Since the early days of Coin98, our mission has been to create an open financial infrastructure for a multi-chain world where decentralized finance (DeFi) can be easily accessed by anyone without confusing blockchain.
after this mission We trusted and started building a concrete foundation from scratch. First is Coin98 Wallet – our leading multi-chain wallet with over 5 million users and concurrent access to 50+ supported blockchains. We then built Coin98 Exchange, a cross-chain aggregator protocol that With over $1 billion in total transactions last year, the powerful multi-chain engine is the secret behind the Coin98 Wallet, Coin98 Exchange, and the entire Coin98 ecosystem.
Today, we are excited to introduce the next thing in our ecosystem for the cross-chain economy – Coin98 Dollar also known as CUSD
Why CUSD?
Over the past two years, we have all seen exponential growth of smart contract platforms ranging from EVM (standard Ethereum Virtual Machine) to non-EVM such as Solana, Near, etc. As the multi-chain world expands. The demand for movable assets between the different chains is also increasing, however, the main problem of fragmented liquidity also arises.
A possible solution, known for solving the fragmented liquidity problem, is to create cross-chain liquidity, as ThorChain has done in recent years or more recently Stargate. to the scaling process as it still lacks a big part in the overall picture and according to our belief the best to effectively deal with fragmented liquidity problems We need a standardized monetary unit of all cross-chain liquidity pools in the network we are building.
Coin98 Dollar – CUSD
CUSD is a fully funded stablecoin. It aims to become a standard cross-chain monetary unit that satisfies the need for cross-chain liquidity in DeFi.
CUSD offers an ambitious and long-term mission. to achieve this Our initiative is to build a strong foundation of use cases for CUSD, within the Coin98 ecosystem, first of all for CUSD to be the center of exchange across all products that Coin98 Finance has built, and over the long term, CUSD will gradually. Expand to other DeFi ecosystems in the multi-chain world.
How does CUSD expand supply?
CUSD is a decentralized stablecoin that is backed by reserve assets. To convert to 1 CUSD, all $1 of collateral assets must be sent to the CUSD Reserve smart contract. in the beginning The margin ratio to convert to 1 CUSD will be $1 of the fiat-backed stablecoins – BUSD (on the BNB Chain) and USDC (on Solana and Ethereum).
1:1 can be traded
All CUSD can be redeemed directly 1:1 to reserve previously guaranteed stablecoin. This is the key mechanism that helps CUSD stabilize in the early stages.
In the CUSD mechanism, it is worth noting that the conversion of other stablecoins to CUSD is free. meanwhile A small fee of 0.5% will be incurred on each redemption transaction value. and can be adjusted according to future market conditions
CUSD reserves
CUSD is fully backed by all supported stablecoin assets sent to the CUSD Reserve smart contract, with all reserve assets held in contract to ensure all users can redeem them at any time.
CUSD Unlocks the Power of the Coin98 Ecosystem
CUSD is designed to be used in all existing and future products within the Coin98 ecosystem and for the continued growth of CUSD in its early stages. Therefore, a robust set of infrastructure was created to use CUSD such as:
- Native DeFi Hubs on each blockchain
- A Native Cross-chain Bridge
- Multi-chain Token Launch Platform
- Multi-chain NFT Market
- …and many more to come
The early CUSD will unlock a unified cross-chain liquidity flow between these products. to support a truly seamless cross-chain experience. And this is an unrivaled special experience that Web3 users might find on any other single interface.
In addition, once the CUSD economy has developed to a certain level and has achieved its strategic advantages. External integration and cooperation can also be established to further expand its adoption.
Note to C98 holders
CUSD is an important complement of the entire Coin98 ecosystem and with the CUSD liquidity enabled, the market demand for stablecoin will increase and revenue will also increase. As a result, C98 token holders increase in value.
CUSD will bring new key use cases for C98 tokens including
- C98 will be able to be used as collateral to borrow CUSD in the money market.
- C98/CUSD liquidity pool on blockchain/multiplatform
- Some of the CUSD operating income will be returned to Treasury controlled by C98 holders.
move forward
Phase 1: Beginning
A cautious approach will be taken in the early stages to ensure that CUSD is satisfactory and that the supply of CUSD continues to grow. In particular, CUSD will be capped at a total value of $50M.
Phase 2: Expanding Utilities
expand the ecosystem especially A seamless cross-chain exchange and transfer experience enabled by 2 upcoming products SpaceGate & Superlink created by Coin98 Labs will bring CUSD as a liquidity layer.
In addition, due to CUSD’s secondary liquidity in the open market has increased. As a result, more CUSD pricing is available from different providers, which allows for the adoption of an additional ecosystem.
Multi-chain launch
As multi-chain is our focus, CUSD is deployed on as many chains as possible. Initially these were Ethereum, BNB Chain and Solana, but the speed and scale of their implementation will be closely monitored.
Audits
CUSD contracts are rated by highly reliable auditors. and the inspection report will be made available to all public.
and to keep up with the next step We recommend you to follow Twitter and subscribe Telegram ours and talk in Discord our
If you are a developer and have an idea to build a dapp or protocol based on CUSD, we’d love to hear from you. If you are a market maker and want to learn more. please email us
About Coin98 Labs
Coin98 Labs is the creator of DeFi products, focusing on building and developing an ecosystem of DeFi protocols, Web3 applications and NFT on multiple blockchains. Our mission is to fulfill needs and improve the ecosystem on demand in the DeFi space, enabling people to easily access DeFi services.
The Coin98 universe includes Coin98 Super App, Coin98 Exchange, Coin98 SpaceGate (cross-chain bridge), Saros Finance (A DeFi Super-Network on Solana) and many other initiatives.
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