FIO Token Wrapping Super MVP Concept

Owned by Pawel Mastalerz
Feb 15, 2021
1 min read

Overview

This is a concept for discussion purposes only to determine if the existing FIO Token and Domain NFT wrapping scope can be further stripped down to accommodate faster time-to-market.

Previously it was assumed that the Foundation will not act as the custodian for the wrapped tokens and therefore a decentralized solution was proposed and is being built. If however, that requirement is no longer valid, a simpler solution could be considered.

Super MVP Concept

  • Focuses on FIO Token wrapping only.

  • Foundation wraps (moves) some of the tokens it owns to Ethereum and acts as the custodian.

  • No other party can wrap tokens, unless they choose to become a custodian and mimic what the Foundation is doing.

  • Redemptions are handled manually.

  • Only Ethereum Smart contract is built. No FIO smart contract or Oracle functionality is required or is built.

Workflow

  • Basic and standard ERC-20 Ethereum contract is developed which allows the Foundation to mint WFIO, ideally via msig.

  • Foundation manually moves 10,000,000 FIO Tokens to a designated FIO account (controlled by Foundation msig). This is done for transparency purposes, so that anyone can see how many tokens are currently wrapped.

  • Foundation manually mints 10,000,000 WFIO ERC-20s on Ethereum.

  • Foundation provides initial DEX liquidity, so that FIO is available on major DEXes.

  • Redemptions:

    • If a WFIO holder wants to redeem WFIO for FIO, they will submit a Jira ticket to the Foundation providing amount, Sender’s FIO Address and Recipient’s FIO Address.

    • Foundation may request KYC (optional).

    • Foundation will send FIO Request for WFIO to Sender’s FIO Address and once WFIO is received, it will send FIO to Recipient’s FIO Address.

Post MVP phases