An old dev has drained a large part of the lp for AQUA, so to prevent him from wiping out Coil's lp we are removing liquidity.
Unfortunately due to eth gas fees, changing markets, moving away from decentralized stablecoins after the UST crash, Coil was not as successful as we all hoped.
So we have decided it is best to distribute the ETH back to the community.
We will be leaving a smaller amount of liquidity in the LP, and Coil will continue to trade and can be used or built around by anyone.
At the time of this message Coil is trading at 67c.
Everyone will have an option to redeem all or a portion of the Coil they hold.
Users that hold and bought Coil before 2022/12/20 can redeem for $1.13 (targeted inflation peg) in ETH.
ie if you have 100 Coil, you will be able to claim your $113 in eth.
This will remain open until Jan 07, 2023 where all redemptions will stop, and the website will close.
Instructions to redeem your Coil:
1. Send Coil here - 0xA5e78633D042ccD9aC91c86E5E9950D899d5a4E2
2. $1.13 in ETH will be sent back for each Coil sent. if .5 Coil then $.56.5 cents in eth will be sent etc.
3. Only Coil bought before 2022/12/20 can be redeemed