Tutorial how to convert CRC into tradable group currency

[martin_koeppelmann]

It should be noted that all of this is highly experimental. However - at this stage it feels valuable to experiment!

We created a “Circles group currency”. This Group Currency can be minted if you either hold CRC tokens from people that are directly members of the group or if you have “a path” to the group.

1. Check wether a path from you to the group currency exists
   You can check your path on: https://chriseth.github.io/pathfinder/
   Use From your username or your Safe address and for “to”:
   0x939b2731997922F21ab0A0bAB500a949C0FC3550

This is e.g. the path for Vitalik:

2. Import your Circles account into Gnosis Safe
   Next, you need to load your Circles account into the https://gnosis-safe.io/ interface and import your key into a wallet like Metamask. Find a tutorial for this here.

3. Open the Group Currency Safe app
   

   
   
   Select your Circles Safe, switch to Gnosis Chain and go to “apps”
   Next “Add custom app”

Add this URL
https://staging-circles-groups-safe-app.vercel.app

4. Find the " Early CRC adopter" group and mint the group currency
   check “All groups”
   

   
   
   
   
   
   Press “Simulate transaction”. In case there is an error message try again with a smaller mint amount. There are still stability issues related to the pathfinder and smaller amounts usually work better.
   
   

5. Find your Group tokens
   If the previous step was successful you should find the group currency in the “asset list”
   

   
   
   Note that the amount shown in the Safe interface will be different from what is shown in the Group currency app. The difference should roughly be a factor 2.8. This is because Group currency also use the “Time Circles representation” while the Safe shows the absolute numbers from the blockchain.

6a) Trade the group against any other token
Head over to Swapr and enter der Group currency token address to trade it: 0x939b2731997922F21ab0A0bAB500a949C0FC3550

While you can trade directly from your Circles Safe it might be easier to first send the group currency tokens from your Safe to your e.g. Metamask address.

6b) Redeem Group currency back to individual Circles
It is up to the group admin (could be a group/dao itself) to decide wether group currency can be redeemed again for individual Circles. In this group this is possible.
Head over to the “Zodiac exit app”

Next select the Safe that holds the individual Circles. This is the so called “treasury contract” of the Group Currncy: 0xce37D42ae996b2D9fF2066dd56C8Cd81ae8B00EF

Finally you should be ablt to “redeem” the group currency against the treasury. For 100 tokens of group currency you should always get 100 individual CRC - but it will be a mix out of all the individual CRC tokens the treasury holds - potentially including CRC that you do not trust.

If you made it to this point - please let us know here wether or not it worked

[alculexum]

Great! It works perfectly fine, just the calculation is not nice, I would prefer having the 1:3 calculation done in the UI correctly already.

But for all other things it works really fine, I just had a hiccup with the safe balance display (took ~1min after the trx was finished). And I only worked through 6a, haven’t tried the Exit for now

[pontenegro]

Indeed a great tutorial. Thx, @martin_koeppelmann! And also thumbs up to @alculexum, who wrote the tutorial on importing the Circles Wallet to the Gnosis Safe. It work all fine for my as a non-programmer.

Btw, my Metamask didn’t have Gnosis Chain settings imported and it didn’t work with the parameters I used for the old xDai Chain, so I used https://chainlist.wtf/ to get it fixed.

Question tough: I understand the Time Circles to be “exchanged” into the group currency 1:1, but due to the difference between Time Circles (in the wallet) and Circles (in the safe) the amount got discounted by roughly the factor of 2,8 like Martin mentioned. In my case I got about 32 ECRC (group currency) from the 100 Time Circes I committed. How come that those 32 ECRC would end up being about 8,9 xDAI (equivalent to the same amount in USD) or in other words, is there a fixed exchange rate set up or a bonding curve in place? It stated that my trade would influence the price by about 10 %, so it seems that there is a mechanism in place. Also, I couldn’t see how much liquidity is available. It would be nice, if those financial drivers could be visualised in the dapp.

[mikkyowo]

please am having issue with minting of group token, am getting this error message " useweb3connected must be used within a connected context". please what does this means