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Last updated: Nov 23, 2022
Coin98 is a multi-chain platform providing its users access to various DeFi and NFT services, across over 25 blockchains. The Coin98 product suite includes Coin98 Wallet, on top of which a multi-chain liquidity protocol, Coin98 Exchange, operates. Coin98 Portfolio is a website assisting users in managing their portfolios. Coin98 Markets is a product designed to give users real-time updates on digital assets’ prices. There is a Coin98 Terminals feature, which represents a “Powerful DeFi Toolbox”. All of the Coin98 products are interconnected through the Coin98 Super App. Founded in early 2020, the platform has reached more than 350 thousand users.
The Coin98 app has access to multiple AMMs on various blockchains and through it, users can access the Coin98 trading platform. The project has its own AMM built on Solana, available after version X of the app. When trading on the platform, users can choose whether to use a particular exchange platform, supported by Coin98 and integrated into its app or its own AMM. There is a cross-chain bridge that allows users to interact between Layer 1 and Layer 2 networks. The current support includes Ethereum (ETH and ERC-20 tokens), BNB Chain (BEP-20), Solana (SOL and SPL), Tron (TRC-20), and Avalanche’s C-chain and X-chain. With the growth of the platform, the newest blockchains to be included in the bridge’s support list are Arbitrum, Optimism, and Boba Network.
The Coin98 Exchange interface has live charts, token information, and a swap section. The project sources liquidity from other exchanges and is constantly working on expanding the list of liquidity pools. Coin98 plans to open its own liquidity pools to allow its users to earn rewards by providing liquidity.
Coin98 Portfolio is the platform’s portfolio tracker product with which users can monitor various assets and positions they hold among numerous DeFi projects. It offers a real-time price tracker and can also be used to manage users’ assets. The product features multichain support and a user-friendly graphical interface that provides up-to-date charts, which are automatically synchronized continuously, to show the most relevant information regarding an asset a user is holding including their transaction history.
Coin98 Markets aggregates real-time market data to assist users in monitoring market changes. The platform has an ever-growing information database about more than 9,000 cryptocurrency assets across more than 600 exchanges. Besides market data, users have access to useful links to official websites related to an asset as well as its explorer browsers and official community accounts.
Part of the Coin98 Terminal (the company’s DeFi toolkit) is a so-called Token Issuer – a tool designed to be used by people who want to create their own token but lack the coding skills or budget to do so. It can be used on different blockchains and currently, there are no fees Coin98 takes for this service, besides the required network gas fees. When issuing a token with the tool, users can choose different options regarding the token including adding burn mechanics and predetermining the minting process.
Multi-send is another tool part of the toolkit that can be used to send tokens to multiple addresses simultaneously with a single transaction. The feature was previously used in the Coin98 Extension Wallet but was later also added to the Coin98 Exchange to expand the options available to traders.
There is also a so-called Solana Wallet Migration tool which can be useful as SOL and SPL addresses are entirely different which usually makes them harder to utilize. The Solana Wallet Migration tool prevents the fragmentation of users’ assets when interacting with Solana dApps by allowing them to migrate their associated SPL tokens to a single SOL wallet address.
Coin98 also has an isolated pool with five reserves (C98/UXD/USDH/UST/PAI) on Solend, where users can deposit collateral to borrow crypto or lend it to earn rewards.
To interact with the Coin98 app users need to connect a Coin98 Wallet. The Coin98 wallet is non-custodial and supports cryptocurrency and digital assets, available on different blockchains. It became possible thanks to the cross-chain bridge called Space Gate that allows swapping and transfers across different networks and L2 solutions, including BEP-20, ERC-20, and SPL tokens. Coin98 Wallet is currently available on mobile (iOS, Android) and through its browser extension versions (Chrome, Firefox).
When using the Coin98 Exchange, users have access to various information regarding the token swap they have chosen to make. There are real-time gas price metrics as well as information regarding the chosen tokens such as the total liquidity in the pool measured in USD, the total trading volume of it within 24 hours, and the total swap fees of the pool in the past 24 hours. There is a Basic UI and Pro UI, where the first is focused on simplicity, speed, and ease of use, while the other one provides in-depth trading information and features for more advanced users. The fees Coin98 Exchange collects are equal to 0.8% of the amount of the swap.
The Coin98 Portfolio use includes automatically detecting and suggesting the corresponding chain(s) to a user’s inserted crypto wallet address and then showing information regarding the assets in the wallet such as the total balance, a balance chart, and the type of assets contained in the wallet. There are also general token metrics regarding each of the tokens.
The Metrics feature on the platform can be located by navigating over the top bar on the Coin98 website where all its products can be easily accessed. With the product, users can track information such as the total number of assets and exchanges tracked by it, the total market cap of the entire crypto market, and its total trading volume in the last 24 hours. There is also a dominance index of the two most popular coins – Bitcoin and Ethereum. Each token being tracked by the platform is ranked by its market capitalization, there is a real-time price tracker and information regarding price volatility, as well as other general token metrics.
To use the Coin98 Token Issuer, one needs to navigate to it from the products bar at the top of the webpage. The first option to choose is the network on which the token will be launched, its name, ticker, and logo, total supply, decimal points, mint and burn mechanics, and the owner's address. There are no fees Coin98 collects for this service.
The Multisender tool provided by the platform requires the user to choose a wallet and a token they want to send in bulk, then specify the recipients’ addresses.
Coin98 staking comes with a fixed rate of up to 12% based on users’ staking plans. Currently, there are three different packages with various staking periods and amounts of tokens needed for users’ engagement. The minimum staking period is 15 days which if not followed, only provides users with a fixed 2% floating interest rate no matter the staking plan chosen.
When staking with Coin98, users also earn exclusive NFT staking cards – real assets for C98 token stakers. There are nine classes of NFT staking cards depending on the staking plan and tier. Cards can be personalized by choosing names and IDs, with each customization costing 10 C98. The design of the NFT cards is similar to ATM cards, and also represents staked funds, meaning transferring an NFT staking card also transfers the staked assets.
Coin98 staking is available both through the website app and the Coin98 Extension wallet itself.
Coin98’s native utility token C98 is currently present on Ethereum, Binance Smart Chain, and Solana. Besides Coin98 Wallet, C98 tokens can be stored on Trust Wallet, MetaMask, and Binance Chain Wallet.
In its early days, the project raised $12.5 million from two rounds of private token sales, giving 20% of the C98 total token supply to the investors. The maximum supply of C98 is limited to 100,000,000.
The Coin98 token was listed on Binance Launchpad; the sale ended on July 23, 2021.
Use cases of C98 include paying for fees on the platform’s exchange. The token can also be staked to earn its holder a passive income in the form of fees accrued from liquidity pools containing the C98 coin. C98 holders can also participate in the project’s development by issuing and voting on proposals regarding features and parameters of the Exchange and other products of the Coin98 ecosystem. The team behind the project states that for the avoidance of doubt the right to vote is restricted solely to voting on features of the exchange, and doesn’t entitle C98 holders with the right to vote on the operation of the C98 Company and its assets.
C98 also grants its holders unique membership rights arranged in a tiered system providing access to privileges such as premium events or priority for Coin98 launchpad participation and other marketing events with C98 strategic partners.
The Coin98 team consists of a Vietnam-based set of developers and DeFi enthusiasts, standing behind other Coin98 branches - Coin98 Labs, Coin98 Network, and Coin98 Ventures. Founded in 2020, the project aims to connect traditional finance with its decentralized counterpart, becoming an all-in-one DeFi gateway.
Coin98 integrates with projects that share its values on bringing on a decentralized finance future, at the same time expanding its ecosystem. So, the partnership with Polygon brought MATIC to Coin98 wallet, integration with Avalanche enabled users to store, send, and receive AVAX, collaborations with Terra, Fantom, and Elrond added LUNA, FTX, and EGLD tokens to the wallet.
21Pancakeswap has integrated Coin98 Wallet in the official wallet list, opening access to its various products, e.g. enabling users to earn C98 rewards for staking.
Another collaboration brought decentralized oracles BandChain and Band Protocol on Coin98 Exchange.
Coin98 lists Hashed, Parafi Capital, Spartan, Multicoin Capital, Linkpad, Kyber Network, and CoinGecko among its backers. Alameda Research has invested $4 million in Coin98 Finance in April 2021.
Besides that, Coin98 features a partner program where users can take part in growing the ecosystem through various incentives, including a referral program – which is required to amount to at least 100,000 X-Points (points earned from referrals’ trades on the exchange) from at least 10 referees to allow a user to become an official Coin98 Partner. As a partner, the user gains access to features and perks not available to regular users and is entitled to financial rewards depending on their X-Points.
Although there is no Coin98 roadmap nor any official plans for the future besides expanding the supported blockchains and tokens as well as gathering more liquidity by incentivizing more users to stake C98 tokens, the company provides its community with weekly updates on the management and development of the company on its blog.
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