Hello, Creditcoin community!
We have some exciting news to share. We're thrilled to announce the much-anticipated wCTC ↔ CTC swap tool is officially live! This comes hot on the heels of the CIP-1 community governance vote and we couldn't be more excited to finally deliver on our community’s number one request, all in record time.
What is wCTC and CIP-1?
For those who are not yet in the loop, following the community’s vote in favor of CIP-1, the Creditcoin Foundation has officially released a new ERC-20 wrapped CTC (mainnet) token called wCTC, designed to facilitate trading liquidity for mainnet token holders.
In order to get this new token, users can swap between CTC ↔ wCTC at a 1:1 ratio using our new swap tool. Full user guide below.
Why swap between CTC ↔ wCTC?
You can think of wCTC as your golden ticket to access trading options on Uniswap, with two new floating wCTC/ETH and wCTC/G-CRE trading pairs being listed.
👉 Uniswap wCTC Trading link: https://bit.ly/3R3LqIv
As a small bonus, the Creditcoin Foundation has also provided some liquidity to these pairs to help kickstart trading.
But, please do remember 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).
For a more detailed explanation of the proposal and a wider discussion of CTC liquidity, please read the full wCTC blog post here.
wCTC ↔ CTC Swap Guide
We've outlined a step-by-step guide to help you navigate the swapping process. It's designed to be as clear and user-friendly as possible.
Please make sure you have the following ready before you start the swap process:
- Download Chrome. This is the only officially supported browser.
- Go to the Creditcoin Swap tool: https://creditcoin.org/swap/
- A Polkadot.js extension wallet.
- This is your CTC wallet.
- A CTC address always begins with ‘5’.
- Despite using the Polkadot.js extension, CTC is not native to Polkadot.
- A Metamask wallet.
- This is your ETH/wCTC wallet.
- An ETH address always begins with ‘0x’
- For wCTC → CTC swaps only, have some ETH ready to cover gas fees.
Register your Wallets Together: Before you proceed to the official swap feature, you’ll need to link your CTC and wCTC wallet addresses together. Once linked, these cannot be unlinked again.
For those swapping to CTC (mainnet), we're providing a complimentary offer to cover your swapping fee when you fill out this form.
We’ve included a video guide below to walk you through the process 👇
Remember, you must always use wallets registered together to perform swap transactions! Otherwise, you may lose your funds.
For CTC → wCTC only, we’ve provided a video guide below walking you through the wCTC → CTC swap process. Please note, that while the process is roughly the same for both directions, this video guide is for CTC → wCTC only.
We’ve provided a complete written guide for both wCTC → CTC and CTC → wCTC swaps below.
1) Select your desired swap
Now that you’ve linked your wallets together, choose your desired swap direction. Make sure you keep the following swapping fees in mind:
- CTC → wCTC = 10 CTC
- wCTC→ CTC = Free*
*ETH transaction fees apply separately
Please bear in mind that the Creditcoin Foundation will not process any CTC → wCTC swaps below 10 CTC. wCTC → CTC swaps have no minimum requirement.
2) Send your tokens
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 and make sure you send your tokens from the wallet you previously registered together.
🗒️ For CTC → wCTC Swaps. To send CTC tokens from your Polkadot.js extension wallet, please use the Polkadot.js app and make sure you’re connected to the Creditcoin Network.
🖇️ Polkadot.js app link: https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fmainnet.creditcoin.network%2Fws#/accounts
- On the Polkadot dashboard, hover on 'Accounts', then click 'Transfer'.
- On the pop-up, 'send from account' will be your wallet address, and 'send to address' is the respective official Creditcoin Foundation wallet address listed below. Please ensure you double-check the correct direction and wallet address of your CTC<>wCTC swap.
- Enter your desired CTC (mainnet) amount to be swapped and click on 'Make Transfer.'
Below are the official wallet addresses for each swap direction:
📥 CTC → wCTC Swap Address 👇
📥 wCTC → CTC Swap Address 👇0x2884331cD755ad2D1642B3a1A58c4BFc4174b3f2
3) Find the transaction hash
Make a note of the transaction hash and enter it into the box provided. If you need help finding your transaction hash, please read the instructions below.
How do I find my transaction hash?
🗒️ For wCTC → CTC Swaps: Paste your Ethereum wallet address into Etherscan. Then, find your transaction and the associated transaction hash.
🗒️ For CTC → wCTC Swaps: Paste your CTC Substrate wallet address into the Creditcoin Block Explorer. Then, find your transaction and the associated extrinsic hash.
4) Enter your email
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 transaction error.
5) Wait to receive your tokens
If everything was submitted properly, you will receive your tokens in less than a week. Please bear in mind that each swap must be manually processed. Therefore, we are currently scheduled to send users’ swapped tokens every Tuesday.
Please remember the following:
- Make a note of your transaction hash
- 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 assist you if something goes wrong
Happy swapping everyone!
👉 Uniswap wCTC Trading link: https://bit.ly/3R3LqIv
Creditcoin is a foundational L1 blockchain designed to match and record credit transactions, creating a public ledger of credit history and loan performance and paving the way for a new generation of interoperable cross-chain credit markets.
By working with technology partners, fintech lenders such as Aella, and other financial institutions across global emerging markets, Creditcoin is securing capital financing, building credit history and facilitating trust for millions of underserved financial customers and businesses based on the principles of RWA.
Updated: January 8th, 2024 by Toby Bromet