Introducing Wrapped NCG: Expanding Beyond the Game
- Introducing Wrapped NCG (ERC-20 token) on Aug 17th
- Launching Ethereum Bridge on September 6th
- MISO IDO on Aug 10th & Trading on 🍣 SushiSwap on Aug 17th
We are here to announce the big step that is going to change how our players interact with our game economy in a fundamental way: by making our base token Nine Chronicles Gold (NCG) publicly tradable and permanently immutable.
Yes, we are stepping into the big league. Nine Chronicle Gold is making its debut on the Ethereum network!
We are proudly announcing Wrapped NCG (WNCG), an ERC-20 token that delivers the power of NCG with the flexibility of an ERC-20 token.
This initiative will expand the NCG landscape beyond just our 20,000 players — but to the entire ETH ecosystem. 164,942,136 ETH users* can now hold, trade NCG and participate in NCG governance — making it truly decentralized.
*Ethereum Unique Addresses on 1st Aug on Etherscan
Not only will this give NCG more liquidity, but is going to make every WNCG transaction verifiable on the ETH network, hence more secure.
👋 Introducing WNCG
ERC-20 tokens remain the most widely used standard for token design, and ensures that the rules of smart contracts remain compatible with applications like decentralized exchanges or individual protocols.
We will soon be releasing a “Wrapped NCG” token (symbol WNCG) on the Ethereum blockchain which is directly tied to the value of NCG. This token will have two very important effects on the Nine Chronicles Network.
First, it allows NCG to participate in the Ethereum smart contract ecosystem. Users can handle NCG by using Ethereum wallets like Metamask, and any De-Fi protocol that supports ERC-20 can support NCG. For example, you can sell NCG through SushiSwap, or borrow or lend NCG through the Aave protocol.
Second, it allows the value of NCG to be directly stored on the Ethereum blockchain. Tokens will be backed by NCG reserves while investors will be made aware of exactly what they are holding. For example, if one were to hold 1 WNCG, this would be the equivalent value of 1 NCG.
Here’s more technical aspects of HOW:
🌉 ETH Bridge (Aug 17th)
We have created an Ethereum ↔ NCG Bridge that allows users to seamlessly migrate assets to ERC-20 wallets and trade with greater liquidity and flexibility.
WNCG will be backed 1:1 with NCG. This means that if you send 1 NCG through Ethereum ↔ NCG Bridge, you will get 1 WNCG as a result.
Using the bridge, users can send WNCG assets directly from MetaMask or other Web3 wallets to NCG wallets and apps, and vice versa.
The bridge will be available through onboarding.nine-chronicles.com from September 6th, and will utilize Planetarium’s open source project NineChronicles.EthBridge. In the future, we plan to decentralize the operation of the bridge in the form of a consortium.
We will also share a guide of the Ethereum ↔ NCG Bridge in the coming week.
Lastly, here’s a way to directly purchase WNCG prior to the launch of the bridge:
🍣 Batch Auction on MISO IDO (Aug 10th)
We are collaborating with the leading de-fi protocol SUSHI to present our token to the world for the first time! WNCG token will be offered in a public sale via SushiSwap’s MISO Launchpad.
- Total offering amount for MISO launchpad: 2,000,000 WNCG / $0.07 minimum price
- The public sale will begin Tuesday, August 10th, at approximately 1PM UTC and run until Monday, August 17th, at 00 UTC.
The public sale will commence on 2021, August 10th, at 1PM UTC in a batch auction that lasts for 7 days. Immediately after the auction is concluded, the first WNCG/ETH trading pool will be launched on SushiSwap.
What is a batch auction? Essentially, it is an auction format where the price of a token is determined by dividing the total available by the total value commited.
For example: If 200,000 USDC are committed by the end of the auction, the final price of WNCG would be 200,000 divided by 2,000,000, or 0.10 USDC per WNCG.
We believe this form of price discovery is fair because all market participants have an equal opportunity to contribute with the guarantee that no other participant will pay a lower price, and it ensures that the team is not in an authoritative role of determining what the price “should” be. This path also avoids a select party purchasing the entire offering in minutes, while giving new users time to learn more about Nine Chronicles.
We will also share an in-depth how-to-purchase guide in the coming week.
Last but not least, we have another huge announcement arriving this week! 🚀
Please stay tuned at our Medium and Twitter for more news. If you’re discovering us for the first time, join our Discord and check out our Wiki to learn more about the open source, fully decentralized RPG network powered by the community.
