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Wrapped FCT (Factom)

An ERC20 token backed 1:1 with FCT

What is WFCT?

Wrapped FCT (WFCT) is community led, 100% backed and verifiable FCT token, issued on the Ethereum blockchain.

Factom Protocol A layer 2 blockchain for scalable apps and platforms
De Facto Blockchain development company
qTrade US based cryptocurrency exchange
Uniswap Ethereum decentralized exchange (DEX) protocol

Become a partner

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.

10,000 WFCT

Network
Token contract

10,001 FCT

Custody
On-chain audit

Roadmap

  • Testnet gateway launch
    Completed
    Nov 2020
  • On-chain dashboard
    Completed
    Nov 2020
  • Mainnet gateway launch
    Completed
    May 2021
  • qTrade WFCT/FCT listing
    Completed
    May 2021
  • WFCT/USDC Uniswap pool
    Ongoing
    Q2 2021
  • Factom Finance launch
    Ongoing
    Q2 2021
  • DEXs/CEXs WFCT listings Q3 2021

Become a partner