Certificate of Deposit
The next step and evolution in the Coil ecosystem is the build a certificate of deposit system similar to what you would find in a bank. This can also be looked at as a single sided vault. It will allow users to put their Coil in a CD and grow their marketshare. Rewards as was as your normal balance continue to rebase and debase as per normal.
The CD will run for 30 days. You can elect in at anytime. If you elect in at day 15 you still accrue the same % of the reward as if you entered on day 1, you just have to stay in for 30 days before you can withdraw. You have 30 days from the time you deposit. Once the 30 is up you are free to withdraw your funds. We will then run for another CD after 30 days.
The CD is a single sided vault where you will deposit Coil into. You will not need to add ETH like the Spring. Each CD runs for 30 days during which time 0.75% first month (0.25% per month afterwards) of the total Coil supply is proportionally rewarded to users over 30 days. At this time users can elect to withdraw or elect in for another month.
There is an early termination fee similar to Spring 1. If you withdraw early you forfeit any rewards, and also will pay a penalty. The penalty formula is: % of Time Lock Period remaining / 2 * contract Amount
Penalties take the Coil and send it to the CD contract, which burns this Coil forever.
NOTE — You can have multiple deposits. If you deposit 100 Coil on Day 1, then another 50 Coil on Day 15, then you will see a withdraw contract, and you will need to put the number in. They are separate deposits, so withdrawing and taking a penalty on contract 2 does not penalize contract 1.
We are building a full ecosystem of options for Coil holders. We have Springs that allow you to pair Coil and Eth and Coil and Aqua and earn fees, but with all of these you need another asset. The CD is a single sided option where you need nothing but Coil. You risk no impermanent loss, and do not need another asset to deposit. This is a great low risk way to grow your marketshare. Coil you deposit into the CD will rebase, and the rewards will also rebase. The CD is just another way to generate value for Coil holders within the ecosystem. Another way to earn ROI and grow your marketshare as a Coil holder!
Users will go to cd.coilcrypto.com
1- Go to cd.coilcrypto.com
2- Click Open your Vault. Then Click Connect.
3- Input your amount and hit deposit. If it is your first time you will have two transaction and have to hit Approve first, then deposit.
4- After 30 days hit withdraw. Collect deposit and rewards.
Note* — Deposits and Rewards both still rebase.
COIL — 0x3936Ad01cf109a36489d93cabdA11cF062fd3d48 — (https://etherscan.com/token/0x3936Ad01cf109a36489d93cabdA11cF062fd3d48)
AQUA — 0x7e32c8727Cc19DD59a7a4d01b95Ae1cBFC8f4c77 — (https://etherscan.com/token/0x7e32c8727Cc19DD59a7a4d01b95Ae1cBFC8f4c77)
Telegram — https://t.me/coilcrypto
Twitter — https://twitter.com/CoilCrypto