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

5Cco...Fhdg
5Cco...Fhdg
5CcoPsYbq5MroZ7PvkTjpWzjQu8s8j7A2aADUDPNc8zYFhdg
No
# 2
593.66K CTC
CTC=G-CRE
5CZx...ZEMR
5CZx...ZEMR
5CZx8FeXPy4Ww2MT4mqzeC1M2s8tLm8tLRg8vHe1nZVUZEMR
Yes
# 1
95.1474 CTC
5Esn...c1qW
5Esn...c1qW
5EsnnuWfeYDSRP5ELqEhMro9Ed6mWwwcYKJEpfv6TtCyc1qW
Yes
# 1
3.79 CTC
5Env...bCve
5Env...bCve
5EnvQJM78adE6MAztcig8KSEQSj2VeHHkHi3jVf94DNybCve
Yes
# 1
25.76K CTC
Good short-term solution
5Ek2...Ve3j
5Ek2...Ve3j
5Ek2ZpPRskLowHMbDbPxdRgTqJNBdCG4E8k7nZdtyVU8Ve3j
Yes
# 1
2.55M CTC
5FbJ...YRZv
5FbJ...YRZv
5FbJ2BDjo2Edf3GYfKLErbPHdmNFRc8n88kFUBYVzsQPYRZv
Yes
# 1
6.84K CTC
5FPA...NxdK
5FPA...NxdK
5FPAUUHgwDypcbos69Sro4smpXdqjTL2tUcNdZSNUPmcNxdK
Yes
# 1
1.24K CTC
5DM3...vq4w
5DM3...vq4w
5DM3rGXAMyyppKddH5v8hE4eaAejFJ4DNDL7P1arhSntvq4w
Yes
# 1
53.61K CTC
5HJy...fw7f
5HJy...fw7f
5HJyR9CpapmAYQELzzDfXrwitg7UCZFXKmPi7PvEhkvufw7f
Yes
# 1
420.54K CTC
5ELd...swVK
5ELd...swVK
5ELdrAW2yof8XA3DvWw9qBYpDVBhQc62mxwUQjRvKwNjswVK
Yes
# 1
620.85 CTC
5FXD...QSC4
5FXD...QSC4
5FXDV7V4Ac3n7XkHwuFykoZQW8smjZyKQegMoTwMhP98QSC4
Yes
# 1
621.07 CTC
5D4w...5VF1
5D4w...5VF1
5D4wpcWASkBUPKmsfFx6TsdZB7wp4UPEY9LyeCpbZabC5VF1
Yes
# 1
3.79 CTC
5F6y...hLHr
5F6y...hLHr
5F6y9CQrXKuvaLhwsDVM3aqLR7hqTrh2XBJmYHxj5JEohLHr
Yes
# 1
3.79 CTC
5DSZ...JzHD
5DSZ...JzHD
5DSZ5o2E5HsCpWGWtkjwmaWvKdJoN7CeouzeXnomS6ctJzHD
Yes
# 1
3.77 CTC
5Dt1...Y5wj
5Dt1...Y5wj
5Dt1672iaYGS9RpAN5GUGCKAda4C4qTzBiFytZcGunPzY5wj
Yes
# 1
1 CTC
5HB3...TbG1
5HB3...TbG1
5HB3sTQBuqhZQTKAGKiFVZE1cmUboGVkgyavbrZqTYAMTbG1
Yes
# 1
3.79 CTC
5GuW...Gouu
5GuW...Gouu
5GuWeYScdxKGTNWXdMfc9aGuRkncyo6wCGYeKpEVKpxbGouu
Yes
# 1
146.74 CTC
5HQm...wcaY
5HQm...wcaY
5HQmFXUibHYivTiuTvyimuuAt1mb9JUYUsYNs8TDzjKfwcaY
Yes
# 1
621.06 CTC
5DV3...EMRM
5DV3...EMRM
5DV3tw9rQfRmLmsNY9mcaw8oMKuita8Pdsq5L7R7jZreEMRM
Yes
# 1
3.78 CTC
5Fn4...i7PJ
5Fn4...i7PJ
5Fn431D3qo7EjouttqLNN652Dea9P7jbSGWm35Ytofrgi7PJ
Yes
# 1
1 CTC
5EWz...yQSg
5EWz...yQSg
5EWzevWpZZi3Tas2iyGDSwLUYZR1PgRP7EJLGUFDokbnyQSg
Yes
# 1
3.79 CTC
5E4N...6i52
5E4N...6i52
5E4NcfxhX2WjQK6umqoccjNj3MXxRVEYwq8LgGRVbAwn6i52
Yes
# 1
3.79 CTC
5Fdw...kdvP
5Fdw...kdvP
5Fdwss2sAaZt5QSdmB2qCPrQbuR5TmSNmUc1MTvx5JsZkdvP
Yes
# 1
621.07 CTC
5Chq...ru4k
5Chq...ru4k
5Chq67wkePH6zHwRnoYNLQiahb2t8qtNH7A7wDib1sCgru4k
Yes
# 1
1.6K CTC
600
5E4k...s6Be
5E4k...s6Be
5E4k4y895Nm2UhxrDRhh3xje1eDk7sbwbKSNNhV1HxPPs6Be
Yes
# 1
1.25K CTC
5GEe...9qMU
5GEe...9qMU
5GEeA8KxLjQEXikjfgnqqYvrcSawEPt5LPa6eF5b7zh49qMU
Yes
# 1
431 CTC
5FcM...d7XZ
5FcM...d7XZ
5FcMGQkdhioH7JbDEgw87vFM9Djt9esDthcnA9sjCVX8d7XZ
Yes
# 1
3.79 CTC
5Ci7...aB7y
5Ci7...aB7y
5Ci7NSboKfu6aN8qGcZf6xRFwHTsRD8A4JnCWftv7grZaB7y
Yes
# 1
3.79 CTC
5HH2...U3vM
5HH2...U3vM
5HH2kDNCpVWBzH8YRyBrVHosHjNFgFraXV1SiX7kahbaU3vM
Yes
# 1
3.79 CTC
5Dfa...BvQu
5Dfa...BvQu
5DfacmLAoGdE8zbzR6naAcQWXcMUTLnxqxM4A7vyy2CWBvQu
Yes
# 1
3.78 CTC
5Fnw...Cpmr
5Fnw...Cpmr
5FnwcBdFcG79p69ARpbhugEAKf4TFm8YDVymdUXq9AoPCpmr
Yes
# 1
3.79 CTC
5Gh6...wHPg
5Gh6...wHPg
5Gh6PvZC9WpBRPLV8vsSDekewHegH3bGdid97tFfHCL3wHPg
Yes
# 1
3.79 CTC
5CFT...i7Bn
5CFT...i7Bn
5CFTv5oXF2AfwKEU8Qit4BgfPwtvZWQ3XwoqKqU89oA1i7Bn
Yes
# 1
3.79 CTC
5H8k...FLH6
5H8k...FLH6
5H8kDMmFmHbymZ35xviQU7fZUvFrFCvYPN8p8jhoAFmpFLH6
Yes
# 1
3.79 CTC
5GYp...pyed
5GYp...pyed
5GYp6U7QALEd5K6F6DYLLsKKqyejyXsRNDwc592e1dLfpyed
Yes
# 1
3.8 CTC
5Gdw...1zyN
5Gdw...1zyN
5GdwqT6JidSYmUeAFec5DW3JzLSYAsU12PinDcR7H7Ra1zyN
Yes
# 1
3.8 CTC
5DUx...NC1D
5DUx...NC1D
5DUxQYdrgtuDDgByM5hoG4wmCiNwFNsuMMXXAK94ZvuoNC1D
Yes
# 1
3.79 CTC
5FTr...7ybe
5FTr...7ybe
5FTrreYq76ih7R3tRbUhZH6ibTkrWWpUYLKvr75uePcY7ybe
Yes
# 1
3.79 CTC
5HTK...TNkB
5HTK...TNkB
5HTKaxTXwMVikURXxFYWD6A1xEKHTjLZK92ycntagavmTNkB
Yes
# 1
3.79 CTC
5EjZ...VXNL
5EjZ...VXNL
5EjZJTrWRTgFbXe8XHWMYMY69wxt5gRE4GpUSwDqY9FKVXNL
Yes
# 1
3.79 CTC
5HYB...6Apn
5HYB...6Apn
5HYBqU4vA162adx4yYuTEKvYnSwbWpoz1LW6BDnMYbdq6Apn
Yes
# 1
3.8 CTC
5CRr...ipUY
5CRr...ipUY
5CRrL2rXkMZLQNzrStYnY6ztQ65XoiF8Cbw1wuta5vgWipUY
Yes
# 1
3.79 CTC
5Dr9...aMVT
5Dr9...aMVT
5Dr97K9VEsz679HSYQeztUAA5Em2rUbxSFVJCauDkgGaaMVT
Yes
# 1
3.79 CTC
5Dnj...UAPU
5Dnj...UAPU
5DnjSi2XtxzcX5Nrc3eQMMEteUcq2RyeApw3Dzm1rR8NUAPU
Yes
# 1
3.79 CTC
5GpE...JtxR
5GpE...JtxR
5GpELJ5RGax6YjZYgeorBLGua7JLvQA4VSuxidsAe1RuJtxR
Yes
# 1
3.79 CTC
5Eso...iCXB
5Eso...iCXB
5Eso1HmK4b9cqU8F9fnVE2LpzE8nVDY6orgmy2yvfBXgiCXB
Yes
# 1
3.78 CTC
5EWx...m42j
5EWx...m42j
5EWxWhNpE4mWokzJostM9p3QPtWWcu3xtyQfezzR7Cbcm42j
Yes
# 1
1K CTC
5D5Z...SpAt
5D5Z...SpAt
5D5Zk45EdBxgAopAveaJjWJAndNd7vaoD3Zmbdf2CgBfSpAt
Yes
# 1
2.44K CTC
5Fgc...DHv5
5Fgc...DHv5
5FgcrVCgHLnTTBBWZkUamvztWiTCUdx5WNjho1TbGWmrDHv5
Yes
# 1
3.79 CTC
5E6t...P4J8
5E6t...P4J8
5E6tYzJW5EkPjSErPEN9BBzA8esgt2AQReRi17EfdwJsP4J8
Yes
# 1
3.79 CTC
...

Discussions·4

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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