Proposal
This proposal serves to support Coin98 (C98) as collateral on dForce with the following parameters:
- Interest rate model: UR Kink is 65% (CAKELIKE standard).
- Supply cap: $1M (standard to start).
- LTV factor: 70% (CAKELIKE standard).
- DF rewards: none (for now, pending for a broader discussion).
- Price source: Chainlink (C98 / USD price today | Chainlink) (BSC)
About Coin98
Coin98 (C98) is the native utility token powering the entire Coin98 Ecosystem. Coin98 is building a suite of cross-chain interoperable and user-friendly products in order to bring DeFi to mass adoption. These products are Coin98 Super App, Extension Wallet, Decentralized Exchange, SpaceGate cross-chain bridge and more are under development.
Coin98 Super App is the #1 crypto super-app designed to seamlessly connect billions of users to the crypto world safely and securely. We offer users a comprehensive and trusted ecosystem of essential services across the globe, including a non-custodial, multi-chain NFT & cryptocurrency wallet, built-in DEXs, a Cross-chain Bridge, a DApp Browser, a powerful Terminal, attractive Earn campaigns, Gifts, and much more.
Specifically, Coin98 allows multi-chain activities and performs itself as the most outstanding and convenient protocol –a fool-proof tool that allows anyone to explore DeFi with comfort.
Here are our achievements 2 years after launching.
Recently, Coin98 has received a Strategic Investment from Binance Labs, and is planning to develop the DeFi sector in the BNB Chain Ecosystem.
Motivation
We believe integrating the C98 token into the dForce platform will be beneficial for both communities.
This proposal will enable 50,000+ C98 holders and supporters to maximize their capital efficiency. As a result, more TVL and borrowing volume will come to the dForce platform that will benefit DF holders.
Both dForce and Coin98 aim to develop a suite of products with a Multi-chain vision, making it easy for the two to support each other.
For example, the dForce platform is currently mainnet on 4 Blockchains: Ethereum, BNB Chain, Arbitrum One, and Optimism. Coin98 Super App - with the multi-chain wallet feature, can support all 4 of these Blockchains, thereby helping users access dForce seamlessly. This feature can not be provided by other wallets like Metamask, Coinbase, xDeFi Wallet,…
Liquidity
Coin98 (C98) is now in the TOP 220 in Market Cap with the Fully Diluted Valuation of $1.3B. The daily volume is around $15M - $25M.
The C98/WBNB Pool on PancakeSwap has ~ $4M in liquidity, which makes it one of the TOP 18 Pools on PancakeSwap.
Asset Details:
- Token Name: Coin98.
- Ticker: C98.
- Available on: Ethereum, BNB Chain, Solana.
- Token Standards: ERC20, BEP20, SPL.
- Contracts:
- BEP20: 0xaec945e04baf28b135fa7c640f624f8d90f1c3a6
- ERC20: 0xae12c5930881c53715b369cec7606b70d8eb229f
- SPL: C98A4nkJXhpVZNAZdHUA95RpTF3T4whtQubL3YobiUX9
- Market Capitalization: $246M.
- Coingecko (Coin98 price, C98 chart, and market cap | CoinGecko)
- Significant liquidity:
- CEX: Binance, FTX, Huobi, Gate, …
- DEX: PancakeSwap, SarosSwap, SushiSwap,…
Benefits for dForce:
This proposal also brings other benefits to the dForce platform and dForce community:
-
dForce platform:
- It opens the opportunity for dForce to access the Vietnamese crypto market in particular and the Southeast Asia crypto market in general, which has plenty of room to grow rapidly.
- The dForce multi-chain platform will be supported on the Coin98 Super App. Therefore, dForce will be able to reach millions of users of the Coin98 Super App.
- DF (dForce) will be supported on other Coin98 products, including Coin98 Market, Coin98 Portfolio, Coin98 Exchange, a new BSC-based AMM (will be launched soon).
-
dForce users and holders:
- Possibilities of numerous Partners and Promotion programs between 2 projects in the future.
- Incentives Program for DF supplier on dForce Lend market (can be discussed further).
Informal Poll
- For: Approve C98 as collateral with 70% LTV.
- Against: Do Nothing
