March 24: Modified the competition logic of Token Captain. To put it simply, the condition of competing for Token Captain is no longer to pay more collateral, but to provide a lower price.
Before learning about Token Captain,If you don’t know how to cross-chain through ShuttleFlow, go to:Using ShuttleFlow to convert between ETH and cETH
What is Token Captain?
To support more cross-chain assets, ShuttleFlow has initiated the Token Captain application mechanism. Everyone can support any cross-chain of tokens on the Ethereum, Binance Smart Chain and Conflux by becoming a Token Captain, and each token has only one Token Captian between the two chains.
Token Captain needs to do: collateral a portion of Token (cETH, cBNB, cHT, CFX) to deduct the actual cost of the user’s each chain crossing. Token Captain’s return: you can formulate the fee charged from users for each chain crossing, and benefit from it.
The on-chain processing cost of each chain crossing is deducted from the Token collateral by Token Captain. The cross-chain fee and new address fee will eventually be settled to the wallet address of Token Captain.
Application / Competition Rules:
Since each token has only one Token Captain between the two chains, becoming a Token Captain is divided into two situations: 「Apply to be」and「Compete to be」.
*「Apply」: The token’s chain-pair has no Token Captain or insufficient collateral of the Token Captain.
*「Compete」: Token Captain has sufficient collateral.
「Apply」to be Token Captain: Applicants can set any fee and cross-chain threshold.
「Compete」to be Token Captain: Competitors need to provide lower fees and lower cross-chain thresholds compared with current Token Captain.
Both「Apply」and 「Compete」, the token captain needs to collateral part of the designated token.
Rule restriction period:
When the Token Captain changes, the cross-chain fee and cross-chain threshold will enter a 7-day restriction period.
Within 7 days, the Token Captain can only lower the fee and lower the cross-chain threshold. The restriction is lifted after 7 days, and the Token Captain can set the fee arbitrarily.
How to become a Token Captain
Go to ShuttleFlow, Click Become a Captain.
Select or search for tokens and enter the configuration page.Fill in the necessary values such as fee, cross-chain limit, and collateral amount on the page to submit an application to become a Token Captain.
a. Shuttle-In/Shuttle-Out fee:the amount of fee that the user needs to pay each time the Token crosses the chain.
b. Minimum Shuttle-In/Shuttle-Out Amount:the minimum amount of the Token that the user crosses the chain each time.
c. New address fee:If the user crosses the token for the first time, a fee will be charged for creating a new address.
d. The number of collateral: part of the tokens to be paid as collateral.
- Successful application
After waiting for a period of time, when you enter the application interface of the token you selected again and see the mark “You are token captain”, you have been permitted to become the only Token Captain of the token.
Later, you can complete the fee rules through this page.
- When the cross-chain service is running normally, the collateral by the token captain cannot be redeemed. When the collateral by a certain Token Captain is less than the safe collateral amount (currently 0.2cETH), the cross-chain alliance will suspend the Shuttle-In and Shuttle-Out functions of the token until the collateral amount is replenished.
- You can search for the tokens you want to support cross-chain by Token symbol, Token name, or contract address.
- If the Token you choose is not included in CoinGecko, you will be exposed to risk. Please be aware of that.