CIP-1: Create an ERC-20 wrapped CTC token (wCTC) to facilitate mainnet liquidity
Ended 7mos 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

5G69...98MA
5G69...98MA
5G694oytvmwQydfS4KxjtzzpAKWz3stXmEBSxxxcfKFd98MA
Yes
# 1
68.54K CTC
5E4j...umty
5E4j...umty
5E4jrUmWX193WMHbHkURrvnYEsSeryW1AUMaPEZZtu8pumty
Yes
# 1
105.42K CTC
5FBr...8hwr
5FBr...8hwr
5FBrS4oqe9z2c4P5qLokeeDgcinTeafzYCGRJAHAf3xN8hwr
Yes
# 1
100.78 CTC
agree
5HpS...vz7C
5HpS...vz7C
5HpS9MnYR4QRTFPjJ1K3tgiEuhjnbiHdvFH7eZb1nd9Svz7C
Yes
# 1
11.55K CTC
5Ea6...Nw1a
5Ea6...Nw1a
5Ea6YxEEnW3Qw19aKqP5ZXunpedrG2X5hggzjzTmtM4gNw1a
Yes
# 1
2.58K CTC
5Cif...BcRp
5Cif...BcRp
5CifyDvTKfnWy5UuKUgXHkj8fo3Hu1TxeXGRiH9Unt7zBcRp
Yes
# 1
41.53K CTC
5Fmo...EsJh
5Fmo...EsJh
5Fmo4TVBjggjudqAoEhCJYQwzUz7NovDmAT9SMHRvQioEsJh
Yes
# 1
5.16 CTC
5CiN...ae4z
5CiN...ae4z
5CiNncGAF8hDRo2YLZYTZQhonALKX7ofmYxqpAuH4EANae4z
Yes
# 1
1 CTC
5Cop...V6bc
5Cop...V6bc
5Cop9mdck5CGqp6rqLXu8XecfeXLyKrdTPyX45BbAUk2V6bc
Yes
# 1
1 CTC
5HMj...2W6A
5HMj...2W6A
5HMj2ew1KbHT4zj1i2CkY5hTQ4AZjdzon9dfCGFXpQRi2W6A
Yes
# 1
103.79 CTC
5G4H...6wHf
5G4H...6wHf
5G4HAQJP4RKMkzwKk2p1bLXmgPLNxJbqQy95poQXPKg36wHf
Yes
# 1
104.73 CTC
5GTn...qRxd
5GTn...qRxd
5GTnaGsy6JtHfZsrEzHVaKDBj5AMEvaQwu7T37N92x2gqRxd
No
# 2
100.94 CTC
5FCU...Jyv1
5FCU...Jyv1
5FCUoC1Eh2yE7A62XGSLWngxHQv7LEuZ9SEDrMWbwnfzJyv1
Yes
# 1
96.09 CTC
5Esn...ehxk
5Esn...ehxk
5Esni3rrhnvLFv1FokoMs6AUxHXW9ySDFrdd3NGFaB7kehxk
Yes
# 1
104.78 CTC
5HYw...Ruvb
5HYw...Ruvb
5HYwigN9Wm6rG7aMDzbxbkezME6fsrRaG5athu9dAJ3TRuvb
Yes
# 1
300.99 CTC
5CSg...wPv8
5CSg...wPv8
5CSgcgE4QjFo7C2AJmM31n8F2QiHnzcCHRrJCbQJhkaWwPv8
Yes
# 1
2.59K CTC
5Gjn...FdYy
5Gjn...FdYy
5GjnnQv1ATCd5LmwChsqQ44eiXsGJGkpna32ve6bbwC3FdYy
Yes
# 1
3.78 CTC
5HGZ...wLCB
5HGZ...wLCB
5HGZCRe3iZQJoJXXDjKccZN2eavdd1zopFzyrbXYA3m2wLCB
Yes
# 1
3.17K CTC
5GWe...hbir
5GWe...hbir
5GWeLgKykCZBker4u488FaozirZRrrWbfsgPP1RZjnuHhbir
Yes
# 1
1.01K CTC
5FRt...GMcY
5FRt...GMcY
5FRtQV4rfeEav1f7CyuN4KkndPyE94ffb6PQUGUTsKw3GMcY
Yes
# 1
104.09 CTC
5GWP...W1xk
5GWP...W1xk
5GWPjPZE72iv9Txh66Pqz6pdNf6zPrhgeSBSJCyWiz4XW1xk
No
# 2
3.78 CTC
5GeJ...2Mbw
5GeJ...2Mbw
5GeJARQsmKjYXESSyWHXECbXcEu8fmgabVbbYoSZqTix2Mbw
Yes
# 1
3.78 CTC
5E9T...qnLW
5E9T...qnLW
5E9T3Mw2Ezh5HQvzNq43jfhEcvkZ5q4Wm8wpTVhpKLqrqnLW
Yes
# 1
650.72 CTC
5Fus...V6jJ
5Fus...V6jJ
5Fus2po2HLJDGft8LhQnuVpVkQpzPX92eCfmaYwmFzubV6jJ
Yes
# 1
9.68 CTC
5CJH...chKd
5CJH...chKd
5CJHKktP4wnvAZFjFN9cF8z8DgjThCxDcu4SKgLps4xBchKd
Yes
# 1
3.8 CTC
5EcV...Fm9h
5EcV...Fm9h
5EcVyq7vuhYVFkN4nSQdCJ8EgGipLAjyKmFqgxVdTwyiFm9h
Yes
# 1
3.8 CTC
5Grs...eqjJ
5Grs...eqjJ
5GrsNd8HH5Ve93hY53s1BSwbjwtrVs5sCKv2GGv5mscSeqjJ
Yes
# 1
3.8 CTC
5EF3...X7nq
5EF3...X7nq
5EF374wjG4mHpQyjaVboPY7Hpb1Jti3hN5HiXjnjiYZgX7nq
Yes
# 1
3.8 CTC
5Fve...8yHy
5Fve...8yHy
5FveC5CpVA9jz2ZDyMLMFAEcTzZ6bnvqCw8jAEb6h79B8yHy
Yes
# 1
3.8 CTC
5Gec...rb6E
5Gec...rb6E
5GecgUPY7FYoABmL8vzhN777pNhEX3qUJJ9fCHZ4x8GFrb6E
Yes
# 1
3.79 CTC
5DUe...6J2i
5DUe...6J2i
5DUeHPQN5WA78NvCrm3PJbvTz2ynxpuamLd79aDttcGF6J2i
Yes
# 1
3.8 CTC
5Env...2nKX
5Env...2nKX
5EnvG5Y4pZvpojzDLD4hAip7ZchBBHmUUXgWBq4rrkpj2nKX
Yes
# 1
3.8 CTC
5Fgw...WNKJ
5Fgw...WNKJ
5FgwmMgiSHLNMC49MEQRrYXS8JUgr4xvcWSdbENkLR5aWNKJ
Yes
# 1
3.79 CTC
5Enp...QWHo
5Enp...QWHo
5Enpe5RJxzZty3QuZdUDT3asD9DM3Gj58EFUTf5xzn4SQWHo
Yes
# 1
3.8 CTC
5ES9...WB3X
5ES9...WB3X
5ES9ktCT44q67S13po4BCMXCnWNtFjxqhWVj3AL4pqruWB3X
Yes
# 1
3.8 CTC
5EaA...DmMu
5EaA...DmMu
5EaAWSQckgkk6W2BX2WKnBSoWg25yQCQ3aAqYKXXHgzBDmMu
Yes
# 1
3.79 CTC
5H48...tStX
5H48...tStX
5H48dXbEmADTUwiXWpcon4a3mzxT1f4yLWp1RbdsWWXMtStX
Yes
# 1
3.79 CTC
5CFG...YA7m
5CFG...YA7m
5CFGFNpvUdiCgwhGwNgkrCsmHrNAegfqEp2rg8WTYfr4YA7m
Yes
# 1
3.79 CTC
5Esd...u4DN
5Esd...u4DN
5Esd8VDL7aqpXBSB4Xr4bFQ7HsR2ayo8x3kPV8nzVSjyu4DN
Yes
# 1
3.79 CTC
5HTw...zpmK
5HTw...zpmK
5HTwcGDFZ92zun61YmkL7rBmBHkzGRSSoMg2mkDfRU2jzpmK
Yes
# 1
3.79 CTC
5E71...c4tE
5E71...c4tE
5E71mQhUkCq7WC2817eHB4BRDLucaJVWxt4TsgQCBTwRc4tE
Yes
# 1
3.8 CTC
5Dbs...QGux
5Dbs...QGux
5DbsYoEmo3rxN7w1sd1vUAYNqUKyvthkGVMLnxyvcCJZQGux
Yes
# 1
3.79 CTC
5CrJ...uCDL
5CrJ...uCDL
5CrJvdGNMCdepT7JRSFpFUhgiHYjemRdB3r6LavpwCEQuCDL
Yes
# 1
3.79 CTC
5FR9...zHG6
5FR9...zHG6
5FR9V6L8Ga25j2Lrhp35gJJyycDmNGWJ5oGRcweKzBQDzHG6
Yes
# 1
3.79 CTC
5E7U...9YPT
5E7U...9YPT
5E7UugkEGSYHGdxhQsksUsaUGnrsvKD5HqY4rm6HZZR79YPT
Yes
# 1
3.79 CTC
5EeH...BGbQ
5EeH...BGbQ
5EeH6YR73oNuKQeC8w2Ybj7Bn4oBAz3NypmiU7t3qayrBGbQ
Yes
# 1
3.79 CTC
5HDh...xmD5
5HDh...xmD5
5HDhjhA9h1Y5Wt6zsryV66c7MZQF6bsGGS2BWwiSpodVxmD5
Yes
# 1
1 CTC
5DVG...4qWo
5DVG...4qWo
5DVGNrsZjsSEV2FYku3EyghoHf2SeaB4HUkQKNZ4FWVK4qWo
Yes
# 1
1 CTC
5FFA...n1fb
5FFA...n1fb
5FFAg7bqvcSuspf8GB9QpVWATeiKNmZqn8MZkeowaxRin1fb
Yes
# 1
549.61 CTC
5CMK...9L1w
5CMK...9L1w
5CMKZn5jPi3hvZHa6fSG8hFCx8GkZNUSGkBMcMJYde369L1w
No
# 2
500.24 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
 
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