What is “COIL”? Where does “COIL” name come from? What does it stand for?
The Coil name as two meanings.
First — Coil targets $1, so the price COILS and RECOILS around it. It can go to $.50 or $4, but eventually it will Coil and Recoil itself back to $1. Think of it like a rubber band that can stretch, but always comes back. And Coil does this all on its own.
Second meaning of COIL is C(rypto) OIL. Oil is the backbone of our current world economy and the USD, and most everything in the world currently is in some way tied to oil. The team see COIL as CRYPTO OIL. They think Coil will be the backbone of DeFi and the crypto economy much like oil is the backbone of today. COIL is a perfect hedge asset that every portfolio will desire because it is less correlated to Bitcoin and other cryptocurrencies. This makes it a wonderful DeFi collateral asset, a token everyone will want to hold to hedge their risk, and an excellent stable medium of exchange that can replace the need of stable coins. So just as OIL is important in the current economy COIL aka CRYPTO OIL will be an important backbone in the new age crypto economy.
How Coil able to solve market manipulation?
That is a huge problem in crypto and this is why the team designed Spring ( SpringApp ) how they did. Currently in liquidity pools and geysers like Ampl, large whales can remove liquidity and pull it without notice. This leads to a lot of manipulation and volatility. This can scare the market and make things very unstable. On top of that large whales can manipulate Ampl to bleed out the smaller investors so they have nothing left.
There are also countless rugpulls as we see in DeFi the latest being CBDAO. Coil designed the Srping to fix these issues. They designed the Spring to function similar to a Certificate of Deposit system you would find in a bank in the real world. This makes it so everyone can see:
- how much liquidity is locked in
- how long it is locked in for,
which in allows everyone to make better decisions.
If someone elects to enter Spring (Watch this short video tutorial on how easy it is to join the Coil Spring.), they can choose to add liquidity for 1–90 days and/or they can do many different contracts. The longer you provide liquidity, the more rewards you earn. If you say you will enter for 90 days, but then want to pull out after 10 days, you will pay a large penalty. This penalty buys Coil on the market and deposits it back into the Spring rewards pool going back to everyone else in the Spring. This makes Coil antirug and it will make Coil liquidity more predictable, and much harder to manipulate. It will help all investors be able to better see and adjust to the market, it will decrease volatility, and stop some of the manipulation.
Where can you buy Coil Tokens?
Currently Coil is on Uniswap and it has listed on STEX
