Introducing Wrapped Car Tokens wCTs
- Introduce wCTs as a concept
- Explain the benefits for all users
- Appeal DeFi community
- Liquidity increase benefits the CurioDAO ecosystem
By CurioDAO, 5/25/2021. Every once in a while, a project comes along that has the potential to redefine and completely shift an industry into a different direction. However, most people only hear about these events after it is too late to be a part of them. Well, lucky for you — you are reading this!
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Imagine you can now fractionally invest in real-world assets such as collectible rare car, and access the world of DeFi, thus enjoying the benefits from lending protocols, and as well as proper liquidation mechanism that can be enforced with also a sensible collateral ratio thanks to its price transparency via an on-chain oracle.
Introducing Wrapped Car Tokens, CurioDAO most recent innovation. The Wrapped Car Token (wCT) is the first ERC20 token backed 1:1 with car tokens (“CT”). CT is wrapped into a so-called wCT. Wrapped tokens are custodian tokens. An equivalent amount of the CT as the wrapped amount is held with the Custodian. The Custodian in this case is a decentralized smart contract.
Process of minting for wCT
1. CT Holder initiates a transaction to authorize the Custodian to mint wCT to the CT Holder’s address on e.g. the Polkadot or the Ethereum chain.
2. The CT Holder sends the Custodian CT token.
3. Custodian waits for confirmations.
4. Custodian creates a transaction to mint new wCT tokens on the chain.
5. CT Holder receives wCT and the Custodian receives CT token.
Process for Users of receiving CT tokens
1. User requests CT token from Custodian. If the User is not registered on Custodian’s platform User has to undergo required KYC procedures. This applies to Users who bought the wCT token (not for Users who received wCt through the minting process ).
2. Initiate token unwrapping.
3. Custodian performs burns wCT token.
4. User receives CT token.
Transfers of wCT between Users will have no cost apart from network fees.
All key details of the network will be reflected on-chain, some of which are:
- Status of mint and burn orders (pending, processing, canceled, complete)
- Total amount of CT tokens stored by Custodian
- Total amount of wCT in the network
- Custodian’s wallet addresses
- Links to the open-source token contract code / deployed contract on a block explorer
Where to get it?
The wCT can be acquired through the following channels: By wrapping the CT token through the Custodian or via Uniswap as well as future AMMs.
The wCT represents solely the ownership to the underlying asset (CT token) and is therefore not considered as a security. The wCT represents an ownership right and not a contractual claim to the underlying commodity or CT token. In order to receive the CT token, Users need to register on the CurioInvest.com platform and undergo a KYC process. Only if the User passes the KYC process, User can initiate the unwrapping process of wCT.
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