The COIL team is constantly watching the market and following trends in the space. Since we have launched some unique ideas have been developed. One of these was CORE and their idea of locking in liquidity forever. Since the goal of the COIL Spring has always been to provide deep liquidity making it harder for whales to manipulate we have been looking for ways to adopt this into our ecosystem as it fits perfectly with our goals.
Introducing COIL Spring V2
- Start Date:
December 1, 2020
- Reward Pool:
1.1% of total COIL supply
- Distribution Schedule:
- Stake for 1 month for
- Stake for 2 months for
Once the program goes live you’ll be able to find it here.
- Connect your Web3 wallet (ie. MetaMask) to the Uniswap liquidity pool here
COILinto the Uniswap V2 Pool
- Select Supply
UETHCOIL-V2tokens in return*
- Navigate to the Coil Spring site here (https://spring2.coilcrypto.com/)
- Choose the Amount to enter
- Deposit V2 tokens (Users can set up multiple contracts)**
— If it is your first time you will have to approve the transaction before depositing**
Check your Spring stats
APY = Annual Percentage Yield
Multiplier = Your multiplier based on days in the Spring
Accrued Rewards = Amount of Rewards Earned
To Unstake and Withdraw
- Click withdraw tab then put in amount***
- Select Withdraw
*NOTE — V2 TOKENS REFER TO THE UNISWAP LIQUIDITY PAIR TOKEN FOR COIL/ETH (UETHCOIL-V2), AS THIS IS THE STAKING TOKEN USED IN THE SPRING.
**NOTE — YOU WILL FIRST HAVE TO APPROVE A TRANSACTION ALLOWING THE DAPP TO INTERACT WITH YOUR BALANCE. THIS APPLIES TO A USERS FIRST INTERACTION AND WILL NOT BE NEEDED FOR FUTURE CONTRACTS FROM THE SAME ADDRESS. THE DEPOSIT BUTTON WILL SAY “APPROVE FUNDS”, NOT “DEPOSIT” UNTIL THE USER APPROVES.
***NOTE — LONGER TIME LOCK PERIODS RECEIVE LARGER REWARDS. 2x after 30 days and 3x after 60 days.
Once completed, users can check their tokens and rewards on the Spring stats page. Users have the option to add more Uniswap LP tokens/contracts at anytime they choose. Spring rewards are shared with users when they decide to unstake.
In Spring V2, we have replaced the current V1 Contract and penalty system. While this system was great in locking in liquidity and preventing manipulation, it was a manual process to process penalties, convert them to COIL and deposit them back into the system. We have since developed Spring V2 to fully automate our new mechanism.
- 0–3x Multiplier — You will reach 2x multiplier after 30 days, and 3x multiplier after 60 days. After 60 days you will continue to keep your 3x multiplier until you withdraw. Once you withdraw, and go to redeposit, you multiplier resets back to 0.
- 1.1% of total supply will be distributed over the course of the next 90 days through Spring V2
- 2% tax of LP V2 tokens on withdraw. This ETH and COIL is then locked in liquidity forever. Creating a rising ETH floor price for COIL and deeper liquidity.
We are excited to continue to grow the Coil ecosystem. There are many more unique features coming including loyalty programs with a Certificate of Deposit type of lock, as well as other farming pools, where you will use Coil to farm other assets. More info will be provided soon as we ready more and more products and additions to the ecosystem to be released!