Many projects are working on what’s called interoperability, or the interactions between two or more blockchains. One such project doing so is Coin98. This guide will take you through what Coin98 is, its native token, and the use cases it focuses on, among other things.
KEY TAKEAWAYS
► Coin98 is a DeFi protocol focused on cross-chain interoperability for various decentralized finance services.
► The Coin (C98) token is the native token used for governance, staking, and accessing rewards within the Coin98 ecosystem.
► Coin98 supports 20 blockchain networks through its interoperability feature, Space Gate.
► Coin98 has ambitious goals of unifying the DeFi experience and expanding its ecosystem through partnerships, acquisitions, and innovative tools like its multi-coin wallet.
What is Coin98?
Coin98 is a protocol with a significant focus on decentralized finance (DeFi). Essentially, the coin pulls liquidity from various decentralized exchanges (DEXs), allowing traders to utilize various benefits, such as lending, borrowing, yield farming, and more. Even better, traders can use these benefits cross-chain.
Not only does Coin98 provide various benefits regarding different DeFi networks, but users can also enjoy the project’s staking capabilities, store all assets in its multi-coin wallet, or even take advantage of the project’s incubator, Coin98 Labs, to check out the latest and greatest in DeFi.
The project started in 2017 but launched its first product in early 2020, aiming to be the number one spot for all things DeFi. In an attempt to achieve this mission.
What is C98?
C98 is the project’s native cryptocurrency and exists on the Ethereum blockchain, the Binance Smart Chain, and then the Solana Network.
C98 holders enjoy multiple benefits. First, those who stake the coin can earn network transaction fees. Token holders also have a say in governance, enabling users to submit and vote on proposals and updates.
As users buy and hold more C98, they earn additional benefits like airdrops, early access to new project launches within the network, and more.
Otherwise, Coin98 is broken into three arms, in which the Coin98 token is used for interaction. Coin98 Labs, Coin98 Ventures, and the Coin98 Network are separate entities that make Coin98 more than the sum of its parts.
Ventures works with DeFi developers to help them find fundraising for projects. Labs house all coin98-specific developments, such as the project’s multi-coin wallet, exchange, cross-chain bridges, and the like. Finally, Coin98 Network is the overall project, which is where many Coin98 Labs’ developments end up if they’re successful.
In 2023, the company, Coin98 Finance, rebranded to “Ninety Eight.”
Comparison with competitors
| Protocol | Description |
|---|---|
| Coin98 | DeFi protocol that enables cross-chain interactions and services like staking, lending, and trading across multiple blockchain networks. |
| EigenLayer | EigenLayer leverages staked assets to provide additional security and trust to external services and protocols. |
| LayerZero | LayerZero is an omnichain interoperability protocol designed to enable communication between different blockchains. |
There are all sorts of cross-chain projects on the market — Coin98 is not unique in this regard. Some of its competitors include EigneLayer and LayerZero.
Where the project stands out, however, is in the 20 networks it works with to ensure the best cross-chain experience possible. It is aiming for a wide scope, which could be very appealing to potential users.
These partnerships have culminated in what’s called Space Gate, a protocol enabling users to access all of these networks at once. Few other projects can match the interoperability offered by Space Gate.
Tokenomics
Coin98’s division of cryptocurrency can be broken down in a few ways. There is a total supply of 1 billion tokens, though only a little over 861 million are in circulation. The project has been very open about its token distribution as well.
For example, 20% of tokens are going to the team, 2% to advisors, 21% to ecosystem growth, and 20% to community development.
C98 price and potential
C98 is a smaller project for now, though its goals are quite ambitious. Aiming to build a comprehensive, accessible multi-chain platform is no easy task and could bring value to the project if done successfully.
The project launched at a price of $0.075000 per token. It’s all time-high (ATH) was reached back in August 2021, at $6.42. As of early December 2024, the token is trading at a large 96.3% discount from its ATH at $0.2353.
Should you buy C98?
C98 coin is used for participating in network governance, for holders to earn transaction fees, and to interact with the overall Coin98 ecosystem.
Based on the asset’s statistics, many seem to have had a positive experience when it comes to investing in and holding C98 tokens. Whether or not the asset is a good investment, however, is up to you and your belief in the project.
If you believe in an interoperable and accessible blockchain future, perhaps consider doing more research into C98, as its objective certainly has some potential. However, with lots of competition in this space, adoption will be key to future price success.
Unifying the DeFi experience
As mentioned, Coin98 is one of many projects looking to push DeFi forward. Various blockchain networks serve all sorts of different purposes, and asking a user to hold and send tokens between them all is no way to build an ecosystem. Projects like this and others aiming to make the whole blockchain platform experience more accessible may very well be the future of DeFi.
Disclaimer: This article is for informational purposes only and shout not be considered investment advice.
Frequently asked questions
What is Coin98?
What does Coin98 do?
How do you use Coin98 platform?
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