News

About to Drop > New Updates to the Centric Wallet

September 17, 2021

When the new Centric Wallet rolls out, users will pay send/convert fees in CNS or CNR, rather than BNB. Balance display upgrades include second-by-second updates, % market share, CNR burn counter, and more.

Big changes are coming soon to a Centric Wallet near you! The updates are scheduled to roll out over the next week. Here are the details…

Fee Update – Send / Convert

Please note - the fee changes apply only to users of the native Centric Wallet (wallet.centric.com).*

Users of the Centric Wallet will no longer have to send Binance Coin (BNB) to the Centric Wallet in order to send tokens or convert between CNR and CNS. The new wallet upgrade features native token fees, based on the token the user is transacting in.

 - Fees for sending CNS and converting CNS > CNR will be paid with CNS. 

 - Sending CNR, or converting CNR > CNS will be paid with CNR. 

When beginning a transaction, the corresponding fee will be displayed in the Centric Wallet interface. Note, the fees may change from time to time as the value of CNS and CNR change.

There is no cost to receive tokens in the Centric Wallet, as the sender always pays the fee.

For your convenience, transaction fees will also now be included in the transaction history.

* Users holding their tokens in one of Centric’s many supported external wallets will still pay fees using BNB. Conversion between CNS and CNR via bsc.centricswap.com will also continue to use BNB. See section three of the Getting Started Guide for a list of wallets compatible with BEP-20 CNS and CNR. 

Balance Display Upgrades

Along with the changes above, we’ll be pushing out several enhancements to the balance display of the Centric Wallet. Here’s a look at the upgraded display. The text below explains the values in each of the four quadrants.

Here’s a look at the upgraded Centric wallet display dashboard.

1. Portfolio Value. The first item in the upper left quadrant is the combined value of the wallet’s CNR and CNS tokens, denominated in USD. This value is calculated by adding current CNS claim (6) to the CNS balance (7) and multiplying by the current CNS spot price (2). This value will update every second in line with changes to the wallet’s CNS claim (6).

2. CNS price. Directly under Portfolio Value, you will find the current CNS spot price, sourced from CoinGeko. This field updates every minute.

3. Circulating CNR. Moving to the top right, you’ll find the current Circulating CNR. We call this the “burn counter,” as it illustrates the hourly burn of CNR’s max supply. (Remember, this burned CNR is gone for good; it’s never coming back! If you’re not sure why that’s fantastic news, check out our fun three-part blog series, The Burn Explained!.)

While the burn actually occurs at the start of every hour, the burn counter spreads out the display of the burn over each hour. This will help users recognize and appreciate the ongoing deflation of the CNR supply. The Circulating CNR value shown here will always be slightly more than the number found on the Centric Explorer, which immediately registers the full amount burned. The values will be equal at the moment of the next burn, before the process starts again

4. Your Share. Beneath the Circulating CNR is the wallet holder’s market share of the circulating supply of CNR. As CNR burns, the total supply of CNR decreases, and the holder’s market share increases. The market share is calculated by dividing the CNR balance (5) by Circulating CNR (3), expressed as a percentage. Just as the Circulating CNR decreases every second, the percent market share updates every second.

5. Centric Rise / CNR. Moving to the bottom left, you’ll find the wallet holder’s balance of Centric Rise (CNR) tokens.

6. Centric Rise / CNS. The number beneath the balance of CNR shows the wallet holder’s CNS claim—the amount of CNS the wallet holder would receive if they converted their CNR balance to CNS. This feature highlights that a holder’s CNR is worth more CNS value every hour. Like with the CNR burn, as the exchange rate actually changes every hour (rather than moment-by-moment), the actual amount you will receive if you were to convert your CNR to CNS will always be slightly more than the value shown here—except at the turn of the hour, when it will be equal

7. Centric Swap / CNS. The bottom right quadrant displays the wallet holder’s balance of Centric Swap (CNS) tokens.

8. Centric Swap / USD. The number beneath CNS shows the value of the wallet’s CNS tokens, denominated in USD. This value is calculated by multiplying the current CNS spot price (2) by the CNS balance.

Pro Tip > To find the “protocol value” of your CNR holdings (meaning, the amount the wallet is worth when CNS is traded at one US dollar), multiply CNS (6) by $1. In the example above, the $250 wallet would be worth nearly $1.386M when CNS is traded at 1 USD