CCOIN
Governance & System token for CarbonDEX
Last updated
Governance & System token for CarbonDEX
Last updated
Token Name: CCOIN Token
Token Symbol: CCOIN
Token Address: 0x71b1E6b9e18519796Bdf204Ec4A54AB23b3BCd5b
Blockchain Network: Polygon
CCOIN, an ERC-20 token is the system token for CarbonDEX. It is a utility token. The CCOIN serves 2 main purposes in the exchange:
It acts as the sole medium of exchange or payment token for products and services offered in CarbonDEX.
It is the governance token for the CarbonDEX ecosystem, where 1 token is equivalent to 1 voting right.
Investment & trading in CarbonDEX: All tokenized carbon credits listed on CarbonDEX are quoted against CCOIN.
Liquidity Provider in CarbonDEX: for the automated market maker part of CarbonDEX, CCOIN is one of the two liquidity pools in every trading pair. Liquidity provider earns a share of the 0.25% out of the 0.30% trading fees generated by the pool.
Staking: owners can stake their CCOIN in CarbonDEX's Staking Pools and earn returns on their CCOIN holdings.
The Dev Team plans to migrate CarbonDEX into a Decentralized Autonomous Organization or DAO by the end of 4th quarter 2023. When that takes place, CarbonDEX protocols can only be upgraded and configured by CCOIN holders and their delegates. All potential changes to the protocol including addition of new carbon credit tokens, newer staking pools as well as governance rules, must pass through a proposal and voting process as specified in the governance smart contracts.
Key governance concepts:
CCOIN: an ERC-20 token that give voting rights to the owner on the basis of 1 CCOIN = 1 vote.
Delegation: CCOIN holders cannot vote or create proposals until they delegate their voting rights to an address. Delegation can be given to one address at a time.
Proposal: an executable code that modifies the protocol and how it works, any CCOIN owner can create a proposal once it has a certain minimum number of CCOIN delegated his/her/it address. Proposals are stored in the “proposals” mapping of the Governance smart contract. All proposals will be subjected to a certain voting period and voting rules. Proposal may be canceled if it fails to maintain the minimum number of delegates or voting rules.
Voting: a CCOIN owner can vote for or against single proposals once they have voting rights delegated to their address.
Timelock: All governance and other administrative actions are required to sit in the Timelock for a certain minimum number of days before they can be implemented into the protocol.