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Gungun Bhatia
Sep 19, 2022
by Gungun Bhatia

Coin98 Launches New Stablecoin $CUSD on KyberSwap

Coin98

Table of contents

  1. Coin98 and KyberSwap Partnership
  2. CUSD - Lifeline of Coin98 Ecosystem
  3. KyberSwap to Support EthPoW
For their recently launched stablecoin CUSD on KyberSwap Elastic, Coin98 (C98) has opted to increase liquidity on Ethereum. A multi-chain wallet, a decentralized exchange, currency launching, financing, and auditing services are all included in Coin98's infrastructure, which is referred to as an all-in-one DeFi platform.

DeFi is fragmented, making it challenging for new DeFi traders to find all these tools at once and switch chains. Coin98 addresses this by integrating all the services onto a single platform, making them all accessible from a single wallet.

Coin98 and KyberSwap Partnership

Coin98 and KyberSwap have been partners for a very long time, and KyberSwap's platform initially supported Coin98 Wallet. By running a liquidity mining program for Coin98's recently minted stablecoin CUSD, KyberSwap is delighted to further assist Coin98.

In addition to USDC, USDT, and BUSD, Coin98 Dollar (CUSD) is a stablecoin linked to the US dollar and offers cross-chain liquidity for all chains. The CUSD is fully insured and supported by reserves. Contract audits for CUSD are made public.

CUSD - Lifeline of Coin98 Ecosystem

The Coin98 ecosystem is designed with CUSD as its "lifeline," providing smooth, uniform cross-chain liquidity transfer to existing and upcoming infrastructures.

To release CUSD, the user must provide Treasury in USD (CUSD Treasury) in one of the two stablecoins, BUSD or USDC. In contrast, if it is not necessary to use it, the customer must spend CUSD and then re-enter Treasury in USD to obtain BUSD or USDC.

Starting from September 19, CUSD & USDC LPs can deposit and trade their liquidity positions NFT on KyberSwap Elastic and receive $C98 incentives. LPs may benefit from concentrated liquidity and compounding fees using KyberSwap's Elastic protocol, which will increase capital efficiency and maximize profits.

KyberSwap to Support EthPoW

Recently, users have been asking for guidance on controlling the Merge and getting access to EthPoW assets in a never-ending stream. In a blog post, KyberSwap outlined its goal of making DeFi accessible, quick, secure, and easy. KyberSwap chose to provide EthPoW access on their user interface (UI) even though they have always supported EthPoS as the only canonical chain to see if there was any demand for it. More than 60% of those who responded favored this strategy.

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Coin98 Launches New Stablecoin $CUSD on KyberSwap
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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