So, another CoinList crowdsale... this one happening at a bit of short notice to CoinList users. Ah well, I guess that isn't a problem if you have already set up an account or have been a frequent user or participant in the crowdsales. I guess in some ways it is good, as it makes it a little bit harder for hordes of people (or bots) to start making accounts to join as they will also need to pass the KYC/AML proofs. On the other hand, it can be a bad thing as it makes it more difficult for the community of a project to join at short notice as well... as they are not really likely to have been users of CoinList. All the more reason to just sign up and have an account ready to go when a particular project catches your eye!
... however, the more critical reason is the priority queuing system that is dependent on your Karma points on the CoinList platform. Karma points are earnt by interacting with CoinList in all its forms, and this potentially entitles you to the priority queue for the crowdsales... which are MUCH MUCH more enjoyable experiences as you are more likely to find yourself with a purchase spot... and you are battling with multi-account and bot farms with completely ridiculous queue lengths in the regular queue.
So, what is Biconomy? It is one of these infrastructure projects that interest me much more than the application ones. Sure, the application projects are definitely the ones that will be more flashy... but you need the boring infrastructure to make the whole decentralisation and Web 3 thing work. Biconomy is betting on a multi-chain future.. which is a pretty reasonable assumption. In which case, they are aiming to abstract away all the blockchain and cross-chain details away from the end user.
It is definitely a middle-man project that is a bit of what the entire cryptocurrency thing was supposed to move away from. However, pragmatism seems to suggest that most people are actually comfortable and indeed would LIKE a middle-man to handle all the technical and responsibility details. Much in the same way that we don't all want to know how DNS or anything like that works... we just want to use websites and have our computers just work with fiddling around with protocols.
So, this is the problem that Biconomy is aiming to solve. Abstracted blockchains and cross-chains... interestingly enough, they have re-introduced the concept of using tokens to pay for blockchain gas fees... the sort of thing that was just removed in the latest London update for Ethereum.
The part that differentiates Biconomy from a "proper" middleman is the fact that they will be providing API/SDK tools so that their services can be easily integrated into end user experiences by dApp developers.
Again, we have the familiar two round option, with one round having a longer lockup time but a cheaper token price... and the faster lockup having the slightly higher token price. I tend to purchase on CoinList crowdsales for long-term holds anyway... so the lower priced option is more attractive to me generally... but that said, seeing as it is the second sale, I tend to invest in both sales to avoid missing out by playing games. Plus, the second sale is a bit awkwardly after midnight... and that means that I will have to be setting an alarm for the middle of the night... This time, the second round long-lockup is significantly lower in distribution size than the first (and the lower price means that it will also deplete faster during the sale), so it is less likely to win a purchase spot on that one!
I'm afraid that most of the projects that have already integrated the Biconomy tools are not really that well known to me. As far as I can see, there seem to be many new projects and not many of the older ones... most of the ones that I recognise are the ones that have launched on BSC, except for Aavegotchi... which I think is still on Ethereum mainnet?
The platform has been live for a while, so it has had a fair bit of use already in terms of API calls and on-chain transactions. I guess that it is no surprise that I haven't noticed Biconomy integration in the projects that I have touched upon... that is the entire purpose of the whole thing!
So, there have been a few previous rounds already... private and VC rounds. Thankfully, that is a list with some recognisable names in there. That is always a mixed concern... that means that there is some smart money that believe that the project is worthwhile... however, they might also see the retail rounds as a trigger to dump on the "dumb" money. Who knows which way it goes... but given the past performance of Coinlist crowdsales... I'm more than happy to place some trust in the Coinlist vetting process.
So... a token without an actual use case is going to be worthless. Staking for node operation appears to be the principal use case of the BICO token, and of course delegation is going to be part of that for the smaller and non-technical holders. Interestingly enough, LP incentives is going to be part of the use-case as well... it is something that is likely critical for the easy transfer of tokens across chains, but I do wonder if they will end up falling back on other protocols like Thorchain for this?
... as always, there is a governance aspect. I do take part in governance for most of the projects that I have tokens for... but mostly out of interest and keeping up with the project developments. Mostly, this really a game for the whales...
As you can see, there has been already a significant chunk already been sold in private and VC seed rounds. Only 5 percent is allocated for the Coinlist sale... so, I'm a little wary about this. By itself, it isn't a huge warning sign... but it is something to keep an eye on. That said, I do have some interest in the vision of abstracting away the technical details from end users... that is really something that NEEDS to be solved!
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
FTX: Regulated US-based exchange with some pretty interesting and useful discounts on trading and withdrawal fees for FTT holders. Decent fiat on-ramp as well!
MXC: Listings of lots of interesting tokens that are usually only available on DEXs. Avoid high gas prices!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
Stoic: A USD maximisation bot trading on Binance using long-term long strategies, powered by the AI/human system of Cindicator.
StakeDAO: Decentralised pooled staking of PoS assets.