Coin98 Unveils a New Stablecoin, $CUSD, on the KyberSwap Platform

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Stablecoins
Coin98 Unveils a New Stablecoin, $CUSD, on the KyberSwap Platform

Coin98 (C98) is on the verge of increasing its liquidity on the Ethereum network following its launch of the $CUSD on the KyberSwap platform. The Coin98 infrastructure is a complete decentralized finance (DeFi) solutions provider where inexperienced DeFi traders can get all the tools they need on a single system.

Coin98 and KyperSwap Strike Partnership

KyberSwap and Coin98 have had a long-standing working partnership for many years. The first wallet to be hosted on the KyberSwap platform was the Coin98 Wallet. The new deal will see KyberSwap take custody of the newly minted stablecoin CUSD. 

Moreover, this would further solidify their long-standing relationship as Coin98 continues its expansion in the Ethereum ecosystem.

The CUSD has joined the likes of USDT, BUSD, and USDC as dollar-pegged stablecoins. In addition, CUSD comes with cross-chain solutions for all public blockchains. Moreover, the $CUSD is an insured token supported by reserves in fiat and crypto assets.

Furthermore, the Coin98 platform features decentralization, multi-chain wallets, coin minting services, and crypto-project financing.

The Coin98 environment is developed around CUSD to become its “lifeline” by permitting seamless cross-chain transactions at current and future facilities.

To start releasing CUSD, the user needs to provide some form of liquidity in U.S. dollars (CUSD Treasury). This must be in either BUSD or USDC. 

CUSD and USDC holders can exchange their liquidity standings NFT on KyberSwap starting September 19 to be eligible for the $C98 rewards.

Additionally, LPs gain from full liquidity and accumulative fees using KyberSwap’s elastic network, increasing investment profits and efficiency. Token holders can also participate in governance by submitting and voting on proposals and upgrades.

KyberSwap Plans Support for ETHPoW

As the clamor for more ETHPoW assets continues after the Merge, KyberSwap is considering adding support for ETHPoW. 

The Ethereum network transition from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus protocol comes with different requests from members of the Ethereum community.

Ethereum on PoW (ETHPoW) is the forked version of the original Ethereum PoW protocol. 

After the Merge, miners ceased becoming validators and developed an alternative platform to preserve the PoW algorithm.

KyberSwap aims to make DeFi accessible, secure, and easy to use. Thus, the platform will provide ETHPoW user interface access. However, KyberSwap is known for supporting the new ETHPoS on the main chain on the Ethereum network.

The platform has had a long-time working relationship with Ethereum due to its ties with Ethereum’s founder, Vitalik Buterin. KyberSwap has indicated that it supports ETHPoS as the only canonical protocol on the Ethereum network. 

Still, the platform is prepared to offer support for the ETHPoW for a month. Within this period, users can access and swap their assets before a decision on whether to continue is made by the team at KyberSwap.

Meanwhile, most of the respondents have shown their support for providing support to the ETHPoW.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.