Case Study: CoinList

Clayton Menzel
November 9, 2021
minute read

CoinList’s mission is to accelerate and advance blockchain adoption globally. Advancement in this space is driven by the projects and protocols themselves. CoinList participates in this advancement by identifying promising projects and enabling them to be successful over the long term. 

They have become the global leader in helping blue chip projects like Filecoin, Solana, Celo, Algorand, Flow, and others connect with hundreds of thousands of new token holders. Yet their commitment to these projects does not stop there. CoinList supports the full lifecycle of crypto participation for their users, from token sales through token distribution, trading, lending, and staking — all value-add activities that help the projects to grow and succeed. 

In the case of Proof of Stake protocols, their long term success is dependent on the success of their validator and delegator communities. With the help of Figment, CoinList provides seamless access for users to earn protocol rewards for their network participation and at the same time improve the network security for these novel blockchains.

"We are really excited to be working with CoinList, their goals to help grow the overall blockchain ecosystem, help innovators launch, and support the long-term growth of protocols align well with our goals and values." – Mike Baer, Head of Business Partnerships

How does CoinList staking participation work ? 

CoinList initially launched staking and delegation support in mid-2020 on the CELO network. Since then, CoinList has launched staking and delegation on ALGO, CELO, ROSE, CSPR, MINA, NU, and FLOW, with several more on the way. Since all protocols are unique in their implementations of Proof of Stake, CoinList implements staking for the community through a variety of structures. For certain networks, CoinList implements staking for all users who hold balances on CoinList with no lock-ups. For other networks, token holders are required to opt-in and accept a lock-up period. In all cases, with the help of Figment we aim to make the process as simple and easy as possible. 

What new exciting things is CoinList doing ?

CoinList was started with a small, dedicated base of true crypto believers that supported projects like Filecoin, Blockstack, Solana, and more. This community of early adopters has helped incubate and grow these projects to where they are today. By earning the trust of the projects and early adopters, CoinList has grown our own community to more than 5 million users in 2021. However, it’s important that we stay close to our values and the roots of our community as early adopters and innovators. 

We recently launched CoinList Karma to ensure that we are rewarding those community members that deliver the most value to new projects. CoinList Karma is a reflection of a user’s contribution to token networks on CoinList. The greater your contribution through value-add activities, the higher the Karma. Current activities that generate Karma include participating in hackathons, validator/miner programs, and staking. Currently the primary reward for high Karma is priority access to new projects, but we expect to expand the rewards and activities in the near future. 

What is the relation between Figment and Coinlist?

By leveraging Figment’s infrastructure, the CoinList community of early adopters can easily participate in supporting networks post-launch by increasing network security and decentralization, while participating in the long term ecosystem growth. CoinList community members are now staking more than $3 billion in assets and have earned more than $130m in rewards. 

Beyond staking, CoinList also leverages Figments infrastructure to query data from many of these protocols. By creating a uniform API to query data across chains, Figment allows us to rapidly expand our support for new protocols with minimal upfront investment. 

Figment also helps relay deeper “Alpha” information back to us on specific protocol updates, governance proposals, and future network changes, which allows CoinList to be more actively involved in the long-term health of the protocols we support, and of course inform our users about being active participants which is essential for Proof of Stake to succeed.

"Figment is unique in their dedication to supporting the breadth of innovative new protocols and projects early in their lifecycle. We are thrilled to work with them as we grow the global adoption of blockchain technology." - Scott Keto, COO Coinlist

About Figment

Figment’s purpose is to build a better Internet by increasing usage of the next generation of Proof of Stake blockchains.

These efficient blockchains give people greater control of their data, more privacy, and increase financial inclusion. By eliminating intermediaries they also limit the power of centralized data monopolies, rent seeking financial institutions and anti-social algorithms.

We bring our mission to reality by helping investors stake their tokens; earn yield and participate in securing the blockchain. Our Hubble and Prime applications as well as our governance expertise allow token holders to analyze, monitor and make informed decisions. We build Web 3 developer communities via our Learn education program and then make it simple for these developers to launch applications and manage smart contracts via our DataHub platform. And finally by building and operating The Graph based indexers we enable the efficient search and querying of blockchain data.

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