We are happy to release a simple yet valuable smart contract and portal to help retail and developers convert their CMP tokens into Wrapped CMP tokens which follow the ERC20 standard. This process is called Wrapping, and many blockchains have a similar contract. Wrapped Ether (WETH) is an example of this contract. The Caduceus team have followed best practices and deployed a tried and tested smart contract for wrapping CMP.
You can view the contract here: https://cmpscan.io/address/0x1fcba3cb797465f38839f48ca7c9cda9d9aac28b
Moreover, the team has created a portal for users to interact with the contract and easily swap between CMP and WCMP.
The portal can be accessed here: https://wrap.cmpcoin.io.
Portal
Description
Users can send CMP to a smart contract which will lock it and return WCMP to them. The ratio is 1:1, meaning that one WCMP token will be minted and given to the user for every CMP token locked in the smart contract. At any point, the user can return the WCMP and thus withdraw the CMP back into their wallets. In essence, 1 CMP will always be worth 1 WCMP.
Uses and Benefits
Most Dapps prefer not to work with the native currency of a protocol (ETH or CMP) as it can be quite limiting. For example, when creating a liquidity pool between token one and token two, it would be easier for the developer if both tokens were ERC20 and thus had the same interface instead of one being an ERC20 and the other being a native token like ETH or CMP. Moreover, the ERC20 standard allows for extra functionality like the transferFrom function, which enables users to pre-approve other contracts to spend their funds on their behalf (this is often done by decentralised exchanges and other decentralised finance protocols). In the coming months, WCMP will be bridged to other chains and provided as liquidity to liquidity pools in automatic market maker platforms like Coinswap and PancakeSwap.
Creating Standards for the Community
Secondly, by creating a Caduceus branded portal, we are helping the community converge to a single WCMP standard. We recommend that developers use the contract above to ensure they use the correct WCMP standard with the most liquidity. Otherwise, there will be multiple versions of WCMP which will only fragment the liquidity and make it harder to build good Defi products, hence why the Foundation and Vertex Labs have worked together to provide a canonical contract on Mainnet for developers to integrate into their products.
Enabling standards helps the entire Caduceus Ecosystem, leading to a healthier and more vibrant ecosystem for us all to enjoy.
Join the community:
Caduceus Website: https://www.caduceus.foundation
Discord: https://discord.com/invite/caduceus
Twitter: https://twitter.com/Caduceus_CMP
Telegram: http://t.me/CaduceusMetaverse
Instagram: https://www.instagram.com/caduceus_cmp/
