Chainflip Announces Community Sale on CoinList, Scheduled for August 31, 2023

Chainflip, a decentralized and trustless protocol that enables seamless value transfer between various blockchains, has announced its Community Sale on CoinList. The sale is set to begin on August 31, 2023, at 17:00 UTC.

Chainflip’s protocol allows for the swapping of assets between different chains, including BTC, EVM, and substrate networks, without the need to wrap tokens or use traditional cross-chain bridges or centralized exchanges. The protocol’s Just-in-Time (JIT) Automated Market Maker (AMM) accesses liquidity from connected chains and partner aggregators, offering users competitive prices and low fees on spot trades.

The Chainflip Community Sale will offer 4,500,000 FLIP tokens (ERC-20) at a price of $1.83 per token. The tokens will be 100% unlocked on Token Generation Event (TGE) at mainnet launch, currently expected on or around October 24, 2023. This date is subject to change up to a maximum of 120 days after the sale closes. The initial purchase limits for the sale are set at a minimum of $100 and a maximum of $4,000. Registrations for the sale will close on August 28, 2023, at 12:00 UTC.

To participate in the Chainflip Community Sale, users must have funded their CoinList Wallet with the minimum purchase amount of $100 before the registration deadline. Additionally, the CoinList account must be fully funded with the desired purchase amount before the sale starts.

Chainflip aims to displace centralized exchanges by integrating the best aspects of existing cross-chain solutions and introducing unique optimizations. Key features include employing up to 150 validators per vault, providing redundancy, security, and anti-censorship. The use of Schnorr signatures and an innovative signing scheme allows these validators to support multiple assets without excessive hardware costs. The JIT AMM design minimizes slippage and offers precise pricing, efficiently using liquidity for large trades. Chainflip provides a permissionless method to swap assets between arbitrary chains and networks without introducing new wrapped assets or excessive confirmation times.

The Chainflip Community Sale is not available for residents of the United States, China, Canada, South Korea, and certain other jurisdictions. The sale is being distributed by Amalgamated Token Services Inc., dba “CoinList.”

Image source: Shutterstock


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CoinList addresses withdrawal “FUD” with technical delays

After a blogger tweeted that users reported being unable to withdraw funds for over a week, CoinList, a cryptocurrency exchange and Initial Coin Offering (ICO) platform, took to Twitter to address “FUD” This came after the blogger tweeted that the situation had sparked fears that the company was having liquidity issues or was insolvent.

A blogger who focuses on cryptocurrency named Colin Wu tweeted earlier to his audience of 245,000 people that “some community members” who use CoinList have been unable to withdraw for more than a week because of maintenance.

It is likely that the fact that CoinList has a creditor claim for $35 million with the defunct cryptocurrency hedge fund Three Arrows Capital, which Wu referred to in his tweet as a “loss,” sparked concerns that the company was either insolvent or illiquid.

In an effort to allay the concerns that have led to bank runs on other platforms, CoinList has explained that it is in the process of upgrading its internal systems and migrating wallet addresses to “multiple custodians”

Its status page indicates “degraded performance” for withdrawals, as four cryptocurrencies have been inaccessible for withdrawal since November 15, and one cryptocurrency has experienced delayed deposits since November 16.

According to CoinList’s statement, “Once again, this is purely a technical issue, not a liquidity crunch,”

It asserted that it holds “all user assets dollar for dollar” and mentioned that it intends to publish its proof of reserves at some point in the future.

However, users are becoming increasingly anxious about centralized platforms and have rushed to ensure safe custody of their assets, as evidenced by the surge in sales reported in the middle of November by hardware wallet providers Trezor and Ledger. CoinList stated on November 14 that it did not have any exposure to the FTX exchange, which has since gone bankrupt.

At approximately the same time, the amount of Bitcoin and stablecoins that were withdrawn from exchanges reached all-time highs, and a concomitant increase in activity was observed on decentralized exchanges.


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NFT game Guild of Guardians raises $5.3M, token sale oversubscribed 82X

Upcoming NFT based mobile role-playing game Guild of Guardians has sold out two tranches of its native token (GEMS) totaling $5.3 million.

The token sale, held on Coinlist on Nov. 30 was oversubscribed 82 times, with around 808,000 users registering. More than 10,700 new GEM holders from over 100 countries purchased a maximum of $500 worth of tokens. However users from Australian, the U.S.,Canada and China were prohibited from purchasing tokens amid mounting regulatory concerns.

GOG allocated 6% of the total 1 billion total tokens to the CoinList sale, while 63% of the supply will be distributed via community-driven events, activities, and core gameplay.

The play-to-earn game’s soft launch is planned for Q1 2022, with 400,000 users already pre-registered.

The game comes from Ukrainian developer Stepico games in partnership with Australian-based NFT layer 2 scaling solution Immutable X. Immutable X is the first layer 2 scaling solution for NFTs on Ethereum, and is backed by Galaxy Digital and Coinbase.

Immutable’s Head of Marketing Nicholas Kelland said GOG is launching on mobile so that it’s accessible to most people.

“Not everyone has really robust gaming rigs and PCs and so on and so forth. So mobile was an easy choice for us.”

The success of GOG’s successful initial DEX offering (IDO) comes as play-to-earn gaming becoming increasingly popular. In GOG, every in-game asset that users own is a tradable and exchangeable NFT.

Related: New tribes of the Metaverse — Community-owned economies

“I think the concept of in-game asset ownership is a foregone conclusion. And it’s a matter of when, not if,” Kelland said, adding that “it goes back to the concept of the content creator economy and people, people basically owning this stuff that they deserve to own.”

This comes after the first Founder NFT sale in June, which raised $3 million in 24 hours. The second wave raised $5 million, and the third and final wave raised over $4 million.


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CoinList Raises $100M Series A Funding Round, Reaching Unicorn Status With $1.5B Valuation

Cryptocurrency listing platform CoinList has completed a $100 million Series A funding round, a fundraising exercise that gives the firm a total valuation of $1.5 billion and achieves unicorn status.

CoinList, a trading app for new digital assets, which launched in 2017, announced on Tuesday, October 26, that cash fundraising will assist the firm to develop its business operations, support its community of early adopters, and launch new products offerings. 

“This represents a major milestone in our mission to accelerate the advancement and adoption of crypto,” adding that it will use the funds to scale up its offerings and better support its community, CoinList stated in its announcement.

The company said that it focused its fundraising in the Middle East, Europe, and Asia; these regions are the fastest-growing. 

The fundraising exercise was led by venture funds Accomplice and Agman, with other participants, including Fenbushi Capital, DFG, CMT Digital, FBG Capital and others.

CoinList platform is designed to help investors gain access to new token projects before they are listed on major exchanges like Binance or Coinbase. New crypto projects such as Flow, Algorand, Mina, and Solana have used CoinList to disseminate their tokens.

CoinList has witnessed its clients increase by 42 times over the previous year, a trend that indicates a significant adoption of cryptocurrencies across the world. Its biggest sources of growth over the previous year came from the UK, Japan, Russia, Venezuela, and Turkey. The firm currently has 4.5 million users across more than 170 nations.

The crypto trading on the app has surged this year, with the firm stating that its monthly trading volume has risen to $1 billion in 2021 alone.

Venture Investment Surges in Crypto

Running a cryptocurrency business startup is difficult and achieving success is even more difficult.

CoinList has joined the list of +700 unicorns worldwide that have reached the $1 billion valuations by raising funds from venture capitalists.

Achieving such a status is extremely difficult and means that CoinList has remained resilient and achieved great success in its business operations.

As venture capital firms continue flooding the cryptocurrency and digital asset space with more money, a series of unicorns are emerging, unlike anything the space has ever seen before.

About 18 unicorns – firms with a valuation of $1 billion or more – have been seen this year, and from that total number of unicorns, two-third comes from the crypto space.  

Such valuations have been driven up by the more than $12.1 billion in venture dollars invested worldwide in the crypto sector – three times what was seen last year.

As reported by Blockchain.News, other cryptocurrency unicorn startups include Coinbase, Paxos, Kraken, BlockFi, Blockstream, CoinDCX, and others.

Cryptocurrency is experiencing its moment because of the sector’s maturation. Everything that goes along with such evolution makes firms such as BlockFi, Ledger, BitPanda and others hit the unicorn mark.

Meanwhile, this month, investors have flocked to the crypto space, following the approval of the first-ever Bitcoin backed Exchange-Traded Fund.

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CoinList ‘Rally’: 40K investors rush to buy RLY despite price pump

Social token platform Rally has completed its first “liquid token sale” on crypto asset issuance platform CoinList, with 40,000 investors snapping up RLY tokens for $0.60 each between April 1 and April 4.

The sale saw tokens distributed to investors at a set price despite RLY trading on exchanges since October, 2020. Token pricing was determined by a 20-day trailing average from March 11, 2021 to March 30, 2021 minus a 30% markdown to compensate for the RLY being locked up for 12-month a linear release.

However, investors had the opportunity to purchase RLY for less than half the price offered by CoinList on the open markets just five weeks ago.

The sale was approved through community governance in mid-March, with the 40 million RLY sodl having previously been allocated to Rally’s Community Treasury. The ballot saw 100% of the 7,400 participating token holders vote in favor of the sale. Nearly 30% of RLY are now held by Rally’s team and investors.

News of the sale appeared to drive bullish momentum for RLY, which has gained nearly 250% since trading for less than $0.29 on March 12. RLY consistently traded between $0.25 and $0.35 from mid-January until mid-May. As of this writing, RLY last changed hands for $1.

RLY/USD: CoinGecko

Half of the tokens will become tradable on Oct. 4, after which the remaining RLY will unlock gradually on a monthly basis. In a blog post on April 12, Coinlist revealed the offering generated $22 million. Investments were limited to $1,000 per person, with nearly two-thirds of the offering’s 115,000 registrants missing out on participating.

Rally is a blockchain-based social network that allows content creators to launch social tokens.

The social token sector — non-fungible tokens issued by content creators, brands, and communities — has been on the rise in 2021, with RLY and WHALE representing 83% of the social token market cap pack with $240 million combined.