📢 CTC ↔ wCTC Swap Live

:white_check_mark: We’re excited to announce the release of the wCTC ↔ CTC swap tool following the CIP-1 community governance vote.

:paperclips: Official swap link: The Multichain Real-World Asset Protocol | Creditcoin

:guide_dog: Official Guide: http://creditcoin.org/blog/ctc-wctc-swap-guide/

Read on for more information :point_right:

:scroll: What is wCTC and CIP-1?
Following the community’s vote in favour of CIP-1, the Creditcoin Foundation has officially released a new ERC-20 wrapped CTC (mainnet) token in order to facilitate mainnet liquidity. This new wrapped token is called wCTC.

:information_source: For a more detailed explanation of the proposal and a wider discussion of CTC liquidity, please read the full blog post: The CTC Token Roadmap & wCTC Governance Proposal

:thinking: Why Swap CTC ↔ wCTC
The new swap tool allows users to swap their mainnet CTC for wCTC on Ethereum at a 1:1 ratio.

By swapping their CTC for wCTC, users can then access trading options on Uniswap, including floating wCTC/ETH and wCTC/G-CRE trading pairs.

:point_right: Uniswap wCTC link: Uniswap Interface
The Creditcoin Foundation is providing limited liquidity to these pairs in order to kickstart liquidity.

Please bear in mind that wCTC is not the token currently listed on centralized exchanges, which may lead to price slippage between wCTC and G-CRE (the CTC token listed on exchanges).

:guide_dog: How does the swap tool work?
In order to use the swap, we recommend following the official swap announcement guide. This has detailed instructions on everything you need to know, including a video step-by-step tutorial.

:paperclips: Official Swap Guide: http://creditcoin.org/blog/ctc-wctc-swap-guide/

Otherwise, we’ve provided a shortened swapping guide below :point_down:

:open_book: Swap Instructions :open_book:

  1. Register your Wallets Together - Before you proceed, you’ll need to register your CTC (mainnet) and Ethereum addresses together. Once linked, these cannot be unlinked again.

IMPORTANT: Only ever use your linked wallets to perform swap transactions.

2) Select your desired swap - Now that you’ve linked your wallets together, please choose your desired swap direction. Please bear the following swapping fees in mind:

:passport_control: Swapping fees :passport_control:

CTC → wCTC = 10 CTC
wCTC→ CTC = Free*
*ETH transaction fees apply separately

3) Send your tokens - Simply copy the provided address and send your CTC or wCTC tokens to the Creditcoin Foundation address linked. Only ever send tokens to the official swap address shown on the website - be careful of phishing links.

Also, please make sure you always send your tokens from one of the wallets you previously registered together.

4) Find the transaction hash - Please make a note of the transaction/extrinsic hash and enter it into the box provided. If you need help finding your transaction hash, please consult the official guide.

5) Enter your email - Please enter your email so that we can contact you in case there is an error. If you do not provide a valid email, we won’t be able to help you in case there’s a problem with your transaction.

6) Wait to receive your tokens - If everything was submitted properly, you should receive your tokens in less than a week. Please bear in mind that each swap must be manually processed. Therefore, we will be sending users’ swapped tokens every Monday.

:ledger: Please remember to keep the following points in mind:

  • Always make a note of your transaction hash
  • Make sure you only ever use the CTC and ETH wallet addresses you registered together
  • The CTC → wCTC minimum swap amount is 10. Swaps below this will be rejected
  • Without a valid email address, we won’t be able to help you if something goes wrong

Happy swapping everyone!

:currency_exchange: Uniswap wCTC trading link: Uniswap Interface