So… what is it?
$COOP began as part of a series of satirical Twitter videos created by Algorand content creator Cooper Daniels. They follow Cooper’s alter ego “DEV’N” and his desire to travel to Bitcoin Beach to convert it to Coop Coin Beach. Dev’n is pursued by cartel members and falls in love with Esmerelda, a Guatemalan who saves Dev’n’s life and convinces him to renounce his quest, culminating in all $COOP coin being airdropped to everyone who opted in, keeping none for himself. This was the start of something nobody could have imagined.
Now let’s chat facts and stats:
The tokenomics of $COOP is regarded as one of the best in the ecosystem, so let’s get into POI, Proof of Imagination!
Coop Supply: 20,999,999 one less than Bitcoin’s supply of 21 million.
With all tokens distributed and circulating here is a pie chart of the facts and stats!
The creator airdropped across 252 wallets who joined in on the joke keeping none for himself.
Coop hodlers has now grown organically to nearly 2.7k wallets.
Coop coin is bridged to 14 other networks, including Ethereum, Solana, Polygon, and more!
Community Rewards Vehicle and DAO are being developed to host governance for coop hodlers.
Find out correct real-time information all about coop at: https://coop.hair/
From meme coin to community coin!
Nobody could have expected what was going to happen next, the community started supplying liquidity across Algorand Dex’s such as tinyman, pactfi, and more, summing up to over $175k+ across pools. From 0 market cap to over 2 million in market cap all from Algorand’s community effort. They worked hard to start building utility for coop.
A pioneer known as D13 started developing a CRV (Community Rewards Vault). The CRV has many benefits including a governance and DAO space where coop hodlers can receive coop rewards, which were donated all by the community. We chatted to the talented D13, later in the article.
Now, bringing it back personally, one of the main factors why I see potential in $coop coin is the community strength. It is growing its own mini ecosystem on the blockchain that solved the trilemma, Algorand. Where its main principles are scalability, security, and decentralization, That’s already a great start in my book. We chatted to the man, the myth, the legend himself Cooper Daniels. Daniels speaks about “being an outsider to a project I created named $COOP but what the Algorand community has done to make it their own blows me away.” He follows this up with what many in the space are striving to achieve. “It’s actual decentralization.”
We also chatted to the Algorand Foundation CTO, John Woods about his thoughts on $coop’s community and how coop benefits from being on Algorand.
“Coop coin is a great example of a grassroots token, that’s captured the imagination of the community. It’s extremely well distributed, and of course, distribution on Algorand is near instant and near free!” – John Woods, Chief Technical Officer at Algorand Foundation.
What can I do with coop?
A lot. Just before we jump into it, it’s important to remember coop is an Algorand Standard Asset. $coop benefits from everything that the Algorand network provides, such as transaction speeds of 3.3 seconds, and set fees of 0.001 $algo, equivalent to a tenth of a penny. Not just that but Algorand is carbon negative which makes $coop carbon negative too. Now let’s check out some of the cool things you can do within the Algorand ecosystem with $coop:
Earn $coop by playing games on Zone.
Stake $coop to earn $meta with more staking pools about to be made on Cometa.
Buy and Sell NFTs with $coop on NFT marketplaces such as Exa market and Algogems.
Vault your coop coin on Vestige for passive release and for bigger coop hodlers to lock up their coop for long-term stable growth. – You can even burn your $coop if you wanted.
Win $coop across the ecosystem as a prize from many projects such as Algogator Finance, Algorand Casino, MNGO and so much more!
Prepare for $coop governance and the coop game that will be released on android/apple in the future.
And just for fun, read about coop on Cointelegraph here.
We had a chance to talk to one of the biggest utility builders for coop, D13. This is what he had to say about his experience developing such a community project.
“What made $coop exciting for me was its unplanned & improvised nature. Initially we thought that each individual would only ever get 1 $coop, and users opted in to receive theirs. When cooper airdropped the entire supply and tweeted about it, I checked on-chain and the claim held up. This started the native memecoin season on Algorand, which had previously tried to embrace Pepe only to be scorned by the Ethereum and Pepe communities.
The risk taken by the community in the initial days — buying $coop and providing liquidity without any roadmap in place — kept the “game” alive and properly fuelled the $coop hype.
One issue with having a token distributed entirely overnight is the lack of a treasury to fund $coop rewards. I created the Community Rewards Vault (CRV) for this purpose & seeded it with my airdrop. This inspired others to contribute in force, and the CRV now holds $20,000 worth of COOP, LP tokens and ALGO.
The donors to the CRV have come up with a structure for this impromptu DAO and I am currently working on tokenizing voting power and providing an on-chain method for consensus to be reached between donors. Before long we will hold our first general holder governance session, which will reward $coop holders, but especially those providing liquidity and/or vaulting.
With deep enough liquidity and confidence, $coop could become money. We are working towards that future, where $coop becomes the reserve currency of the Algorand community. Some of our holders are so confident in $coop’s future that they vaulted their tokens, which locks them up for a certain period of time – not something traditionally done by people speculating on memecoins or looking for “exit liquidity”. There is still a lot of work to be done, but so far $coop seems to have staying power beyond the hype.”
The coop effect:
How powerful is the Algorand community really? Let’s take a look at what many are calling the “Coop Effect”. We can see how crucial community is in web3 as $Coop coin does not care for VCs or corporate-style financing. The projects that took the risk of incorporating a currency of this stature appear to be paying off. Zone, a gamefi platform that allows you to earn coop while playing games has seen an increase in $zone, their token. Algorand Casino with $CHIP also saw an increase from simply offering $coop as a bonus reward.
We will focus on Cometa as an example. Cometa is a liquidit
y hub in Algorand. They incorporated coop by setting up a staking pool where you can stake $coop in exchange for their token $meta.
Not only was their native token gaining attention, but the coop staking pool alone reached a huge positive increase with over 125k in TVL.
So, is this a meme coin or a community coin? It’s up to you to decide whether or not it matters.
Remember everything is my opinion and not financial advice, these figures in the article could change and to find the real-time accurate coop information click here.