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Last updated: Nov 23, 2022
CoinWind is a smart yield farming aggregator platform that focuses on optimizing users’ yields by placing the deposited assets into different pools to generate higher returns through various liquidity mining strategies all combined with auto-compounding and mechanisms mitigating impermanent loss.
CoinWind was first launched on Huobi Eco-Chain (HECO) on February 22nd, 2021, and then expanded to Binance Smart Chain and Ethereum.
CoinWind has two main products aimed at generating profit: LP mining and Single asset mining. Currently, MDEX is the main mining platform for CoinWind.
LP mining involves providing liquidity by pairing tokens in the corresponding DEX, which will mint an LP token in return. These LP tokens can be then deposited into CoinWind farms to generate revenue. As soon as the LP tokens are deposited, the smart contracts will automatically search for the best liquidity mining opportunities across different pools, reinvest the generated income into high-yield projects every 5–10 minutes to maximize the return, saving time and gas fees for users. CoinWind does not charge deposit and withdrawal fees.
In case of single asset mining, the profit-generating mechanism is the same with the only difference that users need to deposit a single token, and the smart contract will automatically match the high-yield liquidity mining fund pool with an auto-compounding feature. Single asset mining is claimed to bear no risk of impermanent loss.
In addition, CoinWind minimizes the risk of the impermanence of LP pools through liquidity hedging. The protocol automatically monitors the pool’s LP prices and whenever the ratio of tokens is broken, it recovers the proportion. For instance, when the price of one token drops, meaning that there is a disproportion of tokens in a pool, the platform will automatically sell the token of higher supply in exchange for the token of lower supply in this particular pool. The returns of single token staking and LP mining are rewarded either in MDX or the platform’s native token COW.
Users holding COW can also stake their holdings in the platform for a certain period to receive the lock-up dividends in COW and obtain voting rights related to platform’s features. The platform offers two pools on BSC Chain - COW single token pool and COW-USDT LP pool; and two pools on the HECO chain - COW single token pool and COW-USDT LP pool. The pools opened for this phase are not locked, and users can withdraw at any time.
In order to start using the Coinwind app, users are required to connect a wallet first. Coinwind wallet support includes Metamask, Huobi wallet, TP wallet, CodeBank wallet, Math Wallet, Onto, Token Pocket, and others.
For liquidity mining, users need to navigate the Farms section and select LP farm to view all available pairs with their APY displayed at the bottom. Then, it is necessary to select the LP mining project and go to the corresponding DEX to add liquidity. After acquiring the required LP token, it is necessary to click on the selected pool, click the ‘Deposit’ button, enter the desired amount of tokens and confirm the operation by paying the gas fee. In case a user wants to remove assets, it is required to click the ‘Withdraw’ button next to the ‘Deposit’ button. The pop-up window will show the claimable amount of rewards and the gas fee.
For single asset mining, users need to navigate to the Farms section and select ‘Single Farms’, to view the options. After selecting the principal token to be deposited, the user needs to enter the preferred amount of tokens. Users can choose to either manually enter the tokens or click ‘Deposit all’.
Each deposit or withdrawal operation will trigger the contract to place the earnings in the users’ wallet.
COW is the native governance token of CoinWind with a total supply of 100,000,000. On May 25th 2021, CoinWind conducted the ICO of COW on three platforms: MDEX, WeStarter, and Helmet, with an issue price of $0.5 and a total of 3,240,000 COW.
The token distribution is as follows: 65% goes to rewarding liquidity miners, 15% goes to team reward, 10% to investors, 5% to foundation share, 3% to MDEX.COM, and 2% to event operation, marketing, and brand building.
In order to decrease the total supply of COW, the platform will buy back and burn tokens. Whenever the real-time COW token price drops lower than the 72-hour average price (on multiple chains), the smart contract will be triggered for buyback and burning.
Other benefits of holding COW are access to exclusive partner projects and the possibility to take part in their marketing activities and airdrops. COW will allow holders to propose and vote on on-chain governance proposals and as a loyalty reward, users holding COW will be given access to certain exclusive products and services of CoinWind.
The team behind CoinWind is anonymous. The protocol’s co-founder and community director names himself Musk and acts as a CoinWind spokesman in media and during AMA events.
CoinWind has recently partnered with Autofarm, a yield aggregator, and Horizon Land, a Metaverse game to bring more mining opportunities for users.
According to its roadmap, CoinWind plans to deploy on additional blockchains namely OKEXchain, Polygon, and Solana. CoinWind also plans to design an NFT platform, where COW tokens will serve as the value hub of NFT, support more underlying protocols, and increase the overall platform capital volume.
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