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

Redeeming eWIT

Also known as "burn-and-release".

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

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

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

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

  • Midnight UTC time

  • 8am UTC time

  • 4pm UTC time

The Custodian then sends the total transfers to the eWIT token contract address, and they are subsequently burned and removed from the circulating supply.

The corresponding amount of WITs are then dispatched out to the specified Witnet addresses shortly thereafter.

PreviousMinting eWITNextFees

Last updated 4 years ago

Was this helpful?