Has the aura of wealth faded? The ups and downs of CoinList under the bull-bear cycle
撰文：1912212.eth，Foresight News
The once-famous CoinList is no longer what it used to be, and its wealth effect and brand reputation are also not what they used to be. From a much-anticipated new platform for public fundraising to today’s glory days, what happened to CoinList?
1. Overview of CoinList
CoinList was formerly founded by the famous angel investor Naval Ravikan. He is also the founder of AngelList, an American equity crowdfunding platform. Uber, which became a global sensation many years ago, completed crowdfunding on it.
When Ravikan found outBlockchainWhen you are in the reckless stage, do aBlockchainA version of AngelList came into being. During the ICO craze, the Filecoin team was also preparing for large-scale financing. Then Filecoin founder Juan Benet and Ravikan jointly created this crowdfunding platform that later became famous in the currency circle. Although the two founders co-founded CoinList, and the product, operations and other personnel are all from AngelList, the CEO was chosen by someone else, Andy Bromberg.
Andy graduated from Stanford University with a major in mathematics and computer science, and co-founded the Stanford Bitcoin Group to promote Bitcoin. Additionally, he is co-founder and CEO of Sidewire.
After briefly being in charge of CoinList for several years, although he is still its co-founder, his main focus is on the newly created non-custodial paymentwallet beam. Its CEO was replaced by Graham Jenkin, but he was replaced again by Raghav Gulati not long after he took office.
Raghav Gulati previously served as a partner of sha venture capital for nearly 6 years, and then worked as a product engineer at Shyp, Backplane, and KEEP. In 2019, he began to serve as co-founder and CEO of Apex. The Apex team collaborated with CoinList in June 2022 to improve the latter's user experience. After joining CoinList, he became its vice president of product management and was eventually promoted to CEO.
CoinList's product business has now been organized into two major sections, namely the three major platforms for user-side transactions, OTC, and staking, as well as the developer-side functions such as launch, testnet, seed, and registration.
Although facing the negative impact of the bull market turning to bear and a series of thunderstorms, CoinList has still achieved good results. In its 2022 review, it stated that it would add a total of 1 million KYC users. In 2023, after the market recovers, there will be 600,000 new users. Users in Europe and Asia will see the strongest growth, with more than 1.5 million users registered to participate.TokenSales exceeded $20 million.
However, during the growth of CoinList, it has been criticized for its very strict KYC certification.
In the past, when KYC was not strict, many users would often purchase identities through intermediaries for batch authentication in order to obtain higher returns. This method was later discovered by CoinList and severe penalties were imposed.
In May 2023, CoinList issued a special warning stating that "there are serious dangers and consequences in purchasing CoinList accounts from third parties. Purchasing an account directly violates the CoinList terms of service and will result in the immediate termination of the relevant account." Additionally, since the seller who created the account is the owner of the KYC, they can retrieve CoinList and regain access to their account at any time, and then the account seller can withdraw the funds, which will cause irreversible losses to the account buyer. Malicious sellers can even attempt to hold the account for ransom by trying to regain access to a "sold" CoinList account. CoinList will not be able to assist users in recovering their assets in this case.
It didn’t take long for a considerable number of users who bought accounts in China to find that their batch accounts were blocked, cash withdrawals were suspended, and even the remaining funds were confiscated by the platform.
In fact, CoinList, which focuses on compliance, is quite strict on KYC. Users in many countries under jurisdiction are prohibited from participating in public offerings of new projects. For example, the common United States, China, etc. are often strictly prohibited from participating in any projects. Before each new project is put on public sale, users need to select the corresponding country and region and submit certification information. If they do not meet the regulations, they will not be able to enter the public sale.
In December 2023, CoinList paid a settlement of US$1.2 million to it for violating OFAC-related sanctions. CoinList Markets LLC opened accounts for 89 users, almost all of whom specified "Russia" as their country of residence, but all provided Crimean addresses when opening accounts.
Behind CoinList's strict KYC, it protects its brand compliance to a certain extent, but at the same time, it also makes many players lament that they have missed out on wealth.
2. Some projects during periods of higher return rates (2020-2021)
The last bull market cycle was the most prosperous era for CoinList. Many familiar projects with huge returns participated in the public offering. It is no exaggeration to say that as long as you grab it, you will make money. Star projects such as NEAR, SOL, and FLOW have made CoinList famous in the industry.
Solana public chain
In March 2018, Solana raised US$3.2 million in seed round (US$0.04/ Token ), the genesis round raised US$12.6 million in June 2018 (approximately US$0.20/SOL), the validator round in July 2019 raised US$5.7 million, with a unit price of approximately US$0.225/SOL, and the online round raised in February 2020 It cost US$2.4 million, and the unit price of SOL is approximately US$0.25.
2020 年 3 月，在 CoinList 上完成 800 万枚 SOL Token拍卖，最终筹集筹集到 176 万美元，相当于每枚代币 0.22 美元。若按照历史最高点 260 美元计算，则回报高达Xiaobai Navigation 1180 times.
NEAR public chain
In August 2020, sharded NEAR was launched for public sale on CoinList and three options were provided
Option 1: Unit price of 0.4 USD, lock-up for 40 days, total 25 million coins, minimum purchase of 500 coins per person, maximum purchase of 100,000 coins;
Option 2: Unit price of US$0.34, linear lock-up for 1 year, each person can buy up to 5 million coins;
Option 3: Unit price of US$0.29, linear lock-up for 2 years, each person can buy up to 5 million coins.
In the end, nearly 30 million US dollars were raised. It is worth mentioning that due to excessive traffic congestion at that time,CommunityThe enthusiasm for participation was so overwhelming that CoinList had to postpone the sale before finally completing it.
In the last cycle, NEAR hit a near-historical high of $20.6. If calculated based on the cost price of $0.34, the return would be as high as 60.5 times.
FLOW public chain
In August 2020, FLOW public chain developer Dapper Labs completed US$11.4 million in financing, including 20 institutions and 5 NBA stars. Renewal investors in previous rounds include Samsung NEXT, Andreessen Horowitz and its Cultural Leadership Fund, Union Square Ventures, Venrock, Accomplice, Animoca Brands, AppWorks, etc. New participating investment institutions include Coinbase Ventures, Distributed Global, etc.
In September 2020, FLOW, the Flow public chain token created by the Dapper Labs team, was sold at a private placement priceCommunitySales, unit price is 0.1 US dollars, and a total of 100 million tokens are open. Although onBinanceIt was already at the end of the bull market, causing the currency price to fall again and again, and finally fell silent. However, if calculated based on the historical high of 35.6 US dollars, the return would be nearly 356 times.
Previously, some players could earn a lot of money from just one FLOW project just through multiple accounts.
MINA Zero knowledge proofPublic chain
In March 2022, Mina completed a US$92 million strategic and private equity round of financing, led by FTX Ventures and Three Arrows Capital, with participation from Alan Howard, Amber Group, Blockchain.com, Circle Ventures, Pantera, etc.
Mnia Protocol can be said to beZero knowledge proofThe pioneer agreement has received a lot of attention as early as the last cycle. Launched on CoinList in March 2021, 75 million MINA tokens will be issued in two rounds at a unit price of US$0.25. Subsequently, CoinList lowered the purchase limit from $1,000 to $500.
If calculated based on the historical high price of $6.68, the return is 26.72 times.
Celo public chain (currently L2)
In February 2021, Celo completed US$20 million in financing, with participation from a16z, Greenfield One and Electric Capital.
In May 2020, CELO completed a Dutch auction on CoinList, raising a total of US$10 million, with an average token settlement price of US$1. If calculated based on the historical high of $10.95, the return rate exceeds 10 times.
3. Some projects during the recession period of wealth effect (2021-present)
Unfortunately, the good times did not last long. After 2021, CoinList's online projects often performed mediocrely or even fell below the public offering price, which once aroused many doubts. Such as NYM, AXLER, GAL, Arch, CYBER. Through analysis, we found that projects issued at the end of the bull market are often affected by the market turning bearish. When funds begin to flee, even if the project is endorsed by a well-known VC and has good fundamentals, it cannot escape the negative impact of cyclical fluctuations.
Some of these projects are still performing well after the market picks up at the end of 2023, while more are quickly forgotten by the market and have no sound.
Casper public chain
In 2020, the project raised US$28.5 million, with participating investment institutions including Consensus Capital, HashKey Capital, AU21 Capital, Blockchange Ventures, GSR, etc.
In March 2021, the total public offering amount on CoinList was 100 million CSPR, accounting for 1% of the total, and the price of each CSPR was US$0.015. After the online trading, it once exceeded 1.3 US dollars, then fell all the way, and now fluctuates around 0.04 US dollars.
Axelar cross-chain
Founded in 2020, Axelar is built on Cosmos technology to provide interoperability with Ethereum and other chains.
In July 2021, it completed a US$25 million Series A financing, led by Polychain Capital, with participation from Dragonfly Capital, Galaxy Digital, North Island Ventures, Robot Ventures, etc.
In February 2022, it completed US$35 million in financing, with Dragonfly Capital, Polychain Capital, North Island Ventures, Rockaway Blockchain Fund and others participating in the investment.
In March 2022, the cross-chain interoperability protocol Axelar will have a sales supply of 50 million coins, with a unit price of US$1, a minimum participation amount of US$100, and a maximum of US$750. The online trading time will be in the second half of 2022, and then it will decline. It briefly touched US$1 in early January 2024, and the current price is still below US$1.
Ondo RWA protocol
Ondo Finance creates and manages institutional-grade financial products, such as U.S. Treasury bonds and money market funds, and builds DeFi protocols around these products. Ondo is committed to developing decentralized, composable protocols and providing customized services to meet the needs of organizations,DAO and the needs of high net worth individuals.
Ondo Finance was founded in 2021 by Allman and Pinku Surana (two former Goldman Sachs employees) and completed US$20 million in financing in April 2022. This round of financing was funded by Founders Fund, a venture capital fund co-founded by top Silicon Valley investor Peter Thiel, and Pantera Capital. Co-led the investment, with participation from Coinbase Ventures, Tiger Global, GoldenTree Asset Management, Wintermute and others.
In May 2022, Ondo Finance sold 400 million coins on CoinList with a unit price of US$0.055, with a minimum participation of US$100 and a maximum of US$2,000. More than 16,500 people participated in the public issuance and purchased its native token ONDO, and the number of tokens sold accounted for approximately 2% of its total circulation (total 10 billion)
ONDO was launched for online trading in January 2024, with the price reaching a maximum of $0.3, and the return so far is less than 6 times.
NYM privacy public chain
Nym is a privacy platform that provides strong network-level privacy against sophisticated end-to-end attackers and anonymous access control using blinded, re-randomizable, decentralized credentials.
Nym Technologies completed a US$2.5 million seed round of financing in 2019. This round of financing was token financing, and institutions such as NGC, Lemniscap and Edenblock participated in the investment. In July 2021, it completed a US$6 million Series A financing. This round of financing was led by Polychain Capital, with participation from Eden Block, Greenfield One, Maven11, Tioga and 1kx.
Then in November, it completed US$13 million in financing. This round of financing was led by a16z, with participation from DCG, Tayssir Capital, Huobi Ventures, HashKey, Fenbushi Capital, etc.
In February 2022, CoinList sold a total of more than $30 million in NYM Token. The event attracted record demand on CoinList, with 1.19 million unique registrants during the 5-day registration period. The price of a single coin is between 0.25 and 0.5 US dollars. It exceeded 1.8 US dollars shortly after the online trading, and then began to decline. As of now, the currency price is still below 0.2 US dollars.
Project Galaxy (now renamed Galxe) NFT infrastructure protocol
Galxe is a Web3 credential infrastructure dedicated to helping Web3 brands better build communities and products.
In January 2022, Galxe received US$10 million in financing, led by Multicoin Capital and Dragonfly Capital, Spartan Group, Sky9 Capital, Coinbase Ventures, Binance Smart Chain Growth Fund, Folius Ventures, Jump Capital, Sfermion, HashKey, Injective Protocol, Matrixport Ventures , Solana Ventures, Alameda Research and others participated in the investment.
In February 2022, the project plans to sell a total of 10 million GAL Tokens (a total of 200 million), with a unit price of US$1.5. All shares of the project's public sale on the CoinList platform (10 million GAL) were sold out 50 minutes after the sale started, and more than 1.07 million users registered to participate.
Shortly after going online, GAL benefited from the NFT market and briefly exceeded $17, and then began a downward journey. The current price is US$1.8, which is only US$0.3 higher than the public offering price.
CyberConnect Social Protocol
CyberConnect is a multi-chain decentralized social graph protocol that enables developers to create social applications and allows users to have their own digital identity, content, connections and tokenized channels.
In November 2021, CyberConnect completed a US$10 million seed round of financing, led by Multicoin Capital and Sky9 Capital, with participation from Animoca Brands, DraperDragon, Hashed, Mask Network, etc. In May 2022, it completed a US$15 million Series A financing, led by Animoca Brands and Sky9 Capital.
CyberConnect's public issuance accounted for 3% on CoinList. The public issuance unit price is US$1.8, while the institutional price of Series A financing is US$3. After that, it raised a total of US$5.4 million on CoinList.
After going online, it once exceeded $17, with a return rate of nearly 10 times based on historical highs. At the current price of $7, the return is only 3.8 times.
NEON Solana EVM compatible solution
NEON's fully compatible Ethereum Virtual Machine (EVM) enables developers to use all familiar Ethereum tools and build seamlessly on Solana.
In November 2021, Neon Labs completed US$40 million in financing, led by Jump Capital, with participation from Three Arrows Capital, Solana Capital, IDEO CoLab Ventures and others.
In May 2023, the supply of NEON sold on CoinList was 50,000,000 NEON, accounting for 5% of the total circulation, and the price was US$0.1. After a long period of dormancy, it reached a peak of $3.8 at the end of 2023, with a return of nearly 38 times. The price has now fallen back to $1.4.
Chainflip cross-chain transaction protocol
Chainflip is a decentralized, trustless protocol that allows anyBlockchain(including BTC, EVM and the underlying network) for seamless value transfer.
In August 2021, it announced the completion of US$6 million in financing, led by Framework Ventures; and in May 2022, it announced the completion of US$10 million in financing, with participation from Framework Ventures, Blockchain Capital and Pantera Capital.
In September 2023, the token supply for sale on CoinList will be 4,500,000 FLIP tokens (ERC-20) at $1.83 per token. After going online, it broke through $7 and is now back above $5.
Archway public chain
Archway is a public chain in the Cosmos ecosystem that provides fast and low-cost transactions through built-in developer incentives.
In March 2023, Archway's development company Phi Labs completed a US$21 million seed round of financing in March, led by CoinFund and Hashed, with participation from 1confirmation, IDEO CoLab, Figment, Blockchain Capital, Wintermute, Chorus One, stake.fish and others.
In May 2023, the total supply for public sale on CoinList will be 30 million ARCH Tokens at $0.2 per token.
After going online, it started to fall, with the lowest price falling to around US$0.05. It rose to US$0.28 at the end of this year, and then fell all the way back to around US$0.18, which is still lower than the public offering price.
Subsquid zero-knowledge cross-chain data query
Subsquid was developed from a project at the Kusama hackathon Hackusama and is built on Substrate DApp Provide support to reduce data retrieval time and improve API reliability for developers.
In November 2021, it completed a US$3.8 million seed round of financing, led by Hypersphere Ventures, with participation from Zeeprime Capital, Lattice Capital, Illusionist Group, Digital Finance Group (DFG) and others.
In January 2024, the CoinList sale token supply was 53,480,000 SQD tokens (4% of the total supply) at $0.094 per token.
zkLink is based onZero knowledge proofCross-chain DEX
zkLink is a multi-chain integrated trading platform based on ZK-Rollup technology. It aims to link multiple chains, aggregate the liquidity of different ecosystems, and make it possible for native DeFi assets on different chains to trade and combine with each other.
In October 2021, it completed a US$8.5 million seed round of financing, led by Republic Crypto, with participation from Arrington Capital, DeFi Alliance, Huobi Ventures, GSR, etc.
In May 2023, it completed US$10 million in financing, with participation from Coinbase Ventures, Ascensive Assets, SIG DTI, BigBrain Holdings and Efficient Frontier.
In January 2024, a total of 31,250,000 ZKL (ERC-20) on CoinList will be used for token distribution and sale, accounting for 3.125% of the total supply, and the token price is US$0.15 per coin.
4. Projects to be launched this year
In the early days of the bull market after the market rebounded, CoinList also continued to make moves. After launching two projects in January, it will launch two projects for public sale in early February, namely the popular public chain and DePIN. We will wait and see how it performs in the future.
Nibiru public chain
Nibiru is Cosmos Ecosystem L1 Blockchain, for DeFi, RWA and other intelligentcontractCenter provides support.
In April 2023, Nibiru completed a US$8.5 million seed round of financing, co-led by Tribe Capital, Republic Capital, NGC Ventures and Original Capital.
February 2, 2024, L1 Blockchain Nibiru will launch a community sale of NIBI tokens on CoinList. The token supply for the community sale is 60 million NIBI tokens (4% of the total supply); price $0.05.
Meson decentralized physical network
Meson Network focuses on DePIN+AI, aiming to create a decentralized physical network authorized by people, the Meson network "DePIN" node is developed using user-friendly technology.
In June 2021, Meson Network completed a new round of multi-million dollar financing, jointly led by Libertus, Mask Network and Hash Global. Other participating institutions include Grayscale parent company DCG, Hashkey Capital, Permanent Ventures, BixinVC, etc.
In January 2024, it completed a new round of strategic financing led by Presto Labs at a valuation of US$1 billion. The specific financing amount was not disclosed.
The token supply that CoinList will sell on February 9, 2024 is 2.5 million MSN tokens (2.5% of the total supply), with a unit price of $1.75.
The article comes from the Internet:Has the aura of wealth faded? The ups and downs of CoinList under the bull-bear cycle
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