Liquidity is one of the most important components of a good exchange. Without liquidity, traders are less likely to trade and volume is less likely to rise.
Market liquidity is the degree to which an asset can be bought or sold without affecting the price of that asset. So, an exchange where you can buy multiple Bitcoin without the spot price rising has good liquidity. If purchasing multiple Bitcoin raises the price noticeably, or there aren’t even enough orders to fulfill your request, the exchange has poor liquidity. For more information about liquidity, see Investopedia.
Currently the liquidity on the COSS exchange is highly variable, depending on which pair you are trading. Some pairs have poor liquidity, some have reasonably liquidity.
The COSS team are making efforts to improve this over time, by making the exchange easier to use and incentivising trading through promotions and through the introduction of the COSS Fee Token (CFT).
Recently COSS announced they would partner with the Singapore based FinTech company SNAP Innovations to provide liquidity. The process of onboarding SNAP is still ongoing.
In the most recent medium COSS spoke about this and discussed that the process of introducing another liquidity provider had begun.
What Can B2C2 Provide to COSS?
B2C2 is a leading cryptocurrency market maker. They are used by clients around the world and have traded tens of billions in cryptocurrencies to date. B2C2 was founded in 2015 and is headquartered in London.
As a market maker, they have a large pool of cryptocurrencies that COSS can buy/sell from at reasonable prices. This is all handled automatically using bots and their API.
Garry Eng, CoinHako CTO says ‘B2C2’s API is simple to use, the prices are highly competitive, and they provide us instant access to liquidity, which has been an important part of scaling our business.’
B2C2 is a huge liquidity provider that COSS can utilise to provide some good depth on the main pairs. With liquidity comes volume, which is good news for the fee split allocation paid to COSS token holders. Volume is also good for the price of CFT, as it will trend upwards with increased volume.
More Liquidity Providers on Their Way?
In the Medium, it is also stated that SNAP and B2C2 are just ‘two of many’ that COSS are in talks with over liquidity. With a combination of providers, liquidity could improve dramatically over the next few months. Once we begin to see these companies in action, trading on COSS will become much quicker and easier. Expect to see a healthier FSA too.
Any thoughts on the other companies that COSS could be in talks with about liquidity? Leave a comment below.
Congratulations, you’re now helping support liquidity on COSS and earning some profit along the way!
On a Desktop or Laptop PC
To get started on a PC, you will first need to install an extension for Google Chrome, or the Brave Browser called Metamask.
Head over to Metamask.io in either Chrome or Brave. Then click ‘Get Chrome Extension’ (this works on Brave too, as it is built on Chromium).
Once installed, you should get the ‘Welcome to Metamask’ popup. If not, you can access Metamask from the fox icon in the top right of your browser. Click Get Started.
You’re probably looking to create a totally new wallet, so on the next page, select ‘Create a Wallet‘ which will create a new wallet within your browser. You will have the private keys for this wallet, so you can restore it within another browser or app whenever you like.
You will then be asked to create a password. This is needed to display the wallet in the browser or to connect the wallet to a website.
The next step is to receive your private key or ‘Secret Backup Phrase‘. If you are familiar with cryptocurrency wallets, you will know the importance of this key and how to back it up. If not, please read this next paragraph carefully, or you could lose your funds!
The 12 word phrase shown on the next page is very important and is required to restore access to your funds should you ever be unable to get back to your browser. If anyone sees this key, they can access your wallet and take your funds. It is very important to keep this phrase both safe and private. Never reveal it to anyone. Do not store it on a device that other people could access.
The next page will test that you have copied this phrase down correctly.
Funding Your Metamask Account
Now that you have Metamask set up, you need to add some ETH to your empty wallet!
Access your Metamask account by clicking the fox in the top right of your browser and click the Deposit button.
You now have a range of options to get ETH over to Metamask. If you already own ETH elsewhere (an exchange, hardware wallet, etc.) choose Directly Deposit Ether to get your Metamask account address. This is the address to send your ethereum to.
Purchasing CELT With Ethereum
You can now visit the CELT webpage and Metamask will ask if you’d like to allow the website celt.dvx.me to access your account. It is safe to allow access, as this is how the site receives your public address (no private information is accessed).
Once connected, you can now buy and sell CELT using this website. Type how much CELT you would like to purchase in either the ETH amount or the CELT amount. Remember, 1 ETH = 995 CELT.
Confirm the transaction in Metamask. Metamask will notify you when the transaction has completed.
Verify the transaction completed successfully by refreshing the CELT webpage – here your new CELT balance will be displayed.
Showing CELT Balance in Metamask
You can always check your balance at celt.dvx.me but if you want your token balance in Metamask, follow these steps:
Click menu and scroll to the bottom to reveal ‘Add Token’
Click ‘Add Token’ and then choose ‘Custom Token’
Fill in the contract address, which is 0x35f06858577b526a9351C6d42c89748281b6FE30 (Old 1.0 token) – New CELT 2.0 token for use with CELT purchased via IEO on COSS.io 0x99a3a5333b4eb80192149f9edd42d1d57ac591ee
The remaining fields should fill in automatically, but if not – Token Symbol = CELT and Decimals of Precision = 18
Click ‘Add Token’ and CELT is now displayed in Metamask.
Connecting to a Hardware Wallet with Metamask
Perhaps you already have ETH on a hardware wallet and don’t want to move it over to Metamask, but still want to access the CELT website.
You can connect your hardware wallet directly to Metamask by clicking the pie-chart-esque image on the top right of the Metamask popup. Click add hardware wallet.
A new window will pop up asking you to add a new account, from here you can connect your hardware wallet by following the instructions on screen.
On a Smartphone
To access the CELT contract and purchase tokens on a smartphone, you will need a browser that has an in-built ethereum wallet.
Two examples are Trust Wallet and Cipher Browser. Download whichever you prefer and set up your account wallet. You will need to send ETH to your account from an exchange or another wallet. Follow the in-app instructions to get ETH in your account.
Accessing the CELT Website on Trust Wallet
On Trust Wallet, click the ‘DApps‘ menu icon at the bottom centre of the screen.
At the top of the page, you will be able to enter a website. Type, celt.dvx.me to go to the CELT website.
From there, you will be able to access the site and purchase CELT with the Ethereum in your Trust Wallet.
Accessing the CELT Website in Cipher Browser
The process for purchasing CELT on Cipher browser is exactly the same as above. Send ETH to your Cipher browser ethereum address and then access celt.dvx.me using the in-app browser.
The browser is the bottom left icon on the menu, from there you can type in the CELT address like any normal browser.
The fourth round of ‘Guess the Coin’ closes imminently. This competition allows COSS account holders to try and guess the next coins to be listed on COSS. The prize for getting both coins correct is 500 CFT (~$14 currently).
My previous attempt at guessing the coins was not even close. However, this time round, I’m much more certain, which is why the publish date is very close to the end time of the competition.
10 winners will be drawn at random from all the correct entries. To enter, you will need to submit your entries via the official Google Docs form, or you can just click the button below, after you’ve read through the clues.
CLue 1: AI, anyone?
Clue 2: Getting rid of silos
You have until 14th April 00:00 GMT (8AM in Singapore), to send your answers in via the Google form. You must have a COSS account to be eligible to win, and the email you submit via the form should be the same as your COSS email. Winners will be notified by email, so make sure it is valid, and check your spam folder!
There are a lot of coins out there focussed around AI, so the first coin isn’t initially obvious. From the logo, it looks like the pixelation is hiding an ‘S’.
With not a lot to go on, I headed to Google and used the power search site:coinmarketcap.com AI which brought up all the tokens listed on Coinmarketcap with ‘AI’ in their description. Unfortunately, this also brought up all descriptions that linked to a site ending .ai.
One result did stand out however:
The next token was easier to recognise by its distinctive logo. The pixelation looks like it is hiding the lower case ‘sigma’ (σ) character.
After searching for the distinctive logo on Coinmarketcap, I found LTO, whose logo looks exactly like the one in the clue. However, no mention of silos in the description. Heading over to their website, still no mention of silos. In fact this token seems to offer nothing like what you would be imaging with a clue like ‘Getting rid of silos’.
Not put off, I used the Google power search again site:https://lto.network/ silo and found ‘The data silo problem‘.
Your Thoughts on These Guesses?
As I mentioned at the start of the post, last time my guesses were completely wrong! So if you are placing your trust in me this time, then good luck!
I think you’ll agree, if you take a look at both of these coins, there seems to be strong evidence they are the right answers.
The competition closes very soon, so if you still haven’t had a guess, take a shot now. If you have any thoughts on other coins the clues could be hinting at (and are willing to share), leave a comment below.
CELT 2.0 is the next step for the community driven liquidity bot running on the COSS.io exchange. First created over a year ago by Spielley, the bot has helped to tighten spreads on trading pairs, improving the liquidity of COSS.
The premise of CELT is simple, set limit orders to buy low and sell high. This creates liquidity and turns a profit. The improved liquidity and tight spreads on pairs that CELT operates on entices traders to use the COSS exchange, creating volume and FSA for COSS token holders.
What Is CELT 2.0?
CELT 2.0 improves on the original implementation by introducing a whole new token and smart contract that allows holders of the token to earn a share of the bot’s profits, sound familiar?
The bot will continue to operate in the same manner, tightening spreads and improving liquidity, but holders of the CELT 2.0 token will be able to take a weekly profit split allowance (PSA), a great incentive to get people helping the COSS exchange.
Funds earned from the sale of CELT 2.0 tokens directly fund the CELT bot. The more funding the bot receives, the more volume and liquidity it can bring to the COSS exchange. This of course, means greater rewards from holding the COSS token.
COSS receives criticism for limited liquidity. With CELT 2.0, COSS supporters can take matters into their own hands and support liquidity on the exchange, whilst earning a profit at the same time!
Buying CELT 2.0 Tokens
The original CELT tokens were pegged to Ethereum, with a flat rate of 1 ETH = 995 CELT. Owners of the original token will receive CELT 2.0 at the same rate. Following a snapshot on April 15th, CELT holders will receive a 1:1 rate of CELT 2.0. Any CELT tokens purchased before the snapshot will receive CELT 2.0 at the 1:1 rate.
CELT 2.0 Token Sale
A total of 10,000,000 CELT 2.0 tokens will be created. 9,350,000 will be made available through an initial exchange offering (IEO) at a rate of 1 ETH = 995 CELT 2.0. If all tokens are sold this will create a huge 9,396 ETH fund for the CELT bot to work its magic on the COSS exchange.
The remainder of the tokens will be reserved for the CELT 1.0 token swap, marketing and development.
The token will be purchasable on a yet-to-be announced Singapore exchange.
CELT 2.0 Profit Split Allowance for Token Holders
Much like the COSS token, profits created by the CELT bot will be distributed amongst CELT 2.0 token holders. 95% of the profits earned will be distributed evenly, depending on the number of CELT 2.0 held. The more CELT 2.0 you hold, the more you will receive from the PSA.
A snapshot will occur weekly, assigning users their share of the profits. Holders can take their profits whenever they wish. To prevent the token being considered a security, the profit split allocation (PSA) must be collected manually, but does not need to be collected each week.
The whole PSA is managed by a trustless, decentralised script. This means everything is done automatically, much like how the fee split allowance (FSA) is handled on COSS.
The more funding CELT raises through the CELT 2.0 token sale, the greater the profits it can achieve. With greater funding for trading, the CELT bot can achieve better fee rates on the COSS exchange, making it able to create even tighter spreads with better profits.
The current fund value stands at around 130 ETH. With this, CELT is creating around $40,000 volume per day. With 10,000 ETH of funding, the impact on CELT’s volume will be much, much greater.
From the profits, 5% is currently allocated to be redirected to the dApp ecosystem – PLinc Hub. This system, also created by Spielley, allows holders to earn 110% of their stake back over time. Profits from PLinc Hub can be fed back into the CELT fund.
Why You Should Buy CELT 2.0
CELT 2.0 is run by Duane Devante Lewis and Spielley. Both are well known and respected members of the COSS community who simply want the COSS exchange to excel. They worked together to create CELT 2.0 for the benefit of all COSS holders, as the better the exchange performs, the more we can earn as COSS token holders.
The bot has proven that it can be profitable with the relatively small fund that it has currently. The CELT 2.0 token sale is a fundraising measure that will greatly improve the abilities of the existing CELT bot, whilst also earning investors a share of the profits.
The creators recognise that the bot funds are 100% that of its community investors. With these funds the bot and decentralised token smart contract offer holders a way to come together as a community to improve the COSS exchange and earn some profits along the way.
By bringing liquidity to COSS, CELT 2.0 makes the exchange much more usable and attractive to existing and new traders. This has amazing potential to drive volume on the exchange to unseen heights.
Round 3 of the ‘Guess the Coin’ competition has ended, revealing the next coins to be listed on COSS. The two coins announced were Genesis Vision (GVT) and Storj Labs (STORJ).
Trading is now live for both of these tokens on COSS.io. Both tokens are trading on the BTC, ETH and USDT pairs.
Round 4 of ‘Guess the Coin’ is currently open for entries and closes April 14th 00:00 GMT.
About Genesis Vision
Genesis Vision is a decentralized asset management platform built on blockchain technology. It connects people who want to trade with individuals that are experienced in trading. It also creates a total transparent system of investment and profit distributions, due to the nature of the blockchain and smart contracts that the platform is built on.
Investors can invest in Genesis Vision managers, who use the funds raised to invest in a range of markets, including cryptocurrencies and traditional commodities. An investment is made to the GV manager in GVT – the token that fuels the investment platform.
Above shows an example of a fund manager investing through opportunistic FX trading, with an overview of their performance. The platform also offers benefits to the fund managers, as it gives them access to a wide range of investments. This means they are not limited by the available assets provided by a single broker.
Storj aims to provide decentralised cloud storage to its community. Files are split up into smaller components and dispersed across an array of devices, with users maintaining control of their keys, which grants them access to their files, at all times.
A decentralised, more secure platform that is cheaper and simple for developers to use and integrate will help Storj take on the likes of Amazon S3. Tardigrade.io is the production-ready version of the Storj network.
The STORJ token is intended to be the primary method of payment for the service, although other payment types may be accepted in the future. Users running storage nodes essentially rent their extra disk space, for which they are paid in the STORJ token. This blog post has more specifics about the token itself.
Congratulations to those that correctly guessed these coins and to the winners of the 500 CFT. If you didn’t get a chance to enter this round, round 4 is now live – go and check it out to be in with a chance of winning 500 CFT!
The Fee Split Allocation (FSA) is the 50% share of all exchange fees distributed to COSS token holders. Previously this has been paid weekly, but in today’s official Medium update from COSS, it was announced the FSA is soon to be paid daily.
The FSA distribution is an automated script that runs Monday evenings (around 16:00 Singapore time). This script calculates what fees taken from the exchange should be paid to COSS token holders, depending on the number of tokens held and the total number of COSS tokens included in the snapshot.
Daily FSA distribution was always planned with the recent upgrade of the COSS exchange to version 1.2. It is also a feature that has been frequently requested by the community.
At current volume and average fees, the value of a daily FSA would be around $0.35 per 10,000 COSS held.
The Benefits of a Daily Distribution
The primary reason for moving to a daily distribution of FSA, is to ensure that the estimated USD value of the FSA is a more accurate reflection of what was actually distributed.
The problem was visible most recently with the launch of CFT. As was expected, the USD value of CFT dropped shortly after trading opened. This meant that the USD value of the FSA was almost half what people were expecting – even though the amount of tokens received had not changed much.
Better Estimated USD Value for FSA
With a daily distribution, the estimated USD value would also be updated daily, making it a more accurate reflection of the real USD value. It also becomes less vulnerable to inaccuracies should a token in the FSA have a sharp rise or fall in value.
Positive Psychological Factors of Daily Distribution
Another benefit of a daily FSA distribution is a psychological one. Something that pays out a real value, everyday, sounds more appealing to investors. There is less of an apparent risk if the FSA can be collected whenever the user desires.
Initially, whilst the exchange volume and FSA is still ‘low’, there could be a negative effect as well. COSS holders have become used to seeing values such as $2+ per 10K COSS for the weekly FSA. This equates to around $0.35 a day. Even though it would be paid 7x a week, the number is still lower and could make the perceived returns of holding COSS seem less.
No Weekly COSS Token Dumps
Some traders like to hold COSS before and during the FSA snapshot to ensure they get their entitlement to the FSA, before then selling their COSS stack to try and swing trade during the week.
This weekly influx of COSS tokens on to the market puts selling pressure on the token, which of course lowers the price.
Although not noticeable every week, removing the weekly FSA should make the COSS token’s price more stable.
Any Negatives for a Daily Distribution?
On the whole, moving to a daily FSA distribution seems like a positive move. However, there could be some potential speed bumps along the way.
At the exchange’s current volume, the USD value of a daily distribution will be quite ‘low’. Meaning COSS holders will need to wait some time before distributing their FSA to their account wallets anyway.
Not all users are aware that the FSA holdings can be held indefinitely, so some may try to take their FSA profits as often as possible. If their COSS holding is small, this might prove to be very inefficient with the 0.001 ETH fee!
With the current on-site analytics we have for the FSA, keeping track of how it is doing will be more difficult. Statistics will be displayed for the day only, with no history, if it is kept how it is.
I’ll continue to do a weekly roundup of the FSA, looking at the total coins received over the week and comparing it to the previous week.
The FSA script is going to be running on a daily basis, once daily distributions go live. This is also another potential point where issues could occur. With the script running 7 times a week instead of one, there are more opportunities for errors to occur. The FSA has been running very well (apart from a slight hiccup when PGT changed ticker to PGTS), so this is unlikely to be of real concern.
This week’s FSA was delayed slightly due to a technical error with the automated process. The FSA is run automatically, but hit a snag due to the upgrade of the Puregold token ticker from PGT to PGTS.
The FSA script was rerun the following day (Tuesday) and once complete, the values showed the correct amounts. The FSA wallet link was briefly disabled during this update period.
FSA Value at Snapshot – $2.47
The value of the FSA per COSS was 0.0002475595947981745771363, making the value $2.47 per 10,000 COSS. 113,928,191 COSS were included in the snapshot.
The previous FSA was somewhat controversial as it coincided with the opening of CFT trading. As the price of CFT initially dropped, the FSA value appeared quite low. The latest FSA sees a return to the previously received values.
At $2.47 per 10K $COSS (@ $0.071 per COSS) that’s 17% ROI. This of course assumes that no factors change throughout the course of the year (COSS price and FSA value), both of which will of course fluctuate over time.
The average volume for the 7-day period for which this FSA was calculated was $11.7 million.
USD Value of Fee Split Allocation
Value per COSS
Value per 10K
Token Value of Fee Split Allocation
Tokens Per 10K COSS
Future Fee Split Allocation Updates
This post is the first of the FSA update series. Over time, the collected data will grow making the analysis more beneficial. For example, next week will include percentage changes in coins received in the FSA.
If there is a particular stat that you would like plotting over the course of this series. Please let me know if the comments section below.
COSS recently held a promotional contest to drive members of the community to create videos about the COSS exchange and platform, or either of the COSS/CFT tokens.
The promotion received around 30 entries. Up for grabs were 12 prizes of $1,000 dollars worth of CFT and COSS. Two videos won multiple prizes, making a total of 10 winning participants.
Community & Management Favourites
As well as prizes for the most views, there were also two prizes set aside for the community and management favourites. The community favourite is the featured image of this post, at the top of the page. Both these videos also won a prize based on views and other criteria, earning an additional $1,000 for their creators.
The community favourite video features an overweight man attempting ballet with the overlay “Because Jared receives weekly FSA from coss.io. He has retired from work. And has more time to do the things he loves. Sign up to coss.io today and spend more time doing the things you love.” – SirJarHead
The management favourite – Coss IO – Join the Crypto Revolution, by adrien ribeiro, focusses on different areas of Singapore. Kaleidoscopic effects and a drum beat in the background create a modern feel to the video. The video also shows someone using different aspects of the exchange and footage of the COSS offices.
COSS Promotional Video Winners
The following videos won a $1,000 prize based on the number of views they managed to earn during the competition and other criteria.
COSS.IO comparison with Binance and Kraken – 406 Views
Eating Spicy Popcorn🍿 – Talking About COSS ❤ – Laugh At Me While You Learn 🤓 – COSS Promo Video 🎥 – 644 Views
Coss! The Next Cryptocurrency Exchange to Moon like Binance and Kucoin?? – 848 Views
Coss – Crypto Exchange – Promo – 3,408 Views
Coss.io – The Best Regulated Cryptocurrency Exchange – 4,249 Views
Coss Promotional Video – 4,443 Views
COSS.IO – Are you ready for the next step? – Coss Exchange – 4,519 Views
COSS.io THE exchange that fills all your needs! – 5,677 views
Which video was your favourite? You can let us know in the comments below. Give these videos a share on social media as well, to continue to spread the knowledge of COSS!
COSS Fee Token (CFT) was introduced to the COSS exchange at the very end of 2018. In short, the CFT token enables you to get 25% off trading fees on COSS.io.
CFT gives 25% discount on fees
CFT is consumed to pay for fees
Value of CFT determined by market price on exchange
Half of CFT used for fees returned to COSS holders in FSA
Incentives for holding CFT such as voting and airdrops
Monthly burn of 1M CFT
How Does CFT Work
During its initial release, the CFT token could only be bought through an IEO (initial exchange offering) on COSS.io, where the price was fixed at $0.10. A few months later, public trading opened up and you can now buy CFT like any other token on the exchange for the market price.
Once you purchase CFT it goes to your CFT wallet. It will not be used to pay for fees unless you enable it in your settings page.
Once this setting is enabled, your fees will now be paid for in CFT instead of the currency you are trading. This will give you 25% off all trading fees paid with CFT.
Fee Example Without CFT
A total of 2,500 COSS were purchased for the price of 1.15 ETH, with a fee of 1 COSS.
Fee Example With CFT
The same amount of COSS was purchased for 1.15 ETH, but the fee was 0.75 CFT instead of 1 COSS. In this example, 1 COSS = 1 CFT, but note that the price of CFT is variable. As you can see, by using CFT, you make a saving of 25% on fees.
How Much CFT is Used for Fees?
Because CFT is used to pay for the fees, it needs a value. This value is determined by the open market pairs. An average price across all the CFT pairs is calculated, pairs with higher volume have more impact on the average price.
Current CFT trading pairs are COSS/ETH/BTC/USD/USDT.
If the CFT price across all these pairs is equal to $0.10, then the value of CFT when used for fees is $0.10
If the CFT/COSS had $10,000 volume @ $0.10 but CFT/USDT had $100 volume @ $0.01, the price used is still going to be close to $0.10. This is due to the higher volume on the CFT/COSS pair.
The current price below is how much CFT is worth when using it to pay for fees. Divide 1 by the dollar value below, and that is how many CFT are consumed per $1 of fees.
Because there is strong incentive to use CFT to pay fees because of the 25% discount, a large amount of CFT (~90%+) is currently received in the FSA.
Benefits of Receiving CFT in the FSA
Before CFT was introduced, a wide selection of tokens were generated from holding COSS and paid into your FSA wallet. However, due to the large variety of coins received, if you didn’t have a large amount of COSS tokens, you accumulated a lot of dust that was not worth distributing from your FSA wallet to your main wallet. Remember, distributing costs 0.001 ETH per token.
COSS holders now receive most of the FSA in CFT, which makes distributing their FSA more efficient for small holders.
The CFT markets should be more liquid than some of the altcoins received in the FSA, again making it easier to sell. In theory, there should always be a demand for CFT as it provides an instant 25% off fees.
Another benefit of receiving CFT in the FSA is it means most COSS holders can trade for free. As long as you hold COSS, you will always receive a steady stream of CFT to trade with, making those trade essentially free for you as you only paid 0.001 ETH to distribute them.
How Many CFT are Distributed in the Fee Split?
50% of CFT used for paying fees is given back to COSS token holders every week. The amount of CFT needed to pay a fee is calculated on a per trade basis and depends on the current market price of CFT.
Tables below assume 90% of fees paid with CFT and 50% of CFT is given to FSA.
Total Exchange Fees ($)
CFT Price ($)
CFT to FSA
In the example above, you can see that when the price of CFT fluctuates, more (or less) CFT is accumulated in the FSA. 750,000 CFT would be distributed to COSS holders and the rest returned to the exchange, removing it from supply for the time being.
Total Exchange Fees ($)
CFT Price ($)
CFT to FSA
If the price of CFT continues to decline, look at how the amount needed for fees rises. To maintain the same exchange volume with a declining CFT price as in this example meant 3.42M CFT were needed to pay fees. (1,710,000 x 2), but only 753,750 were distributed in the FSA the week before. The 2,666,250 CFT deficit would need to be purchased on the exchange or used from users holdings. This buying pressure would push the price of CFT up.
Incentives for Holding CFT
There is value in holding CFT as well as using it for fees. Previously, holders of 5,000 and 10,000 CFT have been rewarded with Substratum and Bitwatt airdrops.
The CFT must be in your account wallet (i.e. not FSA wallet) to receive the airdrops. There are more planned, although the amount of CFT you will need to hold is very likely to change.
Also mentioned was the possibility for using CFT to vote for things such as community listings. This has not yet been implemented, but is planned at some point for the future. Many other features are also on the drawing board.
You could also hold CFT just for the speculation on its price rising. The price of CFT is likely to rise, as long as COSS maintains a working exchange. This is due to the fact that 50% of circulating CFT is returned to the exchange via the fee split every week and the economics of the token imply upwards price trend.
As the price decreases more CFT is required for fees and people use their holdings faster, needing to buy more. Yes, people also receive more CFT in their FSA, but only 50% of what was circulating last week, so demand exceeds supply.
The 20,000,000 CFT @ $0.10 did not sell out, so the remaining CFT was put on the market across a larger spread in smaller 100,000 amounts e.g. 100,000 @ $0.101, 100,000 @ $0.102. The remaining CFT left from the private sale has been committed to be burned.
A monthly burn of 1,000,000 CFT takes place at the start of every month and will continue for 10 years until the circulating supply is down to 120,000,000.
CFT can be burned using function 4 of the smart contract. This can be access through Etherscan and connecting with Metamask, doing so will burn the coins from your ethereum wallet and reduce the circulating supply.
An error during the update of the COSS engine at the start of 2019 is affecting a small number of users. Wallet balances for COSS in these cases are showing 0. If you are affected by this error, do not worry as a snapshot was taken of all balances before the migration. Your funds are safe, but you may need to wait a few days/weeks for COSS support to verify your claim and return the coins to your new wallet.
This error seems to be affecting users who had not logged in for an extended period of time (6 months or more) before the update of the COSS platform to 1.2 around the end of 2018.
A response from the support team says that they are fully aware of the issue and your missing balance will be returned.
“Our developers are currently working on a fix for all users that have missing COSS and other currency balances. Your balance will be returned back to your account when the fix is deployed. Please take note that this process might take a while, we thank you for your patience.”
How to Get Missing COSS Balance Back
If you have confirmed that your COSS balance is missing, you can contact the COSS support team to get back your missing funds.
Contact COSS support via freshdesk and submit a ticket – you do not need to log in. Make sure to fill in a valid email as this is where updates on your issue will be sent. You should receive a reply within 48 hours, if not check your spam/junk folder. If you still can’t find anything, you can contact support via telegram.
The amount of time it takes for the funds to be returned has varied in each case. Some have returned within days, others after a few weeks.
It seems when the wallets were changed during the 1.2 upgrade, not all tokens were moved from the old to the new wallets. COSS still holds all the private keys for the old wallets, so they will be able to move the funds across for you.
Most users have received their COSS tokens back, but if you have not you should contact support.
It’s worth noting that when your COSS tokens are returned, the FSA value will say 0.00 until the next FSA distribution takes place on Monday.