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Academy > Crypto Insights > What is Coin98 (C98): All-In-One DeFi Trading Platform >

What is Coin98 (C98): All-In-One DeFi Trading Platform

2022-03-24 06:24:09

Coin98 (C98) is an all-in-one DeFi (decentralized finance) platform designed to provide DeFi’s most prominent features in one place. Coin98’s platform features a decentralized exchange, multi-chain wallet, coin launching, financing, and auditing services. The C98 coin is trading at $1.6 with a market cap of $300 million and a circulating supply of 180 million.

coin98-coin-

As DeFi is fragmented among thousands of different decentralized applications (DApps), Coin98 aims to capitalize on the industry as a whole. Popular DeFi products such as ERC-20 coin exchanges are supported and users can trade directly on the platform using the desktop or mobile versions. Trading services are built-in and users can buy and sell without visiting third-party websites.

What is Coin98?

Coin98 has built-in trading and a mobile app that supports crypto wallet storage and trading. The Coin98 app recorded over 1 million downloads with 3 million transactions and 500,000 active users. It can be used as a storage wallet or a trading app. The platform provides all the essential tools a DeFi trader needs to trade in one place.

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Summary of Coin98

  • DeFi is a $200 billion industry that enables smart contractbased trading on Ethereum (ETH), Solana (SOL), Terra (LUNA), Polygon (MATIC), Avalanche (AVAX), and other chains.
  • Developers have built decentralized applications such as crypto exchanges (i.e. Uniswap), lending platforms (i.e. AAVE), wallets, and other financial services.
  • DeFi is fragmented, therefore it becomes difficult for new DeFi traders to discover all these tools at once and/or switch chains. Coin98 solves that by combining all popular features in one platform – providing accessibility from the same wallet.
  • The most notable features are: crypto exchange, multi-chain wallet, DeFi analytics hub, lending service, coin launcher, multi-sender app, portfolio tracker, and mobile app.
  • The Coin98 wallet is required for all trading on the platform. Users can make cross-chain swaps using the wallet such as Avalanche to Solana or Ethereum to Polygon.
  • The Coin98 mobile wallet is available for iOS and Android. It features multi-chain support for crypto storage with 50+ chains including Bitcoin (BTC). It’s one of the most-downloaded crypto wallets.
  • The C98 coin is the platform’s governance and utility coin. There are 185 million coins in circulation with a maximum supply of 1 billion coins. At the current market cap of $300 million, the diluted market cap amounts to $1.5 billion. The coin can be staked for APR up to 12%.

The front page of the Coin98 DeFi trading platform.

The front page of the Coin98 DeFi trading platform.

What Is The Coin98 Wallet?

The Coin98 wallet is a multi-chain wallet. Multi-chain means that it provides storage for multiple layer-1 networks such as Ethereum, BSC, Terra, Polygon, Avalanche, Solana, and dozens of other chains. It’s available for free on the mobile app (iOS and Android) or as an extension for Chrome and Brave browsers.

The Coin98 wallet extension is loaded on the righ

The Coin98 wallet extension is loaded on the right.

The wallet is required for all services on the platform and users can make use of decentralized trading, storage, portfolio tracking, coin launching, and more. While other platforms rely on the popular MetaMask wallet, Coin98 stands out by developing their own wallet and making it mandatory in order to use their services.

To install the Coin98 wallet, visit the wallet page. Press “Connect Wallet” at the top-right and you will receive a prompt if you don’t have the extension installed. “Confirm” at the prompt and you will be taken to the Chrome web extension marketplace where you can download and install it for free.

The Ethereum network will be selected by default. If a user wants to change the network, they can click on “Ethereum” at the top of the wallet and choose among dozens of networks. On wallets like MetaMask, users have to manually type out the network codes while Coin98 automatically connects them.

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What Is The Coin98 DeFi Exchange?

The Coin98 DeFi exchange allows users to swap between 300,000+ DeFi tokens on the platform. To make use of the analytics, a user doesn’t need the Coin98 wallet, but if they want to trade on the platform they must have it installed.

The DeFi exchange providing analytics for thousands of coin

The DeFi exchange providing analytics for thousands of coins.

The exchange provides real-time charting for every DeFi coin in existence and users can switch between networks and exchanges by tapping the optional links at the top. By default, the Uniswap and Ethereum networks are selected.

Let’s say we want to check the price of the Shiba Inu (SHIB) token. We could input its ERC-20 token address which is “0x95aD61b0a150d79219dCF64E1E6Cc01f0B64C4cE” in the bottom-left search panel:

Locate coins by pasting the contract address in the search bar.

Locate coins by pasting the contract address in the search bar.

The Coin98 system automatically detects this is the SHIB token. It can identify every coin across the entire network by pasting in the contract code. Moreover, it displays the token amount we’re holding and a user can “Heart” their token if they want it to be easily accessible over other tokens. If we left-click on SHIB, we get the full chart:

Browse charts and trade coins instantly with Coin98’s exchang

Browse charts and trade coins instantly with Coin98’s exchange.

We can now swap our ETH balance for SHIB using the right panel. We recommend leaving extra ETH to cover gas fees. The same trading method applies for all other supported networks and their respective tokens.

What Are Coin98 Market Analytics?

The Coin98 markets section shows a general overview of the crypto market at large, but it can also be used as a search engine to locate DeFi coins:

Market overview of the top cryptocurrencies by market ca

Market overview of the top cryptocurrencies by market cap.

At the time of writing, the crypto industry has a market cap of $2 trillion according to Coin98’s tracking data. If we want to research a coin, we can input the name on the “Search” section at the top left and it will show us historic price data and market cap analytics. Likewise, we could input the contract address similar to what we did with the SHIB token.

Here’s what the Bitcoin chart looks like using Coin98’s analytics page:

Bitcoin’s historic price chart and supply overvie

Bitcoin’s historic price chart and supply overview.

A trader could gather the most important information about a coin such as the supply, market cap, daily volume, diluted supply, and historic price data. They can hit “Swap” and it will take them to a page where that coin is tradable.

What Is The Coin98 Token Issuer?

The token issuer can help a user launch this own crypto coin without coding experience. Most ERC-20 deployment requires basic Solidity programming language knowledge, but this tool make the process instant. The coin issuer currently works on the Ethereum, BSC, and HECO chains.

If we were to create a basic token called “Phemex” we would only need to fill out the following parameters:

Deploy tokens without writing code using the ‘Token Issuer

Deploy tokens without writing code using the ‘Token Issuer’.

We gave our token the ticker symbol “PMX” with a supply of 100 billion tokens. Optionally, we can select a logo and token minting/burning features according to future plans. All a user has to do once they’ve filled out the basic details is to press “Issue” and confirm the transaction. The tokens will then be deposited in their wallet.

Note: It can cost $1,000+ to deploy a token on Ethereum, and more to make it tradable by adding liquidity on Uniswap or other decentralized exchanges.

What Is Coin98’s Super App (iOS + Android)?

Coin98’s mobile app provides the same features as the online platform but it’s available for devices on iOS and Android. It can be downloaded for free and currently has over 500,000 active users.

The mobile app provides identical features to the desktop ap

The mobile app provides identical features to the desktop app.

Users can store crypto, NFTs, and make trades live from within the app. They can stake their C98 directly from the mobile app. They also have an overview over historic transactions.

What Is The C98 Blockchain Wallet Token (C98)?

The C98 token is the main governance and utility token of the Coin98 ecosystem. The governance aspect means that C98 holders will be able to vote on feature proposals in the future. The utility aspect means that they will have exclusive access to certain features such as the C98 launchpad.

The C98 token is the world’s largest blockchain wallet token by market cap at $300 million – surpassing even that of Trust Wallet (TWT). The C98 token distribution is the following:

C98 coin distribution and maximum suppl

C98 coin distribution and maximum supply.

Is C98 Coin a Good Investment?

At the moment, only 185 million tokens are circulating out of a total of 1 billion. The team owns more than 50% of the tokens which means that the fully diluted market cap (once all tokens are released) is a lot higher compared to the current market cap.

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The C98 crypto is one of the few tokens where the team holds such a large distribution of the total supply, but most of the coins are locked up and won’t be released for years. The coins can also be staked, offering rewards based on the supply being staked and the lockup period:

The token is available on three major chains: Ethereum, BSC, and Solana. The price is identical across all chains because arbitrage bots buy them up when there is a price difference on different chains – effectively evening-out the price.  Performance-wise, this is how the C98 token performed since it launched in August 2021 until now:

The C98 token performance over the past year

The C98 token performance over the past year.

The C98 price reached an all-time high of $6 shortly after launching in the summer of 2021. The market cap at the time was over $1 billion. The price is currently trading at $1.6 with a $300 million market cap.

This means that it has steadily degraded over the last couple of months and continues trading sideways. The price depreciating may be a reflection of the crypto market at large underperforming. It’s still early to make future predictions as the token is not even a year old. Nonetheless, C98 remains the largest blockchain wallet token by market cap.

Conclusion

DeFi has thousands of DApps that were fragmented across dozens of different chains. The Coin98 team came up with a brilliant idea to combine the most popular features in one platform and developed their own wallet and exchange. This turned out to be a massive success and it’s currently one of the most-used DeFi platforms.

The platform is efficient, but it requires users to download the Coin98 wallet. To make use of the features provided by the platform, a user should start by installing the wallet and depositing crypto directly. Phemex makes it easy to buy crypto and send it to your Coin98 wallet to start trading on their platform.


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