An Open Update from Coin

3 min readDec 22, 2020

Hello Coinvestors;

Let us begin by saying that today is a milestone day in many aspects. It marks the culmination of months of work and planning. We were very excited about this release of our DEX to MainNet and all the activities planned around this.

We have always endeavored to be completely transparent with our Coin family and that continues with this update. Our plan has been to execute the following activities today on Monday, December 21st:

  • Last Tranche of Token Distribution for the TrustSwap Liquidity Offering
  • Coin Exchange MainNet launch
  • Coin Exchange Browser Extension and AI Launch
  • $COIN Utility Token upgrade for existing token holders
  • $COIN Staking smart contract and program
  • $COIN Token burn (~7M)
  • $COIN Airdrop bonus for previous token holders

We regret to inform you that we will miss a few of these commitments today. Despite the team working around the clock, some of the features we are integrating have been unavoidably delayed. More specifically, a delay in delivery that has impacted the audit of our staking contract and more. We attempted to resolve as many of these issues as possible today; however, we have realized that we will not be able to accomplish this goal in the original timeframe.

We understand the disappointment that will result from these delays and this outcome. For that we apologize wholeheartedly as we attempted to accomplish a large number of significant milestones all on a single day. This led to overworked team members, not accounting for the impact of the pandemic and holiday schedules, and increased risk for missing milestones. While we are delayed, we do expect to have these issues resolved and proceed with our overall plan by next week. Because we always strive to do what is most fair for our token holders and overall business, the impact of this is the following:

Last Tranche of Token Distribution for the TrustSwap Liquidity Offering
This will be executed today.

Coin Exchange MainNet Launch
This will be released on Monday, December 28th.

Coin Exchange Browser Extension and AI Launch
We will release this following the Coin Exchange launch to avoid confusing users as well as prevent overlapping and diminishing the value of this feature.

$Coin Utility Token Upgrade For Existing Token Holders
This will be released on Monday, December 28th.

$Coin Staking Smart Contract And Program
A beta will be released on Monday, December 28th with an option for users to begin use while the contracts are being audited by a 3rd-party security firm.

$Coin Token Burn (~7M)

$Coin Airdrop Bonus For Previous Token Holders
This will be executed this week.

We will be releasing the following documents to prepare you for the upcoming releases this week and next.

Again, we sincerely apologize for postponing our milestones today. Creating a next generation financial platform is complex and requires ensuring that it will never compromises funds, user security, etc. We hope that this diligence and approach to user security and the transfer of funds inspires confidence for the release next week on MainNet. We will also provide specific dates and announcements regarding these events above as early as possible. Thank you for your continued support and understanding. We hope you can find it within you to understand these delays and look forward to achieving these milestones with you by our side.

For more information, please visit our website.

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