Hi, Coin community and token holders! We wanted to provide you with an update regarding a number of items we are working on.
DEX Liquidity and Corporate Treasury
As many of you are aware, we recently withdrew liquidity from Uniswap during the initial fears centered around the Omnicron variant which aided in the market downturn for crypto and equity markets. This was in an effort to protect the corporate treasury and leverage funds for additional runway, marketing, executing the CEX strategy, and more. This strategy proved to be beneficial as we continue to experience market weakness from fears related to the virus, macroeconomic conditions, and more. This action did result in concerns expressed by the community due to lower liquidity and price slippage. To that end, we are restoring $3M in liquidity back to the pool.
HODL Valley Licensing Agreement
We are disappointed to report that as of this weekend, the team at HODL Valley has terminated our relationship together in light of recent actions and FUD from our community. Over the past quarter, we have been working with the team at HODL Valley to collaborate together. We were genuinely excited to share our IP together in order to help each other’s business. In our agreement, Coin would receive a $40K payment a month perpetually as well as intellectual property that aids our efforts long term. More specifically, HODL Valley has a very experienced and talented development team that has provided guidance and IP around AMM liquidity pools, NFT marketplaces, and more. In return, HODL Valley has received access to our cross-chain technology and business advisory services. The licensing agreement payment started on 12/1 and per the recent poll with the community, will be allocated for use towards our CEX strategy.
Per community feedback and voting, we are moving forward with a centralized exchange listing in order to provide further liquidity and access to current and new investors. The desired exchange of choice from the community is Kucoin. While we aren’t privileged to disclose the exact requirements for a listing, we can mention that both the listing fees and the minimum daily volume requirement are in the hundreds of thousands each. With that, they also require an allocation of funds for marketing and liquidity. Since our volume on Uniswap and the Coin network are low, we will need to list on a smaller exchange and work with a market maker in order to reach the required targets and achieve this. Market makers require a minimum of a couple of hundred thousands in order to support their efforts to spread volume across designated channels. To execute this strategy, it will require funds from the corporate treasury. We are in talks with a number of smaller exchanges and will provide an update as developments solidify.
In December, we will be releasing an update to the Coin Wallet that is inclusive of the Coin Assistant. This release will feature the ability to recognize intent from any input field and allow you to quickly execute financial transactions. Examples include, but are not limited to:
- Sending funds
- Swapping tokens
- Obtaining wallet balance and address
- Obtaining token information
- And more
We will also be releasing Coin Swap, our desktop P2P cross-chain decentralized exchange that is compatible with popular Web3 cryptocurrency wallets and any Internet web browser. It utilizes the same atomic swap technology in the Coin Wallet; however, does not include a native wallet nor the Coin Assistant. This enables users to connect their favorite web3 cryptocurrency wallet (including Coin Wallet) and does not require the installation of a browser extension.
These releases will also be supported by marketing which will include a variety of strategies such as campaign, display ads, influencer marketing, social media, promotions, and more.
Our team has now grown to fifteen full-time employees strong and we are continuing to power through our objectives. We are still looking to hire the following roles to grow and expand further: https://angel.co/company/coindefi/jobs
If you are interested or have a referral, please let us know!
We’ll be scheduling an AMA for the month and providing more updates soon. Especially as it pertains to the upcoming releases and more. As always, we sincerely appreciate your support and patience. We know that this road is not always easy and apologize for any actions that may not be viewed as favorable across the community. Please trust that we are working as hard as we can and always with the intent to create value for you and the overall industry.
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