Jan 21, 2021
Become a Token Captain with ShuttleFlow: The Next Frontier of DeFi
Before becoming a Token Captain, be sure to explore ShuttleFlow; and read through Using ShuttleFlow to convert between ETH and cETH 2
What is a Token Captain?
To support more cross-chain assets between Ethereum and Conflux, ShuttleFlow has launched the Token Captain initiative. Everyone can support any cross-chain tokens on Ethereum and Conflux by becoming a Token Captain, to reap the rewards of supporting their favorite token. However, there is only one Token Captain for each token, though new Token Captains can emerge to rule their favorite tokens.
How does it work?
A Token Captain needs to collateralize a portion of cETH, used to deduct the actual cost of their cross chain transaction.
Token Captain’s can then formulate a fee, and benefit by charging users who transfer that particular token cross-chain.
The on-chain processing cost of each cross-chain transaction is deducted from the cETH collateral deposited by Token Captain.The cross-chain fee and new address fee will eventually be settled to the wallet address of the Token Captain.
You can become the Token Captain of any token by searching for and supporting it cross-chain If you cannot find it by the token name, you can also search for and add the token through the contract address.
In addition, if the token you want to support is included in the list of CoinGecko, risk warnings will be exempted. If the Token you choose is not included in CoinGecko, you may be exposed to risk, so please be aware.
Becoming a Token Captain
1. Go to ShuttleFlow (note: there are English and Chinese versions of this site), Click Become a Captain in the upper right.
2. Select or search for tokens and enter the configuration page. Fill in the necessary values such as fee, cross-chain limit, and collateral amount on the page to submit an application to become a Token Captain.
a. Shuttle-In/Shuttle-Out fees are the amount of fee that the user needs to pay each time the Token crosses the chain.
b. Minimum Shuttle-In/Shuttle-Out fees are the minimum amount of the Token that the user can move cross chain each time.
c. New address fee:If the user crosses the token for the first time, a fee will be charged for creating a new address.
d. The number of collateral is amount of cETH needed to pay to become a Token Captain.
3. After waiting for a period of time, when you enter the application interface of the token you selected, if your application was successful, you may see the notification “You are token captain” You are now the only Token Captain of the token. Later, you can complete the fee rules through this same page.
Challenging the existing Token Captain
To dethrone the existing Token Captain, the challenger only needs to hold more collateral, so a stable Token Captain should keep sufficient collateral at all times to resist being replaced by another Captain.
Have Fun!
Note: When the cross-chain service is running normally, the cETH pledged by the token captain cannot be redeemed. When the cETH collateral by a certain Token Captain is less than the safe collateral amount (currently 0.5cETH), the cross-chain alliance will suspend the Shuttle-In and Shuttle-Out functions of the token until the collateral amount is replenished.
Website: https://confluxnetwork.org/
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About Conflux Network
The only state endorsed public, permissionless blockchain project in China, Conflux Network is an open-source, layer-1 blockchain protocol delivering heightened scalability, security, and extensibility for the next generation of open commerce, decentralized applications, financial services, and Web 3.0. Conflux Network is overseen by a global team of world-class engineers and innovative computer scientists, led by Turing Award recipient Dr. Andrew Yao. Fostering entrepreneurship and innovation, Conflux elevates startups and organizations across industries and continents to generate decentralized marketplaces and digital assets for meaningful business and social impact. Founded in 2018, Conflux has raised $35 million in capital from prominent investors including Sequoia China, Metastable, Baidu Ventures, F2Pool, Huobi, IMO Ventures, and the Shanghai Municipal Science and Technology Commission.
