If you haven’t heard, CHI will be available in the Ethereum ecosystem as Wrapped CHI. Our smart contract has now been audited and will be deployed this week. We plan to swap CHI for WCHI starting on Tuesday, April 6th.
By creating WCHI, CHI can circulate on the Ethereum blockchain where it can be traded in markets such as Uniswap. This provides much broader access to CHI in the markets as people can use their existing Ethereum wallets, such as Metamask, to hold their WCHI without needing a Xaya wallet.
Other benefits from WCHI are the easy to use decentralised exchanges (DEXes) and automated liquidity pools. Having WCHI in that environment will help foster a healthier, more robust ecosystem for the Xaya blockchain.
However, perhaps the most notable reason for Wrapped CHI is that it also enables us to realize the Xaya platform’s expansion plan onto Ethereum and other platforms.
That’s right, due to how Xaya’s technology is blockchain agnostic, we will be implementing the technology onto Ethereum Virtual Machine (EVM) compatible chains and beyond, AND you’ll still be able to use the same CHI as WCHI in games we build on those platforms.
This will open up the possibility for other platforms to enjoy the kind of computationally complex decentralised blockchain games that are available on Xaya.
More details on this in the coming weeks.
How to take part?
Initially there is no reason for everyone to swap their CHI for WCHI. Any difference in prices will be balanced by arbitrage between centralized exchanges and Uniswap.
There will be a minimum of 50,000 CHI swaps + small fees (tx + time) in the run up to the launch. Swaps will be performed on demand after launch.
Taking part in liquidity pools (like on Uniswap) not only helps provide liquidity for the Wrapped CHI, but it also provides those who take part with commision on trades. This is 0.3% on Uniswap.
To incentivize participants further, we intend to provide in-game assets for Taurion (and future games) that can only be obtained through this method.
More details on this are coming in the future.
We’d like to thank Ronan from Etherplay https://twitter.com/wighawag for his feedback in writing the contract.
As Uniswap v3 is on it’s way out in May, we will consider migrating there or opening a trading pool there as well.
We are excited about what’s in store for CHI and really looking forward to sharing more information with the community as we progress. The contract code can be found here:
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