Several DeFi projects at Uniswap have faced hacks due to flaws in their smart contracts. How safe is COIL contract such as a project with an elastic supply model? How often do you conduct safety audits?
Many projects rush and put users funds at risk. Coil is very safe, as we have forked from Ampleforth who had multiple security audits done and was heavily scrutinized. The team always keep an eye on the network, and Coil is also Etherscan audit verified. The team also have plans for their Spring Version that will have a loan type of system. However since this is more complex, instead of rushing this to market like most projects, they are developing this and will get it specifically audited since it is more complex. The team take time to make sure things are right instead of rushing development.
Security, Liquidation and Slashing risks are associated with Defi protocols. What are COIL countermeasures to deals with such risks? What are COIL Risk to Reward ratio, compared to other DeFi protocol platform?
Coil is designed to help prevent and fix these risks. Coil is made to fix and protect against these major risks in DeFi. Back in March when BTC crashed, DAI almost broke its peg because all the assets were too correlated and fell with BTC. If Coil was used as one of these collateral assets, it would have automatically adjusted its supply and contracted it making Coil more scarce, driving its price back up. Helping to minimize these risks for DeFi users.
Coil is designed to be able to adjust to supply and demand shocks in the market helping to fix liquidation and other risks. Coil has very low risk and high reward. They are very low in marketcap and supply, and Coil have $200k in Eth locked as liquidity in our pool on uniswap.
Remember with Coil, it is non dilutive. If you own 10,000 of our current 2,000,000 coil, then you own .005 share of the Coil network. Coil has very low supply and low marketcap right now, so you can own a share of our network before we grow and are big.
At 10 mil mcap you still have .005 share = $50k.
When coil is 25 mil mcap, you still own .005 share = $125k.
When coil is 100 mil mcap you share is still .005 = $500k.
So you always hold your same share even if you have more or less Coil. A even if price is $1 at all of those marketcaps, you will just have many more Coil.
Why have they chosen the ETH blockchain over other Comparatively faster and Scalable chains and do you have plans for mainnet
The team see ETH gas and speed as an issue as well. Coil will be bridged into many ecosystems including Polkadot and others like NIX/NBT who are working on building a fully private ecosystem. Coil can bridge and work in many ecosystems and will in the future. But for now everyone is building on ETH, and they start where the most companies and users are.
