Proof of backing
Every wPCN is backed by PCN in a public address. Do not take our word for it — both numbers below are things you can check yourself.
Fully backed. The reserve holds at least one PCN for every wPCN in existence.
What the surplus is. wPCN is never minted — a wrap moves existing tokens from the desk's inventory, so every deposit raises the reserve without raising the supply it has to cover. The surplus is that excess: PCN in the reserve over and above the 1:1 requirement. It exists because the desk charges 5% and because wrapping adds backing faster than it adds circulating tokens. It is not customer money and holding it makes the token more covered, not less.
Why the inventory matters. The supply cannot be minted, so the wPCN sitting in the desk's inventory is the only wPCN that can ever be wrapped again. Redeeming by return puts tokens back there; redeeming by burn destroys them. When the inventory is empty nobody can wrap, and wPCN can then trade above PCN with no arbitrage able to pull it back down. The reserve is unaffected either way — a return is paid from a separate wallet, so the backing figure above does not move.
Check it yourself
| Reserve address | pc1q7hhzmdkkx0zjtzj6qkwmuvhlgwfqjrc6j2dk52The figure above also counts the deposit addresses this desk has handed out, which belong to the same wallet — so it can read slightly higher than this one address. |
|---|---|
| wPCN contract | 0x290A5779a419Cb9cB22fa087CDD1CD16dA2D95F1 |
On BscScan read issuedSupply
(what was ever created — immutable) and totalSupply (what is still
outstanding). The difference is everything ever redeemed. Compare
totalSupply against the reserve balance above.
What the contract cannot do
| Mint more | There is no mint function. The whole supply was created once, in the constructor. |
|---|---|
| Be controlled | There is no owner and no admin. Nobody can pause, freeze or seize. |
| Accept deposits | Deliberately absent. A bridge that lets anyone deposit and mint is what a majority miner monetises. |
What this does not prove
That the reserve address is controlled honestly. No contract on BNB Smart Chain can verify a balance on the PCoin chain, so the 1:1 claim rests on the reserve being real and on us not spending it. What you get is visibility: the address is published, so a breach of that promise would be public the moment it happened.