Here’s a FAQ-style update for you.
Is Coin still active?
Coin is currently non-operational as our raised funds have been fully exhausted.
Why did Coin close?
Similar to numerous other companies in the blockchain industry, we were unable to discover a product-market fit, amass a large user base, and generate the necessary revenue to sustain our operations.
What products did Coin launch?
Numerous products and services were launched during the company’s active operation.
- Coin Token: A cryptocurrency for the Coin ecosystem
- Coin Trade: A decentralized cryptocurrency investment trading market
Coin Exchange: A centralized cryptocurrency exchange - Coin DNA: A portal for cryptocurrency data and news
- Coin Assistant: A cryptocurrency AI assistant
- Coin Wallet: A cross-chain cryptocurrency wallet
- Coin Swap: A cross-chain cryptocurrency DAPP
- Coin Staking: A loyalty rewards smart contract for Coin holders to lock Coin tokens and earn Coin rewards
Coin also introduced SDKs and APIs for a number of these products to enable developers to extend functionality and build other products for the Coin ecosystem. Some of these products were planned in our roadmap while others were introduced spontaneously in an effort to identify product-market fit.
What happened with the products that Coin launched?
Unfortunately, many of the products managed to attain the necessary traction to cover their own operating costs. The cost of supporting the infrastructure (ie. server hosting, nodes, etc.) and engineering (ie. design, development, etc.) outweighed the utilization of the products themselves.
- Coin Token: Continues to be active and serves the purpose of tracking holders.
- Coin Trade: The community discovered a loophole that enabled holders to arbitrage and obtain gains from the system (at the expense of other users and the token price). As a result, the product was discontinued.
- Coin Exchange: The product never gained critical mass and was discontinued.
- Coin DNA: The website gained 5,000 daily impressions at its height but was discontinued once utilization decreased.
- Coin Assistant: The product never gained critical mass and was discontinued.
- Coin Wallet: The product amassed over 600 downloads and nearly 100 reviews (all 5-stars) but never gained critical mass and was discontinued.
Coin Swap: Cross-chain swaps on the platform did not meet the performance expectations of users (speed, cost, and swap success rate) and the product was never launched.
Coin Staking: Continues to be active and serves the purpose of rewarding loyal holders.
What happens with the products that Coin has launched?
Currently, the Coin codeset is held as proprietary intellectual property within the company. The codeset for all products will be open-sourced for public consumption or utilized for the future benefit of Coin holders.
What happens with the $COIN token?
Coin holders should continue to keep their $COIN tokens as a store of record in the event that for future use including airdrops, etc.
How much liquidity did $COIN supply to the Uniswap liquidity pool for holders to access?
Coin has always been the primary liquidity provider for the $COIN token. The capital used to establish these liquidity pools came from the funds raised during our TrustSwap offering in 2020. In 2021, Coin injected $2 million in liquidity on Uniswap and was the largest contributor to locked liquidity on Unicrypt. In December 2021, during our liquidity rebalancing, Coin resupplied $3 million in liquidity to the pool which was once again one of the largest liquidity pools in the industry.
Why did Coin withdraw and redeposit liquidity from the liquidity pool?
In early December 2021, we took the step of withdrawing liquidity from Uniswap as concerns surrounding the Omicron variant began to weigh on both crypto and equity markets. This move was made with the aim of safeguarding our corporate treasury, securing additional runway, bolstering our marketing efforts, executing our CEX strategy, and more. The decision has proven advantageous as we continue to navigate market volatility stemming from virus-related fears, macroeconomic conditions, and other factors.
Prior to taking this action, we proactively informed the community of our plans and made a commitment to reinstate the liquidity. Throughout this period, our entire team remained accessible and maintained communication with the community. In December, we rebalanced our corporate treasury and restored $3 million in liquidity back into the pool.
What happened with the $COIN liquidity pool on Uniswap?
Coin holders (excluding any team members) sold and liquidated the liquidity pool on Uniswap on January 21st, 2022. The details were outlined in our blog post here: https://coindefi.medium.com/coin-community-update-february-dab658fa8053
Has the team at Coin sold any $COIN tokens?
Unlike many founders and teams in the blockchain industry, the team at Coin withheld from selling any $COIN tokens. Upon the public launch of the Coin staking program, the team immediately staked and locked all team and marketing tokens as indicated on this blockchain transaction: https://etherscan.io/tx/0x24a0449c5567a11d646ffd749ca19b8aaff4159a4700cde952e29995819da751
What has happened to the Coin team?
At its height, the Coin team expanded to 15 employees located around the world. The team has dissolved and is working independently on different endeavors.
What is next for Coin and $COIN holders?
Damon from Coin will continue to seek opportunities to leverage the existing IP for future value and benefit to $COIN holders. $COIN holders will receive an airdrop in HODLVERSE $MONEY tokens as previously committed. In addition, $COIN holders will receive 5% of the total token supply of $1337 tokens and all incubated projects under the 1337 development DAO. 1337 labs is a new company of developers that Damon is advising / collaborating with and is personally airdropping a portion of his token allocation to Coin holders for their loyalty.
What is 1337 DAO?
1337 is a development DAO that works together for the benefit of its token holders and community. 1337 is an experienced web3 software engineering team that helps incubate, build, and bring projects to market. $1337 serves as both a membership and rewards token, offering holders access to airdrops and ownership in all upcoming projects incubated by the 1337 DAO (creating a flywheel that encourages the public to acquire tokens for all incubated projects from $1337 holders). More information can be found at https://docs.1337dao.com/about-1337/about and https://docs.1337dao.com/about-1337/faqs
Why 1337 DAO?
The blockchain industry has become full of speculators. Enthusiasts generally move from and to the next exciting project. At the same time, they favor receiving rewards such as airdrops, revenue, yield, and more. 1337 brings all these elements together to build a crypto holding company dedicated to launching high-quality, revenue-generating businesses. Each venture not only rewards the token holders for each project but also benefits $1337 holders themselves.
Why Now?
Our priority has been to time the market and maximize our success. Launching over the past year would have resulted in poor token value performance which would have impacted community morale. Over the past year, the market has demonstrated an increase in interest in cryptocurrency tokens. We anticipate the market trend for tokens to become bullish over the next year leading to the Bitcoin halving in 2024. We view 1337 as a strong opportunity for our team and community to take part and prosper during the next bull market.
How will the airdrop work for $COIN holders?
A snapshot of $COIN holders will be taken in the future. The list of wallet addresses obtained from the snapshot will be used for future airdrops. The $COIN staking program will officially end following the snapshot. The snapshot date will be announced well in advance for holders to be prepared, unstake any staked tokens, etc.
When will I receive the airdrops for each project?
To prevent volatility and help provide stability in the value of all project tokens, holders will be airdropped one month following the release of each token.
How do I stay in touch?
Updates for $COIN holders will be provided in the channels below:
- Coin Blog: https://medium.com/@coindefi
- Coin Twitter: https://twitter.com/coindefi
- Coin Telegram: https://t.me/coindefi
- HODLVERSE Telegram: https://t.me/hodlverse
- HODLVERSE Discord: https://discord.gg/cJ6k7cQ5HS
Look forward to updates and weekly Twitter spaces. Follow the 1337 channels below for more information on the development DAO.
- 1337 Website: https://1337cartel.com or https://1337dao.com
- 1337 Discord: https://discord.gg/GkkxRedYKv
We know that this veers us away from the original vision that brought you to Coin. We hope that this provides value in the short-term, reinforces trust, and builds confidence that even if our direction changes, we will always be here alongside you. Thank you again for your trust and talk again soon.
