Liquifi

LiquiFi set out in 2021 to be the Carta of Web3. Carta is the equity management platform private companies use to track stock options, vesting schedules, and cap tables. LiquiFi did the same job for tokens — an asset class that looks similar to equity on paper but is fundamentally harder to manage because tokens are liquid the moment they unlock, distributed globally to thousands of stakeholders, subject to novel tax treatment in most jurisdictions, and settled through immutable smart contracts rather than a transfer agent.

The company was founded by Robin Ji (CEO) and Oliver Tang (CTO), both veterans of crypto infrastructure companies who experienced token management chaos firsthand. Ji had worked at Eco; Tang at Set Labs. Both saw how projects — even well-resourced ones — were managing their token cap tables with spreadsheets, ad hoc scripts, and whoever on the engineering team had spare cycles. Missed distributions, disputed cliff dates, incorrect tax withholdings, and no audit trail were routine problems. LiquiFi was built to eliminate them.

How the Platform Worked

The core product was a no-code dashboard for token compensation and distribution. A project would define its vesting terms — cliff dates, linear or graded release schedules, lockup periods — and LiquiFi's smart contracts would execute the actual on-chain transfers automatically. Stakeholders received a personal dashboard showing outstanding token grants, upcoming unlock dates, and cumulative distributions to date.

The fiat offramp deserved particular attention. LiquiFi integrated with the 0x Swap API to let stakeholders convert vested tokens to USDC in a single click, which then flowed to their bank account. Oliver Tang described deploying the integration in a single day, a data point that spoke to the quality of 0x's documentation and to LiquiFi's engineering discipline. For recipients who wanted cash rather than exposure to a volatile token, this removed the most friction-heavy step in the process.

Beyond vesting, the platform covered the full operational lifecycle of a token program:

• Lockup management: Ensuring investor tokens remained restricted until agreed release dates, with on-chain enforcement rather than honor-system spreadsheets
• Airdrop execution: Distributing tokens to large recipient lists without custom scripting
• Cap table tracking: Real-time visibility into total supply, tokens distributed, and outstanding obligations
• Tax withholding: Calculating and holding back relevant taxes on token grants — critical for US-based employees receiving tokens as compensation, where the IRS expects withholding at the time of vesting
• OTC facilitation: Supporting over-the-counter token sales with compliance guardrails
• Token launch management: Helping pre-TGE startups structure their initial distribution before the token went live

The platform supported six blockchain networks: Ethereum, Arbitrum, Optimism, Polygon, BNB Chain, and Solana. The multi-chain footprint was deliberate — token programs rarely live on a single chain, and requiring separate tooling per network would recreate the fragmentation LiquiFi was trying to eliminate.

Traction and Customers

By mid-2025, LiquiFi was managing over 8.5 billion dollars in assets across its customer base and had distributed more than 1.7 billion dollars to approximately 300,000 stakeholders worldwide, serving 80-plus projects. Those numbers placed it firmly in the category of operational infrastructure rather than experimental tooling.

The customer list validated the positioning. Uniswap Foundation, OP Labs (the team behind Optimism), Ethena, Zora, and Animoca Brands all used the platform. These are not peripheral projects — they are among the most active token issuers in the ecosystem, running complex multi-year vesting programs for employees, investors, and community contributors simultaneously. Winning them as customers required delivering reliability at institutional scale.

Funding

In April 2022, LiquiFi raised 5 million dollars in seed funding led by Dragonfly Capital, one of the most established crypto-native venture firms. The round included Nascent, Alliance DAO, 6th Man Ventures, Robot Ventures, Y Combinator, Balaji Srinivasan, Katie Haun, and Anthony Pompliano. The investor list reflected how broadly the problem resonated — every one of these investors had portfolio companies managing token cap tables badly and would benefit from a purpose-built solution.

Y Combinator's participation signaled something beyond crypto-insider validation. LiquiFi was being evaluated as a scalable B2B SaaS business: recurring revenue, customer retention, and measurable efficiency gains for clients. That framing proved prescient.

Coinbase Acquisition and Rebranding

In July 2025, Coinbase announced the acquisition of LiquiFi for an undisclosed amount, its fifth deal of that year. The strategic rationale was direct: Coinbase was already operating Coinbase Prime for institutional custody and brokerage, and had ambitions to become the end-to-end platform for crypto companies building on-chain — from token creation through distribution and ongoing treasury management. LiquiFi's vesting and cap table infrastructure was the missing piece.

Coinbase's head of corporate development stated the acquisition moved the company one step closer to that end-to-end platform where token creation and cap table management are integrated into the same workflow. The former LiquiFi team joined Coinbase, and existing customer programs transitioned to the new infrastructure.

On February 28, 2026, LiquiFi was formally rebranded as Coinbase Token Manager. The liquifi.finance domain now redirects to coinbase.com/tokenmanager, and the product continues to operate with the backing of Coinbase's engineering resources and distribution network.

Significance for Solana

Token vesting on Solana has historically required either custom program development or reliance on smaller, less proven tools. LiquiFi's multi-chain support gave Solana-native projects access to the same institutional-grade compliance and cap table infrastructure available to EVM projects — without writing on-chain code. Its absorption into Coinbase extends that coverage under considerably larger institutional guarantees, connecting Solana project token programs to one of the most regulated and audited crypto infrastructure providers in the industry.