COIL (COIL)

COIL (COIL) is an elastic supply digital currency that aims to offer a decentralized and versatile trading option. However, recent developments have led to a significant liquidity drain from the lp for another coin, AQUA, by an old developer. To protect the liquidity of COIL, it has been deemed necessary to remove liquidity. Despite encountering challenges such as high Ethereum gas fees, changing markets, and moving away from decentralized stablecoins after the UST crash, COIL has not achieved the desired level of success. To remedy the situation, the decision has been made to distribute the remaining ETH back to the community. Although less liquidity will be left in the LP, COIL will remain tradable and available for use or development by anyone interested. As of now, COIL is trading at 67c.

COIL holders will have the option to redeem their COIL holdings. Users who purchased COIL before December 20, 2022, can redeem their COIL for $1.13 in ETH, the targeted inflation peg. For example, if an individual holds 100 COIL, they can claim $113 worth of ETH. The redemption process will remain open until January 7, 2023, after which all redemptions will cease, and the associated website will be closed. To redeem COIL, users are instructed to follow these steps: 1. Send COIL to the designated address – 0xA5e78633D042ccD9aC91c86E5E9950D899d5a4E2. 2. For each COIL sent, $1.13 in ETH will be returned. Suppose the amount of COIL being redeemed is fractional. In that case, the corresponding amount of ETH will be sent accordingly (.5 COIL will receive $.56.5 cents in ETH, and so on). 3. Only COIL bought before December 20, 2022, is eligible for redemption.

Despite the setback in liquidity and the challenges faced, COIL remains an accessible trading option for interested individuals. Additionally, the redemption option allows COIL holders to claim ETH equivalent to the value of their COIL holdings. As COIL continues to trade and be utilized or built upon by users, it is a digital currency with the potential for further development and use within the crypto space.