CoinMarketCap takes a deep dive into a multi-chain liquidity protocol
The cryptocurrency industry is home to many innovative concepts, including staking, token swaps. It offers a number of earning opportunities to its audience through different features. Unfortunately, accessing all these features often requires users to switch between currencies and ecosystems, creating a counter-intuitive experience. Coin98 wants to position itself as an all-in-one DeFi solution spanning those features and more.
As global interest in decentralized finance continues to grow, it is crucial to offer convenient solutions. Furthermore, if DeFi wants to gain mainstream traction, these solutions need to be as accessible as possible. Coin98 supports over 20 blockchains and their native assets, making it easier for users to explore different options at their disposal.
What Is Coin98?
The idea behind Coin98 began taking shape in early 2020. With decentralized finance reaching new highs in terms of attention and value contributed by users, it was an excellent time to develop a new project. Since there was a need for an open financial infrastructure in the world, the Coin98 team turned it into their mission. As a one-stop solution for decentralized finance, cross-chain swaps, staking, earning, and yield farming, the team acknowledged they had a lot of work ahead.
What Does Coin98 Offer?
Today, Coin98 supports all the features that it promised. In addition, users can access solutions across 20+ different blockchains. The platform notes over 284,000 users generating over $216 million in volume through more than 488,000 transactions. Tapping into the various blockchains, their liquidity and DeFi solutions generate deep liquidity for Coin98 and ensure users will access the best price when swapping tokens. Moreover, the team can optimize gas fees by exploring different "paths" to finalize transactions.
What Is C98 Token?
An integral part of the Coin98 ecosystem is C98, the native token. It resides on three blockchains: Ethereum, Binance Smart Chain, and Solana. The token serves many purposes, ranging from letting holders earn a share of transaction fees to staking rewards and unique membership discounts for the various services and products. Additionally, C98 lets users govern the protocol by submitting proposals regarding the Coin98 ecosystem.
How Does Coin98 Work?
Building an open decentralized network for financial purposes is never a straightforward task. The ongoing competition in the blockchain space also fractures the broader ecosystem, making it too complex for users to get acquainted with different solutions and concepts. Unifying all of those options under one banner is a better objective, although it requires innovative technologies. By default, blockchains are incapable of communicating with one another.
The Coin98 ecosystem consists of numerous products, including Coin98 Ventures, Coin98 Labs, and Coin98 Network.
What Is Coin98 Ventures?
The Coin98 Ventures arm is designed to find and support developers in building products for the blockchain and decentralized finance industry.
The Purpose of Coin98 Labs
Through Coin98 Labs, the team will create new DeFI solutions, making it easier for users to access markets conveniently. The team has built several solutions, including a native wallet, exchange, portfolio, and markets solution. More features are on the horizon, including support for new chains on the mobile and extension wallet, integration of L2 solutions, and the launch of C98 staking on Ethereum and BSC. Integrating new AMMs and cross-chain bridges will also be a strong focal point.
What Makes Coin98 Unique?
Although other DeFi projects explore cross-chain liquidity, they are often limited to a handful of different blockchains. However, Coin98 has gone well beyond the industry average by supporting over 20 blockchains. That is made possible, thanks to Space Gate, a cross-chain bridge enabling swapping and transfers across multiple networks. It has received a few updates already and will face more improvements in the coming months.
Accessing so many different blockchains would be impossible without strategic partnerships. Coin98 collaborates with Polygon, Terra, PancakeSwap, Avalance, Elrond, Fantom, and Band Protocol in various capacities. Maintaining a dialog with the different blockchain ecosystems allows for building a bridge to tap into cross-chain liquidity and services.
With a web application on the horizon and multi-chain native swaps coming to the Extension Wallet, the team focuses on making cryptocurrency and DeFi more accessible. There is also the C98 token launch to look forward to and its staking support on multiple blockchains. By integrating more AMMs for liquidity and building additional cross-chain bridges, Coin98 can enhance its overall ecosystem and bring more attention to DeFi projects on other blockchains.
What Are People Saying About The Project?
Even though the official Twitter account for Coin98 Finance has a relatively low number of followers, the volume and user statistics tell their own tale. With so much volume being processed since early 2021, it is evident that cross-chains swaps and DeFi solutions are in high demand. Moreover, the Coin98 portfolio solution supports 11 blockchains, making it easier for users to see assets' total value and statistics under one's control. In addition, such tools can make it easier for users to access their portfolios without sharing their private keys. Moreover, there appears to be a growing interest in bridge solutions capable of unlocking cross-chain support.
When Will Coin98 (C98) Trading Begin?
As the team is distributing tokens via Binance Launchpad, the project has already caught the attention of over 73,000 registered participants, an impressive amount for a project that most people may not have heard of until recently. As of July 23, 2021, the token is in its distribution phase. The trading of Coin98 will begin after the sale as per Binance’s announcement.
Can Coin98 (C98) Hit $1?
The token price at the time of launch of C98 set by Binance is $0.075. At the moment, it is not possible to predict the price of the token as multiple factors, including the circulating supply and interest of the market, are involved in estimating the price.
In A Nutshell
The cryptocurrency industry needs to cater to the needs and demands of novice users and onlookers as much as the advanced community members. Making a meaningful difference requires simple and easy solutions for everyone to access the products and services.
What Coin98 has built and will continue to build can be a gamechanger for the crypto and DeFi industry. Connecting over 20 blockchains and L2 scaling solutions under one roof makes it much easier to explore various opportunities. Additionally, it simplifies the way users can swap value across blockchains.
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