We're excited to announce that the GATE → CTC (mainnet) swap tool is now live! This is part of our ongoing efforts to integrate Gateway DAO into Creditcoin 3.0 and phase out the GATE token.
Not only that, the new swap tool also supports G-CRE → CTC (mainnet) swapping, which means all ERC-20 token holders can start staking on the mainnet as of today!
Understanding the GATE Token
Previously, the Gateway DAO utilized the GATE token as its native utility token. Users could earn GATE by staking GTD, the protocol's native governance token. However, as we've been developing Gateway DAO, we've decided to embed its core functionalities into Creditcoin 3.0. This streamlines our development process and makes the overall system more efficient.
As a result, the GATE token is being deprecated. This one-way token swap is designed to allow GATE holders to convert their tokens for CTC (mainnet) at a 2:1 ratio.
Creditcoin will be using its own CTC reserves to fund any GATE → CTC (mainnet) swaps, therefore no extra CTC is being added to the total circulating supply.
Why Swap your GATE for CTC?
Since Gateway DAO's features will be incorporated into Creditcoin 3.0, Gateway DAO will no longer be supported or actively developed. This means that GATE's basic functionality will be removed. The CTC token will take over the functions previously assigned to GATE.
1. The GATE swap tool will be supported until the release of Creditcoin 3.0.
2. GATE rewards will cease distribution at the end of this year.
Swapping your GATE tokens for CTC has several benefits:
- You can start staking your CTC on the Creditcoin mainnet, helping to secure the network and earn passive CTC rewards.
- You'll be ready for the launch of Creditcoin 3.0, the world’s leading RWA infrastructure chain featuring EVM-compatibility and universal smart contracts.
Swap GATE → CTC Guide
To swap your GATE tokens for CTC, simply follow the instructions on the official Creditcoin swap website.
🖇️Official link: https://creditcoin.org/swap/
Please note that you need CTC (mainnet) in order to complete your transactions. If you don't have any, you may need to request mainnet CTC tokens to complete your transaction. Please head to the Discord for more information.
Before you start, please keep the following points in mind:
- Be careful of phishing links. Always use the official Creditcoin URL when swapping tokens.
- The swap will follow a 2:1 conversion ratio, meaning you'll receive 1 CTC (mainnet) for every 2 GATE.
- The GATE → CTC swap is a one-way transaction, so you won't be able to get a refund or return the tokens.
- You'll need some ETH in your wallet to cover transaction fees.
We're excited about this transition and look forward to seeing you on the Creditcoin mainnet soon!
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.