Official ColossusXT Crowdfund to build a COLX wrapped token bridge to Ethereum
This article includes details why we are starting a fundraiser for wrapped COLX (wCOLX), how it is expected to benefit the project and how community members can contribute to the crowdfund with alternate ways.
Compared to past crowdfunds, for this specific one, the COLX team wanted to make it more fun for community members to contribute and therefore set up a Rarible profile where community members can buy rare collectibles in return for their contributions, which are created by real artists.
Rarible offers a straightforward, non-custodial marketplace experience for Ethereum users. To start, you’ll navigate to the Rarible site and connect your wallet (support for MetaMask, Fortmatic, WalletConnect, and WalletLink is offered). Once you have your wallet linked, you’ll be able to start browsing the Rarible marketplace for pieces to collect.
We also have the official crowdfund website up for the usual contributions and community members can choose to contribute directly to the wallet addresses provided on this website or via buying collectibles (NFTs) which are presented both in this document below and on the site as well.
Please enjoy the details below and have a prosperous new year!
Items put on Sale for Crowdfunding on Rarible, please use direct links here:
Exclusive NFT “ColossusXT” Collectible - 3D Animated Card by Artist UNiK:
Exclusive NFT “ColossusXT” Collectible — Gpu Based Realtime Animation by Artist Bora Aydintug:
- ColossusXT Crowdfund Tribute — Diamond — 7 copies 0.75 ETH;
- ColossusXT Crowdfund Tribute — Gold — 15 copies 0.35 ETH;
- ColossusXT Crowdfund Tribute — Silver — 25 copies 0.25 ETH;
- ColossusXT Crowdfund Tribute — Bronze — 50 copies 0.125 ETH;
What Is Wrapped COLX (wCOLX)?
Wrapped COLX is a way to bring COLX to the Ethereum blockchain.
Why Do We Need Wrapped COLX?
1) It’s no secret that we have had issues in the past with centralized exchanges, which have caused problems with the project momentum, where we also ended up losing valued community members. Regardless of these series of unfortunate events, our focus on security in protecting the ColossusXT community members will always be our number one priority; as such we’re working to list with exchanges the community recommends. Listing on well known centralized exchanges is also very expensive for community projects like COLX with no premine/no ICO. The limitations to access and buy coins from certain countries is also another ongoing problem with the existing COLX markets.
With wCOLX, the coins will be able to be traded in trending DEX (decentralized exchanges) like Uniswap at no cost (ie. Uniswap is top 10 in trading volume competing very closely or even performing better compared to well known centralized exchanges as of writing). This aside, access to money flow and more exposure to the project will be made easy with this move as these mediums are heavily used due to recent trends in the blockchain industry.
Opening a parentheses for Uniswap
A major milestone for COLX will be the listing on Uniswap after completing wrapped COLX development. Uniswap has gained a lot of traction in recent weeks and is the first decentralized exchange to attempt to keep up with the trading volume of the larger centralized exchanges. One of the biggest pain points for the COLX project has been the relatively low volume on the listed exchanges, in general. The Uniswap listing will be a door-opener for COLX to gain much greater volume without having to pay the high listing fees demanded by the top exchanges.
2) Liquidity on COLX markets is another problem we are facing today (more or less due to the same reasons mentioned above). With wCOLX, decentralized finance (DeFi) play will come into picture, allowing the community to provide more liquidity to the project, and allowing the project to incentivize providing liquidity for COLX markets.
3) Integrating ERC20 tokens is very easy to other partner sites, wallets, exchanges compared to integrating a fully operational standalone blockchain like we have today. This will provide cost efficiency and open up more opportunities for the project in the mid term.
4) Majority of Dapps (Decentralized applications) are running on ETH network as of today, eventually COLX will be serving or working together with relevant Dapps via Colossus Grid and this bridge will be needed (we predict other bridges will need to be established with networks like DOT or similar in the long run if atomic swaps cannot serve for this purpose).
How Do wCOLX Tokens Work?
Let’s say you’re already familiar with Colx and really keen to start using dApps or DeFi applications. But there’s a problem! There is no cryptocurrency bridge connecting Colx and Ethereum.
Wrapped COLX will help to solve this problem.
wCOLX is an ERC-20 token that’s backed on a 1:1 basis with COLX.
The process of minting wCOLX is relatively straightforward. When Colx is wrapped, the actual cryptocurrency is held in a reserve. In an aim to be fully transparent the amount of wCOLX in circulation will be made public — with proof that Colx, the underlying asset, is being securely held in custody.
wCOLX will be wrapped (and unwrapped) as requested by the user.
What Are the Benefits of Wrapped Tokens?
In short, they give the owners of digital assets freedom to explore other blockchains.
A large chunk of the DeFi ecosystem and DApps are based on the Ethereum network.
How Can I Buy wCOLX?
After the solution is delivered, you can either buy COLX and mint wCOLX using our bridge or alternatively, you could go through a DEX (a decentralized exchange) like Uniswap to buy wCOLX directly.