Cycles Token (XTC) on Ceto: One-stop Service to Trade and Canister Top-up

Cycles Token (XTC) is no stranger to all developers on Internet Computer (IC), as it is the gas that supports all trade actions on-chain. Now XTC has been officially brought to Ceto with the combination of order books, offering the IC community a new day-to-day option to buy & sell the utility tokens. The order book instantly reflects the market price, which will certainly help participants make more informed decisions.

Brief Summary of XTC

The Cycles Token (XTC) is a cycles ledger canister that provides users with a “wrapped/tokenized” version of cycles (XTC) that can be held with just a Principal ID (no need for a Cycles Wallet), and that also includes all the same developer features and functions (calls) as the Cycles Wallet (built into the XTC token itself).

Each Cycles Token (XTC) is backed 1-to-1 with 1 Trillion Cycles (1 XTC = 1 Trillion Cycles), with cycles locked in the canister. Through the XTC canister users & developers can call/perform any traditional trade cycle actions (send, deposit, withdraw, etc.), as well as proxy canister calls funded by cycles in their XTC balance (create canister, proxy calls to canister methods, topping up cycles in calls).

Cycles on the Internet Computer can also be viewed as a stable coin since they are pegged to the XDR currency basket (about USD 1.4). As such, you’ll always get a known and predictable amount of cycles based on how much ICP you burn:

  • $1.4 = 1 Trillion Cycles
  • Total Burnt ICP Price / 1.4 = Number of Trillion of Cycles you obtain
  • Burn $140 of ICP = 100 Trillion Cycles

One-stop Service Explained in a Nut Shell

As illustrated above, XTC as a utility token, or a stable coin, will mainly serve the purpose of maintaining dApps running on IC, hence, not only does Ceto provide a new option for developers acquiring XTC, but also introduce a built-in feature allowing direct transfer of automatically converted raw Cycles from XTC balance to top up your canisters.

In order to complete the whole purchasing and top-up procedure, head to Ceto’s order book market first, place orders for the required amount of XTC, or select listing orders from the market. Once the deal is successfully closed, return to your personal center, all purchased balances will be shown up there. Before initiating top-up or transfer of Cycles/XTC to the targeted canister IDs/ Principal IDs, click the ‘withdraw’ button to take out the balance from Ceto’s smart contract (canister), and then click the ‘transfer’ icon. Select the optional token types, XTC or Cycles, you intend to transfer in the next stage and finally input the amount of XTC and the recipient’s ID, click ‘confirm’ to proceed the transaction. Nailed it!

Ceto integrates order book model in the market, as a complement to the Automated Market Makers (AMM) other DeFi projects adopt, which greatly improves users’ trading experience in the entire ecosystem of Dfinity.

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