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

5HcM...zo8S
5HcM...zo8S
5HcMWachcDn1sGh21hbVWYrxypeYeMERD5ZrU1eVLdwizo8S
Yes
# 1
241.7K CTC
5Exn...1B7T
5Exn...1B7T
5Exn7Y6QHXkzywWjZHNYZrPSPtRNQWb4o9egezzCkhMN1B7T
Yes
# 1
3.78 CTC
5Dve...W5BC
5Dve...W5BC
5Dve71c7tUdZAd5PXoJ7nv3tNzP3DqWvjMJtCKZxPimYW5BC
Yes
# 1
3.8 CTC
5DMH...Jaui
5DMH...Jaui
5DMH8MihMF8Xd9TnMV9UkdtdWnJGqGRTXB2gqvNLKzx4Jaui
Yes
# 1
3.79 CTC
5Ees...Lhx9
5Ees...Lhx9
5EeszFWG8bMvfxLQgHLbv22JhvUYdhMs1e4qYsFhzbriLhx9
Yes
# 1
3.78 CTC
5HMh...bPun
5HMh...bPun
5HMhQ94sZ8KJuUAxjkZekSY23PX7QGSwqT69yJMfmAXBbPun
Yes
# 1
3.78 CTC
5HNC...mSsk
5HNC...mSsk
5HNCfhCKLFCSzV6tA3QqLDpVFD5uFJrrKrh8Bj321TXumSsk
Yes
# 1
691.45 CTC
691
5CQ9...pGyc
5CQ9...pGyc
5CQ98WVvCsYeohPcUiFxSq4SN9SxzBi5fWbCj3Lxd8ydpGyc
Yes
# 1
1 CTC
5EQ8...Lb6N
5EQ8...Lb6N
5EQ8oweoUrPkJW6FsTV83XtwiBhGrTU7efBUQGfhTsCZLb6N
Yes
# 1
44.7K CTC
5Fn7...NJ6H
5Fn7...NJ6H
5Fn74wttcC9ogev6wbK4JfmYE5PiFR5Cc5iucDQTAhjnNJ6H
Yes
# 1
3.79 CTC
5EtF...tW4P
5EtF...tW4P
5EtF7Uaf28efh53fqUzhoWMWRktguA5RZjYH1J2Mbr9VtW4P
Yes
# 1
3.79 CTC
5Fus...WboW
5Fus...WboW
5FusMwu8Su8jiNNRc3kQtF9WywtTMeizowppJRjCFDYzWboW
Yes
# 1
3.79 CTC
5GYk...5i1M
5GYk...5i1M
5GYkCSwWLU7PVMAELwFxyJU6TaMixjdSsKxYQuXEiUrX5i1M
Yes
# 1
3.79 CTC
5Fpv...gMB5
5Fpv...gMB5
5FpvCF98Ue5wW3nemsro2KRUcvu8qbbBpvuM5R8G14y5gMB5
Yes
# 1
3.79 CTC
5G3c...nSEb
5G3c...nSEb
5G3caGWB1928oAdKEBRX6fDLR1ALhi6yA4persAeXUo6nSEb
Yes
# 1
3.79 CTC
5Ebd...2Y7N
5Ebd...2Y7N
5EbdNCXPTguzkdigAZML8UAgu93S3dgJNYmjLJgCTxAX2Y7N
Yes
# 1
3.79 CTC
5EZr...b6Tc
5EZr...b6Tc
5EZr8K7MehBW3KhsQ4G9tXQBj1GTpcDr6ZQyTDYU4WrNb6Tc
Yes
# 1
3.79 CTC
5G14...nweL
5G14...nweL
5G14Ex61dGb7UWWfpPHxke1HYWd9zDokqgNcpGxBDX2inweL
Yes
# 1
3.79 CTC
5FCK...N6aV
5FCK...N6aV
5FCKwyrLvRajqYQt54HjxUivPT24XuD7k7AFcwrSz5r2N6aV
Yes
# 1
3.79 CTC
5G7P...VsMP
5G7P...VsMP
5G7PgjEMTpKjkJVDUc2fYWRCpGFsUXPG5rP5gunsV1ZpVsMP
Yes
# 1
3.79 CTC
5HjC...hECY
5HjC...hECY
5HjCZJ58Xf8NPZq6NcCMTB4W23r8X5paoGMVfZUHxzhShECY
Yes
# 1
3.79 CTC
5FH3...PhJo
5FH3...PhJo
5FH39o9DtBMC6hFeogLhBnuer8uHD6g5SADWPXes1wPfPhJo
Yes
# 1
3.79 CTC
5Hbn...nakJ
5Hbn...nakJ
5HbnCZNSTDtj7uZp5NqsYSHE8oUABnrbMjmEojVwnQ19nakJ
Yes
# 1
3.79 CTC
5Dhu...oYkA
5Dhu...oYkA
5DhurPZN1ErXGkRgHEUYGnM9KQNLA7N43ESUWDip8jCToYkA
Yes
# 1
3.79 CTC
5Ept...3koA
5Ept...3koA
5EptR1is5KBSr499bF8y1iznG5BPTfPzg9zzuCAU4TBN3koA
Yes
# 1
774K CTC
5Djt...CpFk
5Djt...CpFk
5DjthMqBA5TCySnUpBmqRg7EM2mVLx11kLRt34nX3sSRCpFk
Yes
# 1
51.85K CTC
5Ea9...2pHE
5Ea9...2pHE
5Ea9isKNDJ3y91VEBLHpaKjZ4RJXTB5UzqVnGDrpVaqa2pHE
Yes
# 1
3.79 CTC
5GnM...ajoA
5GnM...ajoA
5GnMSfRhNN9iCUVMHBUn2mZgcVFM1S9vnkmnCPpkKrNsajoA
Yes
# 1
3.79 CTC
5DZn...jcD1
5DZn...jcD1
5DZnqPGk5VkFtEqhfr1cU1NgKNiB4aNWwT6tCqZCPqfZjcD1
Yes
# 1
3.79 CTC
5DUu...cJG6
5DUu...cJG6
5DUutoxaZXMc8aV9rPQEXzcizPVzT63bNDcGVUQQYfGPcJG6
Yes
# 1
3.79 CTC
5HVS...pbVn
5HVS...pbVn
5HVS1HkCYuUMXdoqW56s78abBtCDVxr3HA6h9q5F7dfBpbVn
Yes
# 1
3.79 CTC
5FqM...yh6j
5FqM...yh6j
5FqMJotjYeBERhSz23NmLXUX18jx3sxiWWuiZzwQRVeZyh6j
Yes
# 1
3.79 CTC
5G9a...gvFV
5G9a...gvFV
5G9aHrPtmtcgmh5FLyamPACfD77yoUFxa6Kmdwb9z71bgvFV
Yes
# 1
3.79 CTC
5Hiv...rQi2
5Hiv...rQi2
5Hiv9NqiixxPeCroZ5MePUUZEXoMoe17hs6qMQscXh78rQi2
Yes
# 1
3.79 CTC
5DRe...CpGQ
5DRe...CpGQ
5DRe7YguUZz5SSqRssGUNCCjyxbx9zZBrrMmFWuxwaUvCpGQ
Yes
# 1
3.79 CTC
5GQV...wrUo
5GQV...wrUo
5GQVu3qUSPWqQUgfBCrtt5nbMXQsFe9SoEod2MhBFNU4wrUo
Yes
# 1
3.79 CTC
5DU1...T1ZU
5DU1...T1ZU
5DU1337ZS9o3gGBA3sxmGdx2kPZ31qgGhVLcPCG9dsoZT1ZU
Yes
# 1
3.79 CTC
5ELh...Tobs
5ELh...Tobs
5ELhjgbMKLgu2BqXRFGsrvvPUnqt3gtKQjEVtemJtVaGTobs
Yes
# 1
3.79 CTC
5ELT...pUur
5ELT...pUur
5ELTbCxuBfoDYXwe78eWC7wtHL2ysLDMbzaPpEzchDh8pUur
Yes
# 1
3.79 CTC
5G1p...p1mR
5G1p...p1mR
5G1pMocMceUC7EVYK94n8U3MytS1wuudyxFWcmugnWjSp1mR
Yes
# 1
3.79 CTC
5D7b...NvDQ
5D7b...NvDQ
5D7bKsJr64SnEXdnYH7xoF94kAKRDBZ3o92qzZNkbbVXNvDQ
Yes
# 1
3.79 CTC
5CPb...X7U8
5CPb...X7U8
5CPbo5k5Fg4ZaXZxSFuRUNja3HhoPuZknZYb9evraL7PX7U8
Yes
# 1
3.79 CTC
5FWZ...1zfT
5FWZ...1zfT
5FWZtc8FMC6p2daLhEYBF8CQYJeyhdxaaAe1EMd8uYeZ1zfT
Yes
# 1
3.79 CTC
5DaY...2JBy
5DaY...2JBy
5DaYfbkHk69dVkRCA7XZA9nmttaXgCcpJaTefGbj3uXd2JBy
Yes
# 1
3.79 CTC
5CyE...sxB3
5CyE...sxB3
5CyE7fqtGEN46DwLJBz2E2xHpTUKVCGYZA8kNUriQ29NsxB3
Yes
# 1
3.79 CTC
5EFH...r62p
5EFH...r62p
5EFHm8cEaqhAfSRUAJwtyP15abGGqU16XDZTKdjcF9vKr62p
Yes
# 1
3.79 CTC
5C8G...7pTi
5C8G...7pTi
5C8GFXEpQBFs9BiMGPRBWZkP5pWuoMKQh8Hapas5NrXk7pTi
Yes
# 1
3.79 CTC
5Hmo...RLVf
5Hmo...RLVf
5Hmo6EhtWf3p7gxGX8LSdAixRrRFDNgvGibpDA8yrqBLRLVf
Yes
# 1
3.79 CTC
5Gc1...2xFQ
5Gc1...2xFQ
5Gc1EdtQgfL8ChmUcNiwmWfXdpYK2P54Xppwky5BDyP42xFQ
Yes
# 1
3.79 CTC
5CVU...W4aD
5CVU...W4aD
5CVUiQ3h5GXCqqesJUWrsYWcv5v23tyMBFPrV3R9QrZzW4aD
Yes
# 1
3.79 CTC

Discussions·4

No current comments
...
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
 
© 2024 OpenSquare. All Rights Reserved.