U
Yes
# 1
3.79 CTC
5HgS...YCFc
5HgS...YCFc
5HgSBo8d5fH2EvktjUBqrjXZsnv9x3Swxi39idgvxNCCYCFc
Yes
# 1
3.79 CTC
5CyB...FAa5
5CyB...FAa5
5CyBm3AE9cdGJG3xac4L5rtGMQBxB8PeBEfgsTodBZ4kFAa5
Yes
# 1
3.79 CTC
5DPd...X1Rn
5DPd...X1Rn
5DPd56bStzHCi22FfvLtwZ7MmgxkcUhEAygV2o8aLmhkX1Rn
Yes
# 1
3.79 CTC
5H4N...YsHy
5H4N...YsHy
5H4NKgwcytqE5b138aV3XM7JDrq12too7uygQRqoQs6hYsHy
Yes
# 1
3.79 CTC
5FZ9...4Gqi
5FZ9...4Gqi
5FZ9WRBB8PoMiBFgwhn3wZFiV93Gcht2Txqmd6m69BDS4Gqi
Yes
# 1
3.79 CTC
5HVq...8tSQ
5HVq...8tSQ
5HVqQQTXL5jLRZwC7QspbBGrmUfRWuqmtj6czupqbrKm8tSQ
Yes
# 1
3.79 CTC
5CMM...rbCk
5CMM...rbCk
5CMM8L2pnSmebp6vEwx5qw6Q29JvDYRGXNWUFqpAs1EirbCk
Yes
# 1
3.79 CTC
5DS5...iEPF
5DS5...iEPF
5DS5Mz5qTGJgzadK9F9YAinYiD9rvzsjDh5CsaGq3bqziEPF
Yes
# 1
3.79 CTC
5ED2...5gxn
5ED2...5gxn
5ED2KMUPHYWh9ZKmxHxoTuhbd9LEM3n8H1Yfrmr15j3P5gxn
Yes
# 1
3.79 CTC
5DRk...Z8To
5DRk...Z8To
5DRkr7FoGGDybd9yCZYUwgdYxE7Cn1iJpGLxwF5wYEqyZ8To
Yes
# 1
3.79 CTC
5C8E...7LqV
5C8E...7LqV
5C8EhYQCUwfjfde79rttdBYL6njcHFUDxf8mCC5of1v47LqV
Yes
# 1
3.79 CTC
5Et3...fbBw
5Et3...fbBw
5Et32PoC27XcRaM75w5Cs9Mea9ertq8kE6oDPbPzZGDKfbBw
Yes
# 1
3.79 CTC
5CCh...z59Q
5CCh...z59Q
5CChqHcFhiMoBBJRpNPEQgfxc4YMY468yiqP2sUwuuPXz59Q
Yes
# 1
3.79 CTC
5H13...Ysn4
5H13...Ysn4
5H13R5jNyGDw39HjK5tnhyjLijmnEP27oMm62bfTcgD6Ysn4
Yes
# 1
3.79 CTC
5D7X...r1DX
5D7X...r1DX
5D7X99ZTZBG45tzncRaJ31mKszSYk2ErAnEu9mPr2F39r1DX
Yes
# 1
3.79 CTC
5CCv...8xNR
5CCv...8xNR
5CCv929FSQ6zfcqe4AB4nEMroie8uRBUeTQQKCAXTXBu8xNR
Yes
# 1
3.79 CTC
5Fjx...dyC3
5Fjx...dyC3
5Fjx2ts5YSN1a7BpMLk5LtGoF3TFnpLJPJXiz8cteKDFdyC3
Yes
# 1
3.79 CTC
5FWE...pfrv
5FWE...pfrv
5FWEcZisaD1Uey3tbfJoyaLgereWWX6txtMkKeXuQhjHpfrv
Yes
# 1
3.79 CTC
5GRX...m7P6
5GRX...m7P6
5GRXDrZSQVTFNxvXsG8HK2Qb1xeJ8wbJs72QDZjS6Posm7P6
Yes
# 1
3.79 CTC
5Cyw...ub3X
5Cyw...ub3X
5CywngEtTCBK6YdZtiVD7yeqRvesAG515cHywhznsxdwub3X
Yes
# 1
3.79 CTC
5FYq...oZGg
5FYq...oZGg
5FYqBRsuJbTZ3RJQwySvk9UysJws4wvko7vU3MqwqwXioZGg
Yes
# 1
3.79 CTC
5E55...QL92
5E55...QL92
5E55gVrfKVc5LQjxxFqJhLVwQ6g32C1R5VfqbYXyMsyoQL92
Yes
# 1
3.79 CTC
5GEH...f2KM
5GEH...f2KM
5GEH8rmpbzjqxfg24TeXuHHV6kXudh7NFURsKP4VWxtUf2KM
Yes
# 1
3.79 CTC
5GNv...3QdA
5GNv...3QdA
5GNvLccZ9QYLxSusG9fRJRCvY2uoVgbKu6CE29ePudUu3QdA
Yes
# 1
3.79 CTC
5FR6...McuD
5FR6...McuD
5FR6CaNy4cR1xJghBecf1oNP7skjaveU1Fuo69aNqMMEMcuD
Yes
# 1
3.79 CTC
5Eux...xsFA
5Eux...xsFA
5EuxyAYtXoadYWjZLRtvY6YuZLE5YFf1rhDwS9YiwMuixsFA
Yes
# 1
3.79 CTC
5GBg...VPDk
5GBg...VPDk
5GBgfak6L7ozjertu4Zyyb4An9y91Ywrzu9EjHyg6JkZVPDk
Yes
# 1
3.79 CTC
5HSz...taAX
5HSz...taAX
5HSzS1Sis1SqjVRpuHUvbeEmTmmrDJkkfoPatGNhAaRataAX
Yes
# 1
3.79 CTC
5Dyf...VEx4
5Dyf...VEx4
5DyfmVvj3f27F1h2nWQZfQArDsy54wYRj2vVRLoXrePSVEx4
Yes
# 1
3.79 CTC
5En6...EpbL
5En6...EpbL
5En6hYvYzPTtVDY3cSfk1HgptNi2AdDuPF2RT4EmNEjtEpbL
Yes
# 1
3.79 CTC
5Fhi...LRs8
5Fhi...LRs8
5FhiKV56HFZTs9xbZzm8snkJGhyuG8eZQUdCZcYSJrH7LRs8
Yes
# 1
3.79 CTC
5Gdx...1Scd
5Gdx...1Scd
5GdxaGzjDDHhbaaJcYUA6Dwh6p8ekBVBv4LRNXTCss3o1Scd
Yes
# 1
3.79 CTC
5FRQ...TWB3
5FRQ...TWB3
5FRQRWRnHphmnC2VjcuaASjo2JnvYq2A1P6ZL7GayXkaTWB3
Yes
# 1
3.79 CTC
5EFc...kTPh
5EFc...kTPh
5EFcZY6PWNPKWonB2sndDQ2zXELH8AtK8SP2dnkom5H2kTPh
Yes
# 1
3.79 CTC
5Dz5...KWez
5Dz5...KWez
5Dz5ZETxKEW21GwammDx3SLoQMznvjV5V6mygG1posG3KWez
Yes
# 1
3.79 CTC
5Chu...x2yV
5Chu...x2yV
5ChuZEaaqvoB2qTzx7J3p3kWp1s4q4Du8tD2q9yooEB9x2yV
Yes
# 1
3.79 CTC
5CzB...9i4f
5CzB...9i4f
5CzBUx1bGWwLQBD3gZGoCqbKRSLoayuapCGdKnz6kWsb9i4f
Yes
# 1
3.79 CTC
5HBB...iiLQ
5HBB...iiLQ
5HBBvH3pACbJEsQYRzgTpVpnvXf5C8U5vTkxq6vAeizPiiLQ
Yes
# 1
3.79 CTC
5DPt...vWcJ
5DPt...vWcJ
5DPtxgEUJ52pP4N1SEMTc57zewsYJqPBZ9N9mTCJnMTxvWcJ
Yes
# 1
3.79 CTC
5Chz...YwJm
5Chz...YwJm
5ChzvHeHLnLBZsjFKbG2zbLP8qqiuFpW2sV16S4GMHpHYwJm
Yes
# 1
3.79 CTC
5E7n...p8GX
5E7n...p8GX
5E7nZxyWhbkBkNgyaK37Vb7jULbjiw2K4zPeDobcxwPGp8GX
Yes
# 1
3.79 CTC
5GKk...yCNY
5GKk...yCNY
5GKkVja4xuVMGjuLoJEXb54a8zkGwYTXZBjVhdq2hbXoyCNY
Yes
# 1
3.79 CTC
5E1U...Ko8t
5E1U...Ko8t
5E1UEqt1RVAkPmzjy7KNtznKdxgM8Z3toHYBEqqFGdmQKo8t
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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