Since the very first days of Coin98, our mission has been to create open financial infrastructures for a multi-chain world where everyone can easily access decentralized finance (DeFi) without confusing blockchain know-how.
Following this mission, we put our heads down and started to build the concrete foundation from scratch. The first block was Coin98 Wallet - our leading multi-chain wallet with over 5 million users accessing 50+ supported blockchains simultaneously. We then continued to build Coin98 Exchange, a cross-chain aggregator protocol that executed over 1 billion dollars in volumes last year. The powerful multi-chain engine is the secret sauce behind Coin98 Wallet, Coin98 Exchange as well as the whole Coin98 Ecosystem.
Today, we are excited to introduce the next building block in our ecosystem - a brand new unit of account for the cross-chain economy - the Coin98 Dollar, also known as CUSD.
Over the last 2 years, we all have seen the exponential growth of smart contract platforms ranging from EVM-based (Ethereum Virtual Machine standard) to non-EVM-based such as Solana, Near, etc. It can definitely be concluded that we are in a multi-chain timeline. As the world of multi-chain expands, it drives up the demand for moving assets among different chains by a large margin; however, the major issue of fragmented liquidity also arises.
The potentially possible solution known to solve fragmented liquidity is to build a cross-chain liquidity network like what ThorChain did over the past few years or Stargate recently. Nevertheless, these projects have not reached the scaling stage yet because they are still missing a key piece in the big picture. To the best of our belief, in order to effectively tackle the issue of fragmented liquidity, we need to have a unit of account that measures the value of all the cross-chain liquidity pools in the network we are building.
This screams Coin98 Dollar - CUSD.
CUSD is a fully-backed stablecoin that aims to become a cross-chain unit of account that fulfills the demand for cross-chain liquidity in DeFi.
Needless to say, CUSD brings up an ambitious, long-term mission. To achieve this, our initiative is to build a strong foundation of use cases for CUSD within the Coin98 Ecosystem, first by centering CUSD as the default medium of exchange across all products built by Coin98 Finance. In the long run, CUSD will expand into other DeFi ecosystems in the multi-chain world.