Author(s): @susuwormhole Tags: asset-onboarding Asset Name: ETH (Wormhole) Asset Code: ETH (Wormhole) Submission Date: 2022-10-07 Ratification Date: 2022-10-25 Status: Active Forum URL: https://forum.jetprotocol.io/t/asset-onboarding-application-eth-wormhole/1093
The purpose of this application is to provide JET token holders the information necessary to evaluate ETH(Wormhole) use as a collateral on Jet Protocol, and conclude the series of confirmation votes before welcoming new assets to the protocol.
I am a community manager for Wormhole. Wormhole is a cross-chain interoperability protocol which has an application built on top of it called the Portal Bridge. The Portal bridge enables tokens such as ETH to be sent cross-chain to supported networks such as Solana, Polygon, Binance chain and more!
ETH(Wormhole) creates an opportunity for users of Jet Protocol to utilize this asset as the foundation for their defi strategy, while also welcoming new, multi-chain defi users to Solana. Jet Protocol gains an asset that may help support growing the protocol’s TVL.
ETH(Wormhole) does not have the same amount of liquidity as the native Ethereum network. There is also risk introduced anytime an asset is bridged from their native blockchain to Solana.
1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).
In its native ecosystem, ETH works as a peer-to-peer payment system, as well as a token to pay fees within the transactions.
You can see the Wormhole core contributors here.
3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).
ETH(Wormhole) did not have an ICO.
4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?
Yes. To see audits visit here.
Yes - Repository.
ETH(Wormhole) is an SPL token minted when ETH is bridged from the native Ethereum network to the Solana Ecosystem.
Within its native ecosystem, ETH is used to fuel network fees.
6. Please provide all Smart Contract address. If the project is open source, detail how the Smart Contracts are implemented.
Token contract address: 7vfCXTUXx5WJV5JADk17DUJ4ksgau7utNKj4b963voxs
FTX supports withdrawals/deposits ETH(Wormhole) from Solana.
3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).
ETH(Wormhole) had 12.25M 7 day trading volume during the week of September 25.
5. How often does the asset drop significantly in price? Please provide a link to the price history.
ETH(Wormhole) is pegged to the price of ETH, therefore it has drop significantly in price once since launching in 2021.
7. For algorithmic stablecoins only : Please provide details on the risks associated with the design.
8. For wrapped assets only : Which bridges are used? Are they custodial or non-custodial? Are they audited?
Portal bridge is a non-custodial bridge. Audits can be viewed here.
See liquidity here.
Image taken on 9/25/22.
Potentially, any DeFi user due to ETH’s blue chip status.
7288 active addresses. Source: Solscan
3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?
ETH(Wormhole) is a wrapper for ETH. If a user desires to use ETH on the Solana network, they can mint ETH(Wormhole) using Wormhole’s contracts to lock up ETH on Ethereum and mint ETH(Wormhole) on Solana. A user can swap back ETH(Wormhole) for ETH on a 1-1 basis.
6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?
ETH(Wormhole) is created by the Portal bridge. Portal Bridge is an open source, permissionless bridge used to mint ETH(Wormhole). No organization owns ETH(Wormhole).
ETH(Wormhole) is minted using Wormhole’s Portal bridge. Portal bridge operates as a permissionless solution, meaning the token was issued under no jurisdiction.
5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.
6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.
Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:
- Token authority account: BCD75RNBHrJJpW4dXVagL5mPjzRLnVZq4YirJdjEYMV7
- Token contract code: 7vfCXTUXx5WJV5JADk17DUJ4ksgau7utNKj4b963voxs
If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:
The poll below has been added by the JetDAO Governance Committee and is solely for signaling purposes to showcase the sentiment of the community.