formation of coacervates is explained under the theory of chemical evolution also known as the modern theory
it has three parts, namely
cogenogeny elucidates the formation of protobionts from protein and broth (the mixture of liquid water and other elements)
these protobionts did not reproduce and gave rise to the first life form known as eiobiont also know as coacervates which reproduced by budding.
it was believed that coacervates were chemotrophs as there was no molecular oxygen present, they eventually became chemoautotrophs using chemicals in the presence of light and further developed into anaerobic chemoautotrophs that is they participated in anoxygenic photosynthesis giving out gases like sulphur eventually they developed into aerobic organisms which produced pigments like bacteriochlorophyll that helped them to trap sunlight these were believed to be first cyanobacteria.