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How to Convert Mainnet CTC (Native) to Mainnet CTC: A Step-by-Step Guide

Get to know how Creditcoin users can move assets seamlessly between our Native and EVM tokens.

Creditcoin Team

• 4 min read
How to Convert Mainnet CTC (Native) to Mainnet CTC: A Step-by-Step Guide

As our ecosystem continues to expand, users now have the ability to move assets seamlessly between our Native and EVM CTC within the Creditcoin network, namely CTC and CTC (Native), each serving a unique function.

CTC (Native) is mainly used for staking, while CTC is geared towards interacting with a wide variety of compatible dApps, including paying for gas fees.

Here’s a quick overview of the different Mainnet tokens:

  • CTC (Native): This token operates on the Substrate-based Creditcoin network. It's primarily used for staking activities, such as participating in staking pools, becoming a validator, or nominating validators.
  • CTC: This version of Creditcoin is used for interacting with decentralized applications (dApps) and smart contracts on the EVM-compatible Creditcoin chain.

Below, we’ll guide you through the process of sending your assets between these two networks using Credit Wallet.

1. Install Credit Wallet

To manage your CTC between the Native and EVM chains, start by installing the Credit Wallet.

2. Connect Your Wallet

If you already hold CTC, Mainnet CTC (Native), or wCTC assets.

  • Enter your wallet's recovery phrase, and the balances of your assets will appear.
  • If you don’t have access to your recovery phrase but want to use Mainnet CTC (Native), you can transfer your assets to a new wallet via the Polkadot.js website.

3-1. How to Transfer from CTC to Mainnet CTC (Native)

To transfer CTC from the EVM network to the Native network, follow these steps:

  1. Open your Credit Wallet and press the Send button in the Mainnet CTC section.
  2. Enter the amount of CTC you want to transfer.
  3. Input the destination CTC (Native) address.
  4. Confirm and complete the transaction.
  5. Check the balance of your CTC (Native) address in your wallet after the transfer is complete.
Note: This transaction will incur gas fees on the EVM network. Ensure you have sufficient Mainnet CTC (EVM) to cover gas before initiating any transfers.

3-2. How to Transfer from CTC (Native) to CTC (EVM)

To transfer assets from the Native network to the EVM network:

  1. Open your Credit Wallet and press the Send button in the Mainnet CTC (Native) section.
  2. Enter the amount of Mainnet CTC (Native) you wish to transfer.
  3. Enter the destination Mainnet CTC (EVM) address.
  4. Confirm the transaction and complete the transfer.
  5. Check your Mainnet CTC (EVM) balance after the transaction is finalized.
Note: This transaction will incur gas fees on the Native network. Ensure you have enough Mainnet CTC (Native) to cover gas before initiating any transfers.

Conclusion

If you're holding CTC (Native), you're holding the legacy token, perfect for staking and securing the network through participation in validators or staking pools. In contrast, CTC is your gateway to the future, designed for interacting with DeFi, dApps, and smart contracts on the EVM chain. Either way, Credit Wallet helps you manage your assets seamlessly across all networks and use cases.

Frequently Asked Questions

1. What’s the difference between Mainnet CTC tokens?

CTC (Native) is the native token of the Creditcoin Network on the Substrate-based Creditcoin Mainnet. These tokens are utilized for paying for staking, staking transaction fees, and governance. Since the latest upgrade, Creditcoin utilizes Mainnet CTC for interactions with the Ethereum Virtual Machine and its compatible smart contracts. This duality lends versatility across different blockchain environments for CTC tokens, ensuring seamless operations and interactions for Creditcoin users.

2. Where can I find my CTC (Native) address?

To find your Native address, simply open your Credit Wallet and navigate to the CTC (Native) section. Your address will be displayed there in the format 5dbce3....e723. Alternatively, you can also find it in Polkadot.js under the 'Accounts' tab after connecting your wallet.

3. Will I incur fees when transferring CTC between (Native) and (EVM)?

Yes, transferring CTC between the EVM and Native networks will incur fees. When sending Mainnet CTC between the networks, you will pay gas fees from the source chain. For example:

-From CTC (Native) to CTC → Fee: CTC (Native)
-From CTC to CTC (Native) → Fee: CTC

4. Why should I convert my CTC from Native to EVM?

The Creditcoin EVM network is fully compatible with the Ethereum Virtual Machine, opening up a wider range of opportunities like lending and interacting with EVM-based dApps. While the Native blockchain is ideal for staking CTC (Native), Creditcoin’s EVM smart contracts broaden the scope of on-chain interactions that you can do with your assets.

5. How long does the transfer process take?

Transfer times typically range from a few minutes to slightly longer depending on network congestion. You can monitor the transaction status in your Credit Wallet, and once it’s confirmed, your assets will appear on the EVM side.

6. Are there limits on how much I can transfer between the networks?

There are no strict limits on asset transfers between Native and EVM, but it’s important to ensure you have enough funds to cover gas fees on both networks. If you’re transferring a large amount, it’s a good idea to do a small test transaction first.

7. Can I move assets back from EVM to Substrate?

Yes, you can follow the same steps, but this time, you should initiate the sending from CTC to Mainnet CTC (Native).

8. What should I do if my assets don’t appear in my Credit Wallet after the transfer?

If your assets don’t show up after the transaction, first verify its status using a blockchain explorer. Make sure you’re on the correct network (Native or EVM). If the transaction is complete but the issue persists, reach out to Creditcoin support with the transaction details for assistance.

Additional Resources

Here are some helpful resources to ensure you're fully equipped for the asset transfer process:

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