In a year filled with plague and disruption, 2020 was one that resulted in transition and positive momentum for Coin. We transitioned to a sole focus on decentralized finance (DeFI) and $COIN from a security to a utility token. Additionally, reshifted focus on the following three priorities:
- Token utility and value
These priorities will continue to ensure that Coin is in complete alignment with our token holders. This has included the Coin network’s revenue model which guarantees that the team will only be rewarded as the network grows and value is created for $COIN. We have also continued with our efforts to move the company organizational structure to a decentralized autonomous organization (DAO) and distribute control to $COIN token holders and operators of the Coin network.
In the Fall, we partnered with TrustSwap to conduct a liquidity token offering that resulted in achieving our hardcap of 2.4 million in under 20 minutes. The offering was oversubscribed to the tune of over $7 million in interest by the end of the 12 hour offering window.
A week following the offering, the $COIN token was listed on Uniswap with phenomenal success. Despite a day that saw a 10–30% decrease in the overall markets, $COIN was the #1 trading pair on Uniswap with over 16M in organic trading volume in its first 24 hours of trading. Coin was also the hottest trading pair on DEXTools and credited with having the largest pool on Uniswap via Unicrypt with nearly $4M in locked liquidity.
We never lose sight of the fact that our successes are, in large part, due to the support of our community. The Coin community has grown more than 2–3x in members in our Telegram, Twitter, YouTube channels. Community engagement has increased by triple digit percentages and continues to grow. Further to this, our Telegram communities have expanded to include a trading discussion, Chinese, and Korean channels with the possibility of expanding to other non-english speaking communities.
Our progress continued with the introduction of our Coin Exchange, an all-in-one cross-chain P2P decentralized cryptocurrency wallet, exchange, and assistant powered by atomic swap and artificial intelligence (AI) technology. This has been extended to include reward programs such as the Coin staking program which enables $COIN token holders to earn more $COIN. We have undergone two rounds of private and public beta testing with multiple third party security audits for the token, network, and smart contracts. The release of the Coin network is imminent and will continue to evolve with additional iterations, improvements, upgrades, and more.
As we move into 2021, we ask you all to keep a long-term lens about Coin and our future. Please remember that greatness and anything of value is not created overnight. We have plans to create value and utility in the industry with aspirations that warrant a market cap that exceeds hundreds of millions and beyond. As we move to become a DAO it will be of utmost importance that we bond together as a community to achieve our mutual goals. We are, as ever, thankful for our community and token holders and we would not make this journey without you.
From all of us here at Coin, to all of our amazing community members and token holders, we will you a wonder year ahead. We envision 2021 as the year that the world and the blockchain industry will see positive change in all of our lives. We wish you good health, prosperity and happiness to you and your loved ones in this coming year and beyond.
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