Custodian Contract

Choice of Custodian in the Polytrade Marketplace

Wrapper Smart Contract Management

In the Polytrade Marketplace, our Wrapper smart contract takes care of the wrapping process for ERC20, ERC721, and ERC1155 tokens. This process involves token owners transferring their specific tokens to the wrapper contract.

Minting of ERC6960 Tokens

In return, the wrapper contract mints an ERC6960 token, which represents ownership rights to the underlying asset. These tokens remain securely held in custody by the wrapper contract until the owner of the ERC6960 token decides to unwrap it.

Immutable and Permissionless

The Wrapper contract is immutable and operates in a permissionless manner, ensuring that unauthorized transfers of assets in custody are prevented.

Emergency Functionalities

While the Wrapper contract is designed to be secure and self-sufficient, certain emergency functionalities are available, with Polytrade as the owner of the wrapper contract. These functionalities are enabled in specific situations to address unforeseen circumstances.

Ensuring Security

Unwrapping an ERC6960 token requires 100% ownership of that token. However, in rare cases where a small percentage of the asset becomes lost or unavailable, an emergency mechanism allows unwrapping only through access granted by Polytrade. This extra layer of security ensures the protection of valuable tokens, even during unexpected events.

At Polytrade, we prioritize the security and transparency of assets, offering asset originators the ability to choose trusted custodians for their tokens. This approach enhances the overall safety and integrity of the marketplace, providing peace of mind to all participants.