Binance’s new project furthers DeFi: What is Coin98?

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 Binance’s new project furthers DeFi: What is Coin98?
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Highlights

  • The Coin98 platform is the place to go for interoperable DeFi lending, borrowing, and yield farming.
  • The C98 token is the native token of the Coin98 ecosystem and is utilised to participate in governance, pay fees, as well as get access to membership privileges.
  • Coin98 supports over 20 different blockchains and pools liquidity from some of the most well-known DeFi protocols. Additionally, by locking up their tokens, Coin98’s staking facilities allows users to earn a yield.

Decentralised Finance, or simply DeFi, is something that casual crypto investors may have seen or heard of but not know the meaning or function of.

Source: © Jiraart1986 | Megapixl.com

If you think of the traditional financial system, which includes loans, interest rates, mortgages, superannuation, and the like, DeFi is the same concept but for digital currency. Put simply: Decentralised Finance is a financial system for cryptocurrency. And just as traditional currencies require a functional financial system to support them and help them thrive, so too do digital currencies require a capable and efficient system to benefit them.

Like any system of such magnitude, it takes time to improve through making mistakes and then creating something new which addresses those mistakes.

DeFi evolution has been and continues to move at an alarming rate when you consider cryptocurrency has only existed for a little over a decade.

GOOD READ: Binance Coin showcases positive movement in crypto market

So, what is Coin98?

Coin98 was announced in July 2021 and is the twentieth project launched by the popular Binance platform.

The C98 token is the native token of the Coin98 ecosystem and is used to pay fees, participate in governance, stake, and gain access to membership perks. The C98 token is available on Binance Smart Chain (BSC), Ethereum, and Solana.

One of Coin98’s primary purposes is to make DeFi more accessible for everyone.

Source: © Kate3155 | Megapixl.com

Coin 98’s evolution

Coin98’s decentralised finance protocol actually began as a wallet service, which has seen more than 320,000 downloads from the app store and has hosted over US$215 million in trading volume.

The protocol soon evolved, adding a DEX feature as well as a cross-chain bridge.

The platform is now close to passing half a million transactions and offers various services not usually seen in large DeFi protocols.

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Coin98 Finance and C98 token

Coin98 Finance is a DeFi liquidity aggregator and DEX (decentralised exchange) that allows smooth cross-chain token swaps. The Coin98 platform is the place to go for interoperable DeFi lending, borrowing, and yield farming.

Coin98 supports over 20 different blockchains and pools liquidity from some of the most well-known DeFi protocols. Additionally, by locking up their tokens, Coin98’s staking facilities allows users to earn a yield.

Besides, the platform uses different routing for transactions via multiple liquidity sources. This ultimately reduces slippage and optimises gas fees.

As of 25 August, the price of C98 stood at US$5.05 and has a total of 50 million tokens available for sale.

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