The cryptocurrency industry has seen plenty of trends exploding in the last two years, starting with DeFi in mid-2020. DeFi was followed by NFTs, memecoins, metaverse, blockchain gaming, and more, and right now, one of the main pursuits is establishing interoperability.
Essentially, the promise of the decentralized internet, the Web 3.0, or simply Web3 as it is popularly called, is too great for the developers to ignore, which is why numerous projects dedicated to interoperability and establishing connections between blockchains are now in the center of the attention.
Interoperability would mean that blockchains are connected to one another through bridges and projects that exist on multiple chains, which allows quick and easy transfers of data and money, but it also means the creation of the vast decentralized network of different ecosystems that can also share unique features and various functionalities. In time, this will become the new version of the internet, with its own decentralized streaming services, social networks, shopping sites, and everything else that the current internet has to offer. One of the projects that aim to achieve this for the DeFi sector is called Coin98, and today, we wanted to see what it has to offer.
How Does Coin98 (C98) Work?
Coin98 is a DeFi platform that has developed a number of unique solutions that combine DeFi capabilities with interoperability. Essentially, the project’s goal is to bring DeFi functionalities to numerous blockchains, and to make it a lot easier to access them, as well as to manage coins and tokens from multiple different networks.
As mentioned above, there are already several solutions dedicated to this goal, including the project’s DEX, wallet, and a bridge. However, in the future, it will also add a launchpad, a lending platform and an NFT marketplace, thus combining the major crypto trends into one, decentralized, multi-chain platform.
What Problems Does Coin98 (C98) Solve?
Let’s start by reviewing the project’s solutions and ideas for improving the current blockchain industry, specifically its DeFi sector. Here is what Coin98 has to offer.
Cross-chain DeFi functionalities
Coin98 is a DeFi solution that allows users to engage in cross-chain activities that the decentralized finance sector has to offer. Essentially, the project wishes to fulfill the untapped demand for DeFi solutions in the industry.
Bridging TradFi and DeFi
The project believes that there is a lot of demand for certain DeFi solutions on blockchains that do not have anything like those specific protocols. In other words, it wishes to become a gateway, bridging TradFi users to DeFi services on multiple protocols. Let’s take Ethereum as an example.
The Ethereum network is very rich with DeFi protocols, but it is also facing a growing number of users who are turning away from Ethereum due to its scalability issues and extremely high fees. They are not quitting the blockchain, of course, but they are turning to more scalable solutions. Not to mention users engaging with chains that do not support smart contracts, or do not have a developed DeFi sector. All of these users could benefit from Coin98’s solutions.
Offering a suite of products
The project has created a suite of products that it uses to achieve its goals. These include a wallet called Coin98 Wallet, an exchange platform called Coin98 Exchange, and a cross-chain bridge which it named Space Gate.
First multi-chain compatible wallet
It is worth noting that the project’s wallet is quite unique, being the first multi-chain compatible wallet engine, meaning that users can interact with a variety of different wallets on different blockchains, all at the same time. This can be quite beneficial, as all they need is a single passphrase, without overly-complex switching requirements.
Benefits of Coin98 (C98)
With that out of the way, let’s talk about what benefits you get as a user for interacting with Coin98. This mostly comes down to using its unique solutions and taking advantage of the abilities that those solutions provide. For example:
Swapping, staking, and yield farming
Coin98 is a DeFi solution that lets you access cross-chain swaps, staking, and yield farming. These are some of the most popular functionalities in the DeFi sector, bested only by decentralized lending and borrowing. Swaps allow you to easily exchange one crypto for another while staking and yield farming can secure passive income in exchange for locking up C98 tokens.
Coin98 Wallet
We mentioned the project’s solutions, one of which is Coin98 Wallet. This is a cryptocurrency wallet that lets you store, send, receive and manage digital currencies. However, the unique thing about it is that it lets you do it on a variety of blockchains, including Ethereum, BSC, Avalanche, Solana, and Polygon.
Coin98 Exchange
Next, the project has a native crypto exchange, which is a multi-chain liquidity aggregator. Like the wallet, it also supports assets on multiple blockchains, including the ones mentioned above.
Space Gate
Finally, the project’s cross-chain bridge, Space Gate, allows you to swap and transfer values from one network to another seamlessly. This is one of the biggest benefits of interoperability, and the leading reason why the community is seeking to connect blockchains into a single ecosystem.
Additional features in the pipeline
While the project already has quite impressive features, the things that it already offers are only a start. In the future, it intends to develop its own token launchpad, a lending/borrowing platform, a derivatives market, a megafarm, and an NFT marketplace. In other words, there is quite a bit to come, and we expect that the project will attract a fair amount of attention as a result.
Bottom Line
Coin98 is a very interesting project that can grant DeFi users a taste of what Web3 will look like once it finally gets developed. It is one of the projects that could even lead the Web3 growth by showing an example of how it did the things it did, but also revealing pitfalls that it uncovers along the way. All in all, it has great potential, and it definitely deserves a second look if you are searching for a new project to invest in, or start accessing DeFi in a new, advanced way.
