CGTV2
Curio Gas Token
Curio Gas Token
CGTV2
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Curio Gas Token Information
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About Curio Gas Token
Curio Gas Token (CGTV2) is the native token of the CurioDAO ecosystem, operating on the Curio Chain blockchain. It facilitates transactions, governance, and access to decentralized applications focused on tokenizing real-world assets.
Curio Governance Token (CGT), sometimes referred to as Curio on exchanges, is the governance token of the CurioDAO ecosystem. Initially launched on 25 December 2020 by a Switzerland-based team, CGT was designed to support the tokenization of real-world assets, particularly collectible cars, and facilitate a decentralized stablecoin platform backed by these assets. CGT plays a dual role as both the governance token of CurioDAO and the native currency of Curio Chain, the project's blockchain built on Substrate and connected to Kusama/Polkadot.
The primary function of CGT was to enable decentralized governance over the Curio ecosystem, particularly the Curio StableCoin Protocol. Holders of CGT could participate in governance decisions through the CurioDAO using a DAO mechanism based on Aragon. One of its key roles was to regulate the issuance of Curio’s native stablecoin, where users could stake tokenized collectible cars as collateral to generate stablecoins. Additionally, CGT served as a utility token within Curio Chain, facilitating transactions, governance participation, and interactions across decentralized applications (DEXs, NFT launchpads, and tokenization platforms).
Originally, CGT was issued as an ERC-20 token on Ethereum, with additional versions on Binance Smart Chain (BSC) and SKALE due to the project’s multichain approach. The initial contract had a maximum supply of 100 million tokens. However, in March 2024, an exploit significantly inflated the token supply, leading to the minting of approximately 1 billion CGT tokens. In response, CurioDAO launched a new contract, referred to as CGT 2.0, to replace the compromised token. The new contract reinstated the original 100 million CGT supply cap and removed governance vulnerabilities present in the previous contract. All holders received the new token on a 1:1 basis, and exchanges marked the old CGT as obsolete.
On 23 March 2024, a critical exploit in CurioDAO’s governance contract was executed, leveraging a vulnerability in its MakerDAO-derived voting privileges. The attacker acquired a small amount of CGT, exploited the voting mechanism, and gained disproportionate control over governance. This allowed the attacker to execute privileged calls (delegatecall) within a malicious contract, ultimately minting approximately 1 billion CGT. The resulting inflation caused a collapse in CGT’s value and led to an estimated $16 million loss across various liquidity pools linked to the ecosystem. The breach primarily affected the Ethereum implementation, while Curio Chain and other networks remained secure.
Following the attack, CurioDAO suspended operations on the compromised contract and released a post-mortem report on 25 March 2024. The recovery strategy included:
- Launching CGT 2.0 – A new token contract was deployed, ensuring that legitimate CGT holders received the new token on a 1:1 basis.
- Liquidity Provider Compensation – A four-phase compensation plan was introduced to reimburse liquidity providers affected by the exploit. Compensation, paid in USDC/USDT, covered 25% of losses every 90 days.
- Governance Contract Security Enhancements – The governance mechanism was patched to eliminate vulnerabilities in privilege escalation.
- Security Advisory Board and Audits – The team committed to reinforcing security measures through regular audits and oversight.
- Bug Bounty for White Hat Hackers – An incentive program was launched to recover stolen funds, offering up to 10% of retrieved assets as rewards.
Following the migration, CGT 2.0 became the primary governance and utility token within the CurioDAO ecosystem. Exchanges such as ProBit Global facilitated automatic token swaps, while others, including Bittrex Global, delisted CGT, possibly due to volume concerns post-exploit. CGT 2.0 remains active, primarily trading on secondary exchanges and decentralized platforms like Gate.io, ProBit Global, BitMart, Uniswap, and PancakeSwap. The project continues to focus on rebuilding liquidity, reinforcing security, and advancing its vision of real-world asset tokenization.
