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Why Do We Need Wrapped COLX?

It’s no secret that we have had issues in the past with centralized exchanges, which have caused problems with the project momentum, where we also ended up losing valued community members.

Regardless of these series of unfortunate events, our focus on security in protecting the ColossusXT community members will always be our number one priority; as such we're working to list with exchanges the community recommends.

Listing on well known centralized exchanges is also very expensive for community projects like COLX with no premine/no ICO. The limitations to access and buy coins from certain countries is also another ongoing problem with the existing COLX markets.

With wCOLX, the coins will be able to be traded in trending DEX (decentralized exchanges) like Uniswap at no cost (ie. Uniswap is top 10 in trading volume competing very closely or even performing better compared to well known centralized exchanges as of writing).

This aside, access to money flow and more exposure to the project will be made easy with this move as these mediums are heavily used due to recent trends in the blockchain industry.

What Is Wrapped COLX (wCOLX)?

Wrapped COLX is a way to bring COLX to the Ethereum blockchain.

How Do wCOLX Tokens Work?

Let’s say you're already familiar with Colx and really keen to start using dApps or DeFi applications. But there's a problem! There is no cryptocurrency bridge connecting Colx and Ethereum.

Wrapped COLX will help to solve this problem.

wCOLX is an ERC-20 token that's backed on a 1:1 basis with COLX.

The process of minting wCOLX is relatively straightforward. When Colx is wrapped, the actual cryptocurrency is held in a reserve. In an aim to be fully transparent the amount of wCOLX in circulation will be made public — with proof that Colx, the underlying asset, is being securely held in custody.

wCOLX will be wrapped (and unwrapped) as requested by the user.

What Are the Benefits?

In short, they give the owners of digital assets freedom to explore other blockchains.

A large chunk of the DeFi ecosystem and DApps are based on the Ethereum network.

How Can I Buy wCOLX?

After the solution is delivered, you can either buy COLX and mint wCOLX using our bridge or alternatively, you could go through a DEX (a decentralized exchange) like Uniswap to buy wCOLX directly.

Made by the ColossusXT Team with for The Colossusˣᵗ Community