How to Farm Karma On CoinList - Ultimate Guide 2021 | Cryptogeek

How to Farm Karma On CoinList - Ultimate Guide 2021 | Cryptogeek
Dec 14, 2021 0
How to Farm Karma On CoinList - Ultimate Guide 2021 | Cryptogeek

CoinList is an ICO platform. It was launched in 2017 amidst the ICO craze and catalyzed the success of such projects as Solana, Filecoin, and others. In September 2021, the platform introduced a new feature called CoinList Karma. In this article, we will review this new feature and show how you can use it.

  1. What Is CoinList Karma?
  2. Gaining 1,000 Karma Points In 5 Steps
  3. Weekly Karma

What Is CoinList Karma?

CoinList Karma is aimed at measuring the contribution of early adopters on projects supported by CoinList. This contribution will be rewarded respectively. Registered users can see the karma score in their profiles on CoinList. On the Karma page, they can learn how to increase this score.

A high karma level gives users an opportunity to access the Priority Queue on CoinList. This queue is an exclusive closed short queue to a token sale (up to several thousand participants). According to the CoinList September 2021 article on the topic, the priority queue threshold was around 1,000 karma scores. Being one of the thousands of people in the queue is much better than being in the queue with several hundred thousand people — that's how many people are usually waiting to get a chance to participate in a token sale on CoinList. So, CoinList Karma is a good move that will benefit both the platform and its dedicated users.

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Since the launch of CoinList Karma, the platform recognizes and rewards certain value-add activities made by users. The rewards have an accumulative effect meaning that the more you do the bigger you get. First of all, it goes to such actions as staking and trading.

The activities rewarded with karma points are:

  • Staking
  • Trading
  • Lending and borrowing
  • Minting WBTC, TBTC, and EFIL
  • Constant participation in CoinList sales
  • Taking part in validation programs (mining, etc)
  • Taking part in experimental issuer offerings (CoinList gives such examples as NuCypher and WorkLock)
  • Having projects on CoinList hackathons

Gaining 1,000 Karma Points In 5 Steps

There are several actions that can quickly pump your karma from zero to 1,000 points. Check the to-do-list below:

  1. 4 to 6 trades on CoinList give you 100 karma points
  2. 4 to 6 trades on CoinList Pro give you 100 karma points
  3. Minting wBTC gives you 100 karma points more
  4. 5 to 6 exchanges via both iOS-based and Android-based apps (or emulation) give you 100 karma points
  5. Stake all coins that can be staked on CoinList and you'll get 600 karma scores. To gain all these scores, it is recommended to hold at least 2 coins with an auto-stacking feature.

If you sum up all these points, you will get 1,250 karma scores on CoinList which gives you a good chance to enter the exclusive short queue to a token sale.

If you want to get the fifth star for trading, the fastest way is making a $100,000 worth trade via CoinList OTC. Please note that there is no such amount of karma that could guarantee you access to the short queue. Karma only increases your chances. Some projects' threshold is well below 1,000 karma points but even 1,200 can be not enough for others. Therefore, it is better to keep farming karma until you feel that the amount you have gained allows you to enter any queue you want. If you received karma points for staking, you don't have to continue staking these coins. You cannot be stripped of your karma points after you were rewarded with them.

Please note that CoinList Karma is in its early stage and the platform will be probably adjusting the conditions of rewarding. So stay tuned and check for updates. All in all, the mechanics are not that complicated. If you have enough money to fill the requirements, you can easily get a short way to the token sales on CoinList.

Weekly Karma

On December 9, 2021, CoinList introduced a new method to gain karma. It is called "weekly karma". Weekly karma points are earned once a week via value-add actions on the platform. These actions are trading on CoinList and CoinList Pro, the CoinList Mobile app, and staking on certain coins (as of December 2021, the coins are Casper, Flow, Rose, and Nucypher). Traders are awarded Karma points equal to 1% of their weekly trading volume. Points are sent on Mondays and are valid for 12 weeks. 50 points per week are the maximum reward. Locked staking converts 1.2% of your staking volume. You can get up to 60 points a week through it. 

 

The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.


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