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

5D7a...BwVz
5D7a...BwVz
5D7aVWVoYZPRjrUDAGLn1hxVeVanzwR5VQNRDsWXEXGCBwVz
Yes
# 1
3.79 CTC
5Cz4...YdMn
5Cz4...YdMn
5Cz4uLaE3DUU6jRGjuL84UKP5S4hkZiLa9VJeFJG1mgfYdMn
Yes
# 1
192.45K CTC
5FWf...k3YK
5FWf...k3YK
5FWfZ1VJ1UJ8rayH49Zsjyt64BxKrxeDSHHLSRx5Q2Duk3YK
Yes
# 1
8.3 CTC
5EyP...DVYw
5EyP...DVYw
5EyPiAT1sEqW4mqiYoHfGf8wXbNd38WtCBCMaUBTAJFPDVYw
Yes
# 1
2.41K CTC
5Dho...oa8g
5Dho...oa8g
5DhobZBk9xs7sPYJVdskDPmkMzuexmHJioM3U3daANBLoa8g
Yes
# 1
621.62 CTC
This is very good news for me now soon i will able to swap my token
5GxF...c9XN
5GxF...c9XN
5GxFLT9hLjwouscC51VhXYYCeBsbeQxGkotoUkC43GLKc9XN
Yes
# 1
719.24 CTC
5DU9...5w6x
5DU9...5w6x
5DU9382n92GAsyydrgJLTLJWqVVCDsEB8AupHTTuEZgX5w6x
Yes
# 1
623.03 CTC
5DoR...ds4H
5DoR...ds4H
5DoR99o48snw7rfhHANs8jSLYZ3aYFAZLZb2z9o2McTEds4H
Yes
# 1
4.79 CTC
5E4j...ePFB
5E4j...ePFB
5E4j7hApV6uranGzM4zNorBGWGxMH5HoZCkiuYp3BeyMePFB
Yes
# 1
3.79 CTC
5GCc...gCQq
5GCc...gCQq
5GCcf6puqpEKxBFYqUCWSqsQ9PiZr1mFWK2mb5TTrXthgCQq
Yes
# 1
3.79 CTC
5GBw...Cwoa
5GBw...Cwoa
5GBwfU11QPxNaLBvpKqwFkK9vp1LXEiWJ25JzAYsPhdgCwoa
Yes
# 1
3.79 CTC
5Chr...8JB1
5Chr...8JB1
5ChrbDygxkSyZ5d5sUAfox8dFynKRM5HUQcxpk71w5DS8JB1
Yes
# 1
3.78 CTC
5FWS...GhbM
5FWS...GhbM
5FWSpgDKmc2wzaciRdK5bv4rUX9VfEwBRxGbnXSgmf81GhbM
Yes
# 1
3.78 CTC
5DPr...jHaN
5DPr...jHaN
5DPrhnmbJXiE6DGRByQrtf1i7PmDYEaw8om9Mu91CGktjHaN
Yes
# 1
99 CTC
5Fdz...85pS
5Fdz...85pS
5FdzZ5ckPBXVKSVEiwLwbjpJP5EYvBdN9c82dmKRBNcS85pS
Yes
# 1
101.25 CTC
5DRX...dUWL
5DRX...dUWL
5DRXWFYUaVsAsC2PHmsgfZUeF3Adg9qhgeTxoNmu6HjvdUWL
Yes
# 1
100.77 CTC
5Et3...rBsA
5Et3...rBsA
5Et3JnnUUBUZ9DPGJPs2nApdH2A1P8smpHN2bafuaMnrrBsA
Yes
# 1
3.79 CTC
5FLN...6s47
5FLN...6s47
5FLNUw8EgkrNbAX1ByycFZZTbz8LjQ3A1Vj7Eq8higUt6s47
Yes
# 1
1.43K CTC
5HQR...mwsC
5HQR...mwsC
5HQRrstHz9VLjgxJQNPa7shXjX7pXnQndUaTxKiLFmDZmwsC
Yes
# 1
2.45K CTC
5DJA...AwS3
5DJA...AwS3
5DJAjKTnDEk7qCNroMvDqGJvdF5paQ8fSX1o5gaXstimAwS3
Yes
# 1
3.79 CTC
5FJr...DMUf
5FJr...DMUf
5FJromDzkXXMEaRA9qbCFFzyRTJgwBhGSH5EiTHkekBbDMUf
Yes
# 1
108.04K CTC
5DiC...noGG
5DiC...noGG
5DiCwi1VHkEsZcMyN4qW3dt7ApQeAfwGQEKW3g3ECeGZnoGG
Yes
# 1
2.43K CTC
5DWd...regp
5DWd...regp
5DWdWRRbSGQdoWyJABxWkXZyhzvCMME1jZctYDmLh1aJregp
Yes
# 1
3.83 CTC
5Dnb...LAzr
5Dnb...LAzr
5Dnb9UWCdbFfK5aBLkEHXJcS7WpYemP8NxxrutyzN51HLAzr
Yes
# 1
3.77 CTC
5GmY...nSeC
5GmY...nSeC
5GmYjCUzqQTn8EhaG8aT2bqLsNoEr41NvL64yMYRZSK9nSeC
Yes
# 1
3.77 CTC
5E1h...uCFW
5E1h...uCFW
5E1he3SMxBdozf7ui5shAHc4XAg6pyhHmndVNfNy4KZvuCFW
Yes
# 1
3.77 CTC
5GgC...fXKC
5GgC...fXKC
5GgCzC8ARY2mb5jzMmq1pza8h5FzbpZErbCzb8ssauZGfXKC
Yes
# 1
3.77 CTC
5HEY...LXT2
5HEY...LXT2
5HEYkadxTTE8bgbuZLgR4qXvv86r4vDN3ePUZ88YiA6HLXT2
Yes
# 1
3.77 CTC
5CLT...qiMM
5CLT...qiMM
5CLTSDMwUM8Wp2oxNZYoBGoNxzE2sVEWPnjTTaMtMBm5qiMM
Yes
# 1
3.78 CTC
5DhT...32mm
5DhT...32mm
5DhTGo2enScwbuaRFv6XSSDoBziPNP9fNaKYdMUzS2Jj32mm
Yes
# 1
3.77 CTC
5Cf6...B53i
5Cf6...B53i
5Cf65MRbggRFSPHJPYfGZ1C1SPnhYpQgdoZMb6vCVVnuB53i
Yes
# 1
3.77 CTC
5FLQ...cYML
5FLQ...cYML
5FLQ6P7d7pJhcwh2kbchoXp1XTWpefNWP6PeUKjdjpzPcYML
Yes
# 1
3.77 CTC
5G6V...J3BX
5G6V...J3BX
5G6V8YEpGLnQHdiURUeX2K1Dzw5K8eBdcfSxW3A78tUUJ3BX
Yes
# 1
3.77 CTC
5CCz...9tL5
5CCz...9tL5
5CCzooMfoen5X4EC9BE2vzg9kyrjPcmmqb8DBMAmxABC9tL5
Yes
# 1
3.77 CTC
5E29...7viv
5E29...7viv
5E29bJpaVZvgaQTPydgTy7EJtirYyFXtsFEQJrQDhQ8z7viv
Yes
# 1
3.76 CTC
5CRo...292S
5CRo...292S
5CRoqmXUoc5AZBz72FjMFe9uNu4yEDcqdo2ocvHUoK1i292S
Yes
# 1
3.77 CTC
5FKp...EppK
5FKp...EppK
5FKpHUTSxgLPQbL7hvCnePohDA4nwRcnxxEQ1ERmgKCVEppK
No
# 2
3.59K CTC
5FHn...KaEV
5FHn...KaEV
5FHnkhExV1nUMAayYGn2hMPkxk3YbT37NHdjBpdUbRGxKaEV
Yes
# 1
472.98K 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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