In the world of Web3, the term COIL may refer to two very different things. For some, it recalls a browser-based platform that once enabled streaming micropayments to content creators. For others, it refers to an elastic-supply DeFi token designed to maintain price stability through smart contract rebalancing.
This article separates and explores both definitions to clarify what "COIL" means in today’s crypto ecosystem.
1. Coil: The Web Monetization Platform (Discontinued)
Coil was a platform created to support Web Monetization—a standard protocol for streaming micro-payments to websites in real time. Rather than using ads or subscriptions, Coil offered a subscription service (around $5/month), which then automatically paid creators as users consumed content.
Key Features:
- Based on the Web Monetization API
- Powered by Interledger, allowing instant cross-currency payments
- Supported real-time micropayments via a browser extension
- Paid creators by tracking user engagement, not impressions or clicks
Status:
As of March 2023, Coil officially shut down its user-facing services. The team discontinued support and stopped accepting new members, citing the need for a shift in focus. Despite Coil’s closure, the Web Monetization standard still exists and is being explored by other developers.
2. COIL: The Elastic Supply Token by SpiralDAO
The active and unrelated COIL token is a rebasing cryptocurrency built on Ethereum and developed by SpiralDAO. Its goal is to maintain a stable target price (around $1 USD) by automatically adjusting token supply based on market conditions.
This version of COIL is part of a DeFi experiment in protocol-driven monetary policy—where smart contracts dynamically regulate token circulation without centralized control.
Key Features:
- Elastic supply: The total token supply expands or contracts every 23 hours
- Target price: Designed to hover around $1.00 USD
- Part of the SpiralDAO ecosystem
- Tradable on DeFi platforms like Curve, Balancer, and centralized exchanges
Unlike the original Coil platform, this COIL token is actively traded, used in collateral-backed stable asset strategies, and plays a role in experimental DeFi economies.
Frequently Asked Questions About COIL
Are the two COILs the same project?
No. They are completely unrelated. One was a content payment platform (Coil, discontinued in 2023), and the other is an elastic-supply token created by SpiralDAO.
Is the COIL Web Monetization service still working?
No. The Coil platform was shut down in early 2023. It is no longer accepting users or making payments to creators.
Is the COIL token still active?
Yes. The COIL token by SpiralDAO is still operational and is actively traded in the DeFi space.
What makes the COIL token unique?
Its elastic supply mechanism, which automatically adjusts the total supply based on price movements. This aims to stabilize its value near $1 USD.
Can I use COIL for content payments?
No. The COIL token is not related to content monetization. It serves a completely different purpose in decentralized finance.
Conclusion
The term COIL has referred to two very different innovations in the Web3 space. The first was Coil, a well-intentioned platform that brought streaming micropayments to digital content—but ultimately shut down in 2023. The second is the COIL token, a live, rebasing cryptocurrency that continues to operate within DeFi under SpiralDAO. As with many terms in crypto, context is everything. Whether you’re researching older Web Monetization experiments or exploring elastic-supply tokens, understanding which COIL you’re looking at is crucial.
