WitSwap
  • Welcome
  • Why do we need eWIT?
  • How to get eWIT
  • Pathway to monetizing WIT token rewards
  • Minting & Redeeming eWIT
    • Custodian
    • Minting eWIT
    • Redeeming eWIT
    • Fees
    • For admins only
  • Liquidity provision for EWIT
    • Incentives
    • Staking LP tokens to receive incentives
  • About WitSwap
    • About WitSwap
    • WitSwap Tokenomics
  • How to use WitSwap
  • Smart Contracts
    • eWIT token contract address
    • Staking contract address
    • WitSwap token contract address
  • Other addresses
    • Deployer address
    • Custodian Witnet address
    • Custodian eWIT address
  • About Witnet
    • What is Witnet?
    • The Oracle Problem
    • The Solution: A Decentralized Oracle Network
    • Flow of the Protocol
    • Why isn't Witnet built on the Ethereum blockchain?
    • Retrieve-Attest-Deliver
    • Miners
    • Bridges
    • Consensus Mechanism: The Reputation System
    • Defense over Protocol Attacks
    • Witnet Token Distribution
    • FAQ about the WIT token
Powered by GitBook
On this page

Was this helpful?

  1. Minting & Redeeming eWIT

Minting eWIT

Also known as "lock-and-hold".

To mint eWIT, a user sends WIT to the Custodian WIT address via the interface provided at https://witswap.com/.

When the user sends the WIT to the Custodian WIT address, he/she also specifies an Ethereum address to receive the corresponding amount of eWIT tokens at.

Warning: Users should only specify an Ethereum address in which they own the private keys for. DO NOT specify an Ethereum address at an exchange or other address in which you do not own the private keys for.

Transfers to the Custodian WIT address is checked at 8-hour intervals daily, at

  • Midnight UTC time

  • 8am UTC time

  • 4pm UTC time

The Custodian then mints the eWITs to the Custodian eWIT address via the eWIT token contract address.

The corresponding amount of eWITs are then dispatched out to the specified Ethereum addresses shortly thereafter.

PreviousCustodianNextRedeeming eWIT

Last updated 4 years ago

Was this helpful?