Introduction

Coin98 (C98) is a cross-chain liquidity protocol that includes a full suite of products such as the Coin98 Wallet, Coin98 Exchange, and Coin98 Bridge. The Coin98 wallet is a non-custodial, multi-chain crypto wallet and gateway designed to serve as a foundation for the multi-chain future.

At the time of writing, Coin98 has released:

  • Coin98 Wallet, Coin98 Extension Wallet
  • Coin98 Portfolio
  • Coin98 Exchange

Coin98 Labs, the DeFi arm of Coin98 as raised a seed round led by top venture capital in the crypto world like #hased, Multicoin Capital, Spartan Group v.v.v.

Besides Alameda Research Invests $4M In Coin98 Finance  (Alameda Research one of the top funds in the U.S is the leading quantitative crypto trading firm responsible for the top derivatives exchange FTX. )

Coin98 has raised $12.5M USD from two rounds of private token sales, where 20.00% of the C98 total token supply has been sold at 0.025 USD / C98 and 0.075USD / C98.

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Market Analysis 

Maybe you still remember In June 2020, Compound Finance started rewarding lenders and borrowers of cryptocurrencies on its platform with, in addition to typical interest payments to lenders, units of a new cryptocurrency known as the COMP token

This has become a historic landmark and changed DeFi forever.

At the moment, DeFi’s Total Value Lock has reached $109 billion, and ATH is $150 billion.

DEX volumes continued their explosive growth in Q2, reaching $405 billion in the quarter – good for a 117x increase year-over-year and 83% increase since Q1

Dex Volumes surpassed 10% for the first time since October 2020 compared to volumes as a percentage of centralized exchange  (CEX)

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While it is clear that declining market sentiment and depressed asset prices have harmed DeFi activity in many cases, the sector remains more significant than it was even at the start of the year. DeFi is likely to mature in the coming months and quarters as scaling solutions become available and institutions begin to dip their toes into DeFi protocols like Coin98.

It’s hard to compare Coin98 against other DeFi protocols when Coin98 brings an All-in-one package to DeFi. Instead of looking for something special to surpass the competition, they come up with a solution for all to grow together

“I Destroy My Enemies When I Make Them My Friends – Abraham Lincoln ” It’s great, isn’t it?

Similar projects:

Because Coin98’s goal is not to stop at Wallets but to develop into a DeFi related ecosystem, we will not compare this project with wallets already on the market. Instead, we will show the correlation between Coin98 and the best DeFi protocols to give readers a better overview of the project’s future potential. 

Data on July 16th, 2021

Uniswap (UNI): Has $9.6B Market Cap with a Total Supply is 1,000,000,000 UNI (Equal to Coin98), Circulating Supply is 519,857,388 UNI (2.81 times more than Coin98). The current price is $16.72.

Chainlink (LINK): Has $6.7B Market Cap Total Supply is 1,000,000,000 LINK (Equal to Coin98), Circulating Supply is 438,509,553 LINK (2.3 times more than Coin98). The current price is $15.58.

Compound (COMP): Has $2B Market Cap with Total Supply is 10,000,000 COMP (Only 2.91% of Coin98), Circulating Supply is 5.388.784 COMP (Only 2.91% of Coin98). The current price is $387.52.

The capitalization of the above projects is hundreds to thousands of times larger than the current value of Coin98. In addition, DeFi market Cap is reaching $70B according to Coinmarketcap; the total market cap of these big players accounts for less than 20%. We can see that there is still a huge potential space for growth in this field, especially DeFi has become a trend in the fields relating to blockchain.

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Product Highlight 

Coin98 is a cross-chain liquidity protocol that aims to be the gateway from Traditional Finance (TradFi) to Decentralized Finance (DeFi). The protocol achieves this by building a full suite of products, including Coin98 Wallet, Coin98 Exchange, and a cross-chain bridge (Space Gate) to migrate tokens across networks.

Coin98 Exchange: 

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(Need to install coin98 wallet extension): A complete version of the dex aggregator It offers smart order routing for the best rates and low slippage, supports trading of Crypto assets on many blockchains such as SOL, Ethereum, BSC, Polygon v..v.

Also support users to stake, lend, borrow, and earn crypto in Coin98 Exchange

Coin98 Wallet: 

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A multi-chain wallet allows users to store, transfer and manage crypto assets and connect to numerous dApps on multiple blockchains. It supports more than 20 networks including Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, and Terra, etc on both Mobile (iOS and android) and Chrome Extension versions.

Coin98 Wallet also supports displaying your assets on all chains, create multi-chain wallet and multi send, A cross-chain bridge  that enables swapping and transfers across multiple networks, Gas fee optimization v..v

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Coin98 Portfolio

Supports users to track and manage assets on multiple Blockchains without having to Import keys like Apeboard. Finance but more modern UI/UX.

Some Main functions:

  • Track and manage multi-chain wallet addresses
  • Gain insight and keep track of Whales’ or Top-holders’ wallets
  • Stay up-to-date with real-time data
  • Ensure safety and security

Currently, Coin98 Portfolio only supports checking assets in the wallet, Hopefully, in the future, the Coin98 team can update with new features like Check reward, lending and borrowing, etc.. on Dapps 

The product is in development

Many products and projects are in development showing the ambition and magnitude of Coin98

  • Coin98 Launchpad
  • Coin98 Markets
  • Coin98 Terminal (Utilities)
  • Coin98 Lend & Borrow
  • Coin98 Mega Farm
  • Coin98 Staking
  • Coin98 NFT Marketplace
  • Coin98 Derivatives
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Token Economy 

Token Distribution 

Ticker: C98

Token Standard: ERC-20, SPL, BEP-20

Token type: Governance, Utility

Total Supply: 1,000,000,000 C98

Circulation supply: 185,000,000 C98 when listed on Binance (18.5%)

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It seems that Coin98 is focusing on Ecosystem Growth because this part is taking the highest proportion in token allocation. We can understand that this is the team’s commitment to developing practically useful applications, not just drawing up a project and raising funds like other projects. Community development also accounts for the second-highest proportion with 20%, which is understandable when Coin98 owns a strong and large community. They see it as their competitive advantage against the fierce competitors in the market.

Token Utility 

Basically, C98 token serving multiple tokenomics, both as governance and utility token C98 tokenomics unites the Coin98 Ecosystem including: 

Service Fee: Users must pay a fee in C98 to each trade.

Ecosystem development: Project revenue received from transaction fees will be deposited into the treasury fund and partially devoted to product development and ecosystem growth in the future.

Staking: The remainder of the treasury fund will be allocated to C98 token holders who have staked and supported the project subject to protocol governance and subject to change.

Governance: Users can stake C98 in exchange for X98 to gain voting rights and participate in the governance process to change product parameters.

Unique Participation Rights: Users will receive tiered benefits across the platform, depending on their holding of X98. Some of the benefits include access to participate in the Coin98 launchpad and valid offers from strategic partners.

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Network Valuation & Asset Pricing 

Coin98 just completed the first rounds of funding, so there has not been much data on the token price. On July 16, 2021, Binance announced the sale of Token Coin98 (C98) on the company’s own launchpad.  No one can predict the price up or down after the Binance exchange-listed this token. But with notable interest from many of the crypto and blockchain communities, the situation is leaning in a more bullish direction for the token’s price. The price of Public Sale Token is 1 C98 = 0.075 USD (price in BNB will be prior determined to subscription), starting 2021-07-16 0:00 AM (UTC).  You can see it as a benchmark for your future investment decisions.

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(Token Sale Data)

Unique Selling Point (USP)

Coin98 was developed as a community group for the community to believe and invest in the cryptocurrency market. After 4 years of operation Coin98 has become a builder that brings a lot of value to the community. Most people know Coin98 through wallet but they have a huge ecosystem behind every piece in the ecosystem is thriving

Coin98 Analytics Channel: 

Is one of my favorite channels. Coin98 Analytics focuses on analyzing data in crypto and presenting it as an infographic so that user can easily grasp insights

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Coin98 Insights:
Like TheBlockCrypto but free Coin98 insights is Analysis & Research channel about crypto market. Help convey information and deep dive knowledge to the investment community in the crypto market.

Coin98 Academy:
Coin98 Academy which offers high quality Crypto courses. Currently there are only 2 Vietnamese courses is “Crypto101” and “Defi101”

Coin98 Ventures

Coin98 has successfully supported many builders and projects in building products of real value in the blockchain and cryptocurrency market, Coin98 VC is also an early investor of Solana, Binance and Polkadot

There are many more parts in Coin98’s ecosystem such as Coin98 Solana Ecosystem Fund, Coin98 Finance, Coin98 Podcast, Coin98 TV, Coin98 Developers, Coin98 Scholarship etc…

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Marketing & RoadMap

PR & Marketing

Telegram (Telegram: Contact @Coin98Insights_Chat) – There are more than 25,200 active members.

Twitter:

Coin98 Wallet (@coin98_wallet) – Has more than 42,100 followers.

Coin98 Analytics (@Coin98Analytics) –  Has more than 136,500 followers.

Coin98 Ventures (@Coin98Ventures) – Has more than 2,400 followers.

Coin98 Labs (@coin98_labs) –  Has more than 7,700 followers.

DOCS: Regularly post updates on the progress of the project and guide to use services. 

Website: Coin98 Insights & Coin98 (Vietnamese)

News: Information about the Coin98 project has appeared on some big news$12.5M channels such as Forbes, Coinspeaker, Namecoin News… You can click on the titles to read it all. 

Despite only a newly formed project, Coin98 already has a huge number of followers and interests. We can notice that Coin98 is not only receiving a lot of attention from the parties but also demonstrates the outstanding marketing ability of the project team. This is a significant competitive advantage for Coin98 in the future. 

RoadMap

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The roadmap of Coin98 Exchange is divided into 4 stages:

  • Phase 1 (completed): Developing a trading market on a Single Chain.
  • Phase 2: build up a market to many separate Chains (Ethereum, BSC, Solana, Avalanche,…), and developing a Bridge to transfer assets between Chains.
  • Phase 3: Develop Smart Route on each Blockchain, help users find the best price, users do not need to go to each AMM to trade ( Dex, liquid aggregator)  
  • Phase 4: Connecting the native bridge product to the Smart Route trading market on the Chains, opening a complete cross-chain trading market.

Backer 

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Investor

In April 2021, Alameda Research – one of the leading funds in the crypto market in the US, invested 4 million USD in Coin98. Then mid-April, Coin98 Labs completed a $1.25 million funding round. This funding round received consensus from ParaFi Capital, Multicoin Capital, Hashed, and Spartan Group. Besides, participants in the funding round are also large investment funds and famous teams in the blockchain world such as CoinGecko, Kyber Network, Linkpad VC, and so on.

Partners

Because Coin98 has a diverse product ecosystem, they have partners in many different fields, such as Solana, Unilend, Avalanche, Polkafoundry, Persistence, Standard Protocol, BandChain, Elrond, Mercurial Finance, and more.

Team

Initially, Coin98 was created with the intent to be the best crypto resource. The value at that time that Coin98 brings is researching in-depth information and providing that information to investors to make more accurate investment decisions. In the process, two co-founders, Thanh Le and Vinh The Nguyen, realized the problems in cryptocurrencies in general and DeFi in particular. So they decided to establish Coin98 Finance to develop technology applications such as Coin98 Wallet. In addition, recently, they also cooperated with Solana Foundation to establish a $5 million investment fund to support development projects on Solana in Southeast Asia. The founding team includes: 

Thanh Le (Thanh Le – Co-Founder – Coin98 Finance | LinkedIn)

Co-Founder

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Has extensive experience and knowledge in the crypto and blockchain fields.

Built Coin98 channel to become one of the best crypto information channels with a community of hundreds of thousands of members.

Vinh The Nguyen (Vinh The Nguyen – Co-Founder – Coin98 Finance | LinkedIn)

Co-Founder

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Co-manager of Kytek and Cyber Network, an outsourcing specialist for multidisciplinary systems.

Co-founder & CEO of VIC Group, the largest Cryptocurrency Research and Investment Community in Vietnam 2017.

Conclusion 

Coin98 is a cross-chain liquidity protocol with various products, such as Coin98 Wallet, Coin98 Exchange, and Coin98 Bridge. The project owns a community and supporters up to hundreds of thousands of members, which is a great advantage to improve the value of Coin98. On the product front, Coin98’s early products enjoyed some initial success, establishing a reputation. This creates a premise for better product development in the future. However, because the future is inherently unpredictable, it takes time to consider the team’s capabilities, commitment, and efforts.

This deep dive is for informational purposes, not investment advice. Readers will be responsible for all their actions.

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