DFINITY Foundation

Synapse.vote (original)

ICDevs.org

CryptoIsGood

Anvil

ICPL.app

ysyms

The Accumulators’ Neuron

RawTech Venture

Paul Young

ICPMANUAL

8yeargangDAO

Isaac Valadez

Krzysztof Żelazko

Nicolas.ic

Smaug’s Neuron for Retail Investors

ICLight.io

Synapse.vote (NEW)

Taggr Network

CodeGov.org

Sonic AMM

Rakeoff.io

OpenChat

ELNA AI

GEEKFACTORY

ICP Hub México

Internet Computer Association

Arthur’s Neuron (used to be cycle_dao)

Inactive (Request Removal) - The Fools' Court

$STACK

Always Rejects

John Wiegley

The CYCLES-TRANSFER-STATION is an on-chain order-book market trade platform for ICRC-1 tokens on the world-computer. The key is that the market tokens trade against the native CYCLES, creating a stable trading scenario, and facilitating the general trade of the CYCLES.

CYCLES-TRANSFER-STATION

The CYCLES-TRANSFER-STATION is creating this NNS proposal to place the CTS platform into the control of a new SNS community and governance.

The CYCLES-TRANSFER-STATION is a 100%-on-chain order-book market trade platform for ICRC-1 tokens on the world-computer. 

https://cycles-transfer-station.com

A key feature of the CTS is that the market tokens trade against the internet-computer's native CYCLES, facilitating the mainstream use of the native CYCLES as the base currency for trading, payments, and much more on the world-computer.

The general overview of our system and vision is written in our whitepaper located here: https://github.com/cycles-transfer-station/cts/blob/master/WHITEPAPER.md.

## The Native CYCLES

The stability of the CYCLES as a stablecoin is tied to the CYCLES burn-rate on the ICP network as a whole. As more CYCLES are burned, new CYCLES must be minted and thus as long as CYCLES are burning, the price of the CYCLES can never get too low, because if someone does sell some CYCLES for cheap, canister maintainers will buy them up and then burn them to fuel their canisters, taking those CYCLES out of circulation and bringing the price back up to it's stable minting price. This balance is controlled by the CYCLES burn-rate on the ICP network.

Tokenomics research on the burn-rate of the CYCLES on the ICP network was done by DFINITY. Here the data on the CYCLES burn-rate over the past two years shows the direction the burn-rate is heading.
Link here: https://forum.dfinity.org/t/analysis-of-proposals-on-neuron-dissolve-delays-and-exchange-maturity/30890#analysis-of-supply-demand-2.  
Quote: "The below graph covering January 2022 to April 2024 shows the monthly burn rate, measured in [XDR (Special Drawing Rights) ](https://en.wikipedia.org/wiki/Special_drawing_rights). During this period, there was an impressive 11.6-fold increase in the burn rate."

In a different article by DFINITY, the future projection of the CYCLES burn-rate in comparison to the ICP inflation is shown. 
Link to the article: https://forum.dfinity.org/t/tokenomics-series-projecting-the-total-supply-of-icp/20205#projection-results-8.

With this data, it is clear that the stability of the CYCLES is certain.

## THE CTS

The CYCLES-TRANSFER-STATION builds on this certainty, facilitating the mainstream use of the CYCLES as a stable base currency on the world-computer. 

Through the CTS platform website, people can mint, hold, transfer, and trade the native CYCLES through the user-interface, without knowing how to code.

The CTS market is where people come and trade their CYCLES with many ICRC-1 tokens back and forth, growing the usability of the CYCLES and facilitating the general trade of the CYCLES.

The CTS market is an order-book where the user sets the price-per-token of the tokens the user is selling. This mechanism grants the user full control of how the user's tokens are traded. This mechanism eliminates the ability of bots siphoning money out of AMM-swap-pools, learn more about that [here](https://forum.dfinity.org/t/bot-and-dex-icpswap-sonic/31534/14?u=levi). The CTS market therefore reflects the true-market-value of what people are willing to pay for a token. 

## CODE

The document on the technical architecture of the CTS is found here: https://github.com/cycles-transfer-station/cts/blob/master/ARCHITECTURE.md.

The source code is available for the verification with the reproducible builds. 

https://github.com/cycles-transfer-station/cts

Leading up to the SNS launch, we are using GitHub releases to show which commits to build the latest canisters from. Some releases only upgrade some canisters so look in the release-assets to view the canisters being upgraded in that release. Post-SNS-launch the proposals will show the latest releases.  

The source code of the website-frontend is available for the verification with the reproducible builds using the method in the [README](https://github.com/cycles-transfer-station/cts-frontcode/blob/master/README.md) file. 

https://github.com/cycles-transfer-station/cts-frontcode

With this code-verification mechanism, users of the CTS can be 100% sure that when using the CTS platform, the website and the canisters are running the code that is public on the Github.  

## SECURITY AUDIT

For the security of the code of the CTS canisters, a comprehensive audit was performed by the Roman Kashitsyn @roman-kashitsyn. The audit document is available here: https://docs.google.com/document/d/1D3M0c15oFpk2f_6iHr03GmlZxsoMH6YkYtcXRyuiib4/edit?usp=sharing. Roman is one of the main people behind the ICP ledger canister and fundamental in building the ICP protocol itself. Many thanks goes to Roman for conducting this audit, and for the great value that it brings to the CTS.

The CTS team has implemented the key findings and recommendations of the audit and the code is now set for the SNS.

## SNS TOKENOMICS

The key feature of the tokenomics of the CTS is that those who stake the CTS token and vote on CTS proposals will receive payouts of their share of the sum of the positive-gains (profits) of the platform which are collected by the CTS market trading fees.


TOTAL-SUPPLY: `20_000_000-CTS`  
TREASURY: `10_000_000-CTS`  
SWAP: `6_000_000-CTS`  
TEAM: `4_000_000-CTS`  

1/4 of the team's tokens are locked for 5 years and vested for an additional 5 years. The remaining 3/4 of the team's tokens are locked and vested between 1-month and 4-years.

MINIMUM-DIRECT-PARTICIPATION-ICP: `10_000-ICP`  
MAXIMUM-DIRECT-PARTICIPATION-ICP: `50_000-ICP`  

MAX-DISSOLVE-DELAY: `5-YEARS`  
MAX-DISSOLVE-DELAY-BONUS: `200%`  

VOTING-REWARDS: Starts at 5% and goes down to 1% over 10-years. These rewards are in addition to the payouts of the profits of the platform. 



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Proposal for the creation of a new SNS for the CYCLES-TRANSFER-STATION