What is WFCT?
Wrapped FCT (WFCT) is community led, 100% backed and verifiable FCT token, issued on the Ethereum blockchain.
Why do we need WFCT?
Wrapped FCT (WFCT) brings Factom token into Ethereum ecosystem.
Exchanges and DEXs
Decentralized Finance
Smart contracts
Wallets
- Access a range of DeFi products and yield farming platforms with your FCT
- Swap your FCT into thousands of tokens on DEXs
- Use MetaMask and dozens of wallets (including mobile and hardware wallets) for your FCT
How it works
Wrapped FCT (WFCT) is backed 1:1 with a native FCT token on the Factom blockchain — the number of issued WFCT tokens is equal to the number of native FCT tokens locked in custody.
Users can freely move tokens between Factom and Ethereum networks using partner infrastructure.
To receive WFCT, a user converts his FCT to WFCT using a partner exchange (qTrade). The exchange performs the required KYC / AML procedures and verifies the user’s identity. Partners provide liquidity to the WFCT/FCT pair, so the user can freely convert FCT to WFCT and vice versa with minimal slippage.
Minting refers to the process of creating new wrapped tokens. Minting in the wrapped framework is initiated by a partner and performed by a custodian.
Burning is the action of redeeming native FCT for WFCT tokens, and only partner addresses can do this. The amount to be ‘burnt’ is deducted from the merchant’s WFCT balance (on chain) and the√supply of WFCT is then reduced.
100% transparent
The most important part of the gateway is transparency. WFCT proof-of-reserve is on-chain, which shows the exact 1:1 between minted WFCT tokens and native FCT stored by the custodian.
Roadmap
-
Testnet gateway launch
Completed Nov 2020 -
On-chain dashboard
Completed Nov 2020 -
Mainnet gateway launch
Ongoing Q2 2021 -
qTrade WFCT/FCT listing
Ongoing Q2 2021 -
WFCT/USDC Uniswap LP
Planned Q2 2021 -
Factom Finance launch
Planned Q2 2021 - DEXs/CEXs WFCT listings Q3 2021