CPIx tokens are backed by component assets, held via an escrow smart contract. In order to mint the genesis CPIx tokens, a portion of the CPI funds will be deposited to the CPIx smart contract.
Users can mint CPIx Tokens by depositing cryptocurrency, such as ETH or wrapped BTC. In order to redeem tokens, users can redeposit their CPIx back to the smart contract, simultaneously receiving ETH and burning the CPIx specific to that contract, e.g. CPI30. As we’ve discussed, the token will then self balance.
The CPI token will bestow governance powers to its token holders. These include voting on which assets will be included in the CPIx asset list, and steering the CPIx token’s direction.