Coin98 Wallet — The Ultimate DeFi Gateway: A Deep Dive
A Complete deep-dive into the problems Coin98 Wallet is solving, its various features, use-cases, and a complete guide on how a user can get started🔥
The Crypto world is booming and so is its hype around the masses! But there’s a problem faced by the masses: It has become overwhelming for masses who want all things in one place in a simple & sleek way, and not in a complex & nerdy way.
Well, the vision of today’s project, we are going to deep-dive is simple! Become “The Ultimate DeFi Gateway”! They mean it literally.
Coin98 is a full DeFi product suite, with two core of its platform: An Exchange & yes, you guessed it right and our focus of today’s article — The Coin98 Wallet! It’s a leading multi-chain wallet, that allows users to store, send, swap, and access a wide variety of DeFi services on 30+ blockchains such as Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, and Terra at ease. It already has 1M+ users, 8M+ wallet addresses, and 500M+ trading volume!🤯
In this article, we will talk more about the Coin98 wallet, starting with a quick understanding of wallets, then specifically to the Coin98 wallet, its features, and what’s their future!
Ready? Here you go🚀
To begin with, let’s understand the concept of wallets in a simple and clear way!
Wallet 101: 👛
Wallets in a nutshell
- If you have the access to your private key of the wallet it is a Non-custodial wallet
- Wallets store keys, encrypt, sign information, facilitate transactions on a blockchain
- Different forms:
- Hot wallet (connected to the internet, mostly software wallets)
- Cold wallets (stores your keys offline, safer)
Don’t worry, we will explain all of this detail, below👇
Like your traditional cash notes, you cannot fold your Bitcoin, Ethereum, or any other crypto token and put them into your pockets. (Sounds silly, isn’t it?) So, how do you safeguard your digital assets? You can do so with the help of cryptocurrency pockets i.e. Crypto Wallets.
A crypto wallet is an application allowing users to generate and manage private & public keys. Though, the funds will still remain on the blockchain.
Let’s simplify it, even more. If we take a web 2.0 example — wallets are like packets that hold your private keys (random number generated while creating your wallet) which are password protected which you will need to access your crypto tokens residing on the blockchain. A public key is then generated from the private key using a cryptographic algorithm requirement.
The private keys (encrypted as seed phrase) are utilized by the owner to access and send cryptocurrency and are private to the owner, whereas the public key (public address) is to be shared with any third party to receive cryptocurrency. The private key and public key pair (known as an address) are neither known by the blockchain nor anyone else. The blockchain ledger records the transaction of the public address when cryptocurrency is sent to it.
Transparent, isn’t it?
Other than storing the keys, the wallets can also
- encrypt & sign information. For example, by signing, you can execute a smart contract (Logic written in code to be executed on a Blockchain)
- approve a cryptocurrency transaction.
Now as you know the fundamentals of Wallet, Let’s move to the common terminologies, types, and functionalities, you will get to see around wallets.👇
Custodial & Non-custodial wallets
We all have heard the words, Custodial Wallets, and Non-custodial Wallets being thrown at us randomly, but what the hell is the difference between them?
In a Non-custodial wallet,
- you are the only person in charge of your assets, no third party is there to have access to your information or tokens, full-on decentralization in the air. So these are secure as the private keys are yours. And yes, With great power comes great responsibilities!
- Here the responsibility is completely yours. So, you have to manage your wallet wisely and smartly by remembering the password, storing the seed phrase in a secure piece of paper or digital notes. The Best and worst part is: there is nothing called a ‘forgot password’, If you do forget there is no going back🙁 Also, do ensure that there is no malware on your computer. If you follow these precautionary measures your funds are in great hands i.e Yours!😉
Let’s now move to Custodial wallets.
- It’s like a third party controlling your funds at all times, just like any traditional banking application.
- The custodial wallets can be found at centralized crypto exchanges. For example in Binance, when you trade the funds are stored in a Hot wallet which is accessible both by you and the exchange while the exchange keeps your private keys. This is why it’s not advised to keep large sums in crypto on exchanges. After all, the key difference and the common point of focus and concern is SECURITY!
Can wallets be hot or cold?🤔
Yes! Non-custodial wallets exist in two major forms, Hot wallets are online and can be used as software applications on your desktop or mobile, while cold wallets are offline i.e in the form of Hardware wallets. With all these, the key here is the KEY management (Uff! Meta😉) Let’s understand them👇
Hot wallets:
These are always online i.e 24/7 available for you to use them. All you need is a stable internet connection, a device to use and you are good to go. Again, there are types of Hot wallets depending upon the platform they are on. These are Web wallets, Desktop wallets, Browser extension wallets, and mobile wallets.
- Web Wallets: They simply work via a browser just like any other Web App. These are very convenient as you can use them from any device (be it a PC or a smartphone) connected to the Internet.
- Desktop Wallets: Here, a user needs to download and install a program on their computer. The backup seed phrase is stored locally on the device, so the security levels of such a wallet are quite high. However, it is very essential to make sure your PC is free of viruses and malware before starting using a Desktop wallet.
- Browser extension Wallets: They are just like the other Hot wallets which work directly from your browser itself. Extension wallets like Metamask or Phantom are meant to interact with decentralized applications like DeFi apps and other on-chain activities. Once created, a wallet will pop up on top of your browser window, just like other Extensions do.
- Mobile Wallets: These are mobile applications you can get on Google Play or App Store — they are light, convenient, and have almost every functionality needed for a well-rounded crypto life with a super user experience!
Cold wallets:
These are the Hardware wallets where you store your crypto tokens offline.
- These are the most secure solutions for storing tokens as there is a very low chance of them being taken over by someone by a malicious hack.
- Though it might seem easy, storing cryptocurrency offline is sometimes not as easy as it might sound. After all the key is “Where is the KEY held”
- These wallets usually look like your common USB drive, sometimes it might look like a card also. These devices allow storing the keys and keeping the funds offline unless plugged into a computer to manage the coins.
- This type of wallet offers great security features, especially valuable for those who are seriously into cryptocurrencies and want to keep everything under their control.
It can either be quite a hassle to manage crypto rapidly if you are a trader or make real-world cryptocurrency purchases frequently or convenient if you get used to it. Ledgers and Trezors are some of the hardware devices which let you store your crypto offline, secure, and safe by storing your private key in them and using their software to do any transaction or interaction with the blockchain.
Okay, enough of wallets, but are these wallets all perfect. Of course Not🧐
Problems with existing wallets:
All the existing types of wallets like MetaMask or Phantom or even, Hardware wallets present their own benefits, but all of them have their own shortcomings! For instance, Hardware wallets present a lot of hassles and are hard to use. Mobile wallets present a great user experience, but they lack on the security side, with the majority of them being custodial wallets (you don’t have their custody). Further, many of these wallets lack an ecosystem or suite of solutions, which is very essential for mass adoption, as a user wouldn’t like to use multiple solutions for each of their use-cases. Masses need a solution, which is not just “All-in-one”, but also secure and easy to use at their best.
Aren’t we demanding too much?🙃
Well, Coin98 is exactly, what our demands are! How?
Coin98 Wallet is a leading Multi-Chain Wallet & DeFi Gateway that allows users to store, send, swap, and access a wide variety of DeFi services on 30+ blockchains such as Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, and Terra at ease.
Let’s explore all these, one by one👇
Coin 98 Wallet: Key Features
The well-crafted features of the Coin98 wallet, make it one of the most powerful wallets. It has a wide range of features like being Non-custodial, multi-chain NFT & crypto wallet, a powerful trading terminal, built-in DEXs, Cross-chain Bridge & DApp Browser, attractive Earn programs, and the list goes on and on!
The wallet exists in as a browser extension, mobile app, and web app (Web Wallet is synchronized with Coin98 Extension Wallet)
1. Multi-chain Crypto⛓
Coin98 enables users to see all their Cryptos & NFTs from different Blockchains like Bitcoin, Ethereum, BSC, Solana, and others — all in one place. See the crypto charts and the latest trends 📉📈from the wallet itself. Users can store, send and receive multi-chain NFT directly on all EVMs-based blockchains, and even Solana! Not just that, you can also create your own NFTs.
NFTs Wallet
The Coin98 Super App has a tool called NFT Issuer, through which you can issue your own NFTs easily on the mobile app. Simply, Token Issuer is a tool integrated into Coin98 Wallet on both Android and iOS that enables users to release their tokens. It supports the token issuance process on 16 blockchains, including Ethereum, Binance Smart Chain, KuCoin Chain, Avalanche C-Chain, Polygon, etc.
Tl;dr for NFT & Token Issuer:
- No code✅: No technical and programming skills are required to mint your own NFTs
- User-friendly: Simple interface with straightforward safety procedure
- Customizable: Unleash your creativity and make your own tokens based on your design. You can even customize the Max supply of the token and also the burning and minting of tokens through time.
As a forefront runner of the DeFi ecosystem, Coin98 Wallet continues to embrace emerging trends, increasing the diversity of the multi-chain gateway.
2. dApp Browser & list of connected dApps:
With Coin98, you add and can search for the favorite DApps, create a list of dApps, and access that list in a much more convenient way (yes, it’s like the bookmark feature!) For easier navigation, users can browse trending DApps in the top module or explore them in Multichain or by each blockchain (Ethereum, BSC) or by category (Finance, Exchanges, Farm & Stake, Games). In short, Coin98 Wallet users can access thousands of DApps built on 4 different blockchains, including Layer 2 (Optimism, Arbitrum, Boba Network), Kucoin community chain, and various EVM custom networks in a simple and fast way.
Despite the hyper-growth of DeFi, it’s still quite risky. DeFi users spend several hours every day connecting with various DeFi platforms for using DEXs, farming, staking, adding liquidity, and so on. Sometimes, they should review connected dApps to check their reliability. Coin98 Wallet adds a connection button to the home screen as the top priority updates to manage and check out all DApps they used the Coin98 wallet to connect. In consequence, the users can freely disconnect with specific DApps as they wish. Thanks to that, users can somehow prevent themselves from being hacked or affected by losses by the untrusted DeFi platform.
3. Seamless Swap🔁:
The wallet offers a convenient space for users to swap tokens on multiple blockchains, including Uniswap, SushiSwap (Ethereum), PancakeSwap, MDEX (BSC), Trader Joe, Pangolin (Avalanche), MDEX (HECO Chain), QuickSwap (Polygon).
With “Swap URL”, users can share a universal link to their desired trading pair — once someone clicks the link on the browser, it will direct them to Coin98 Exchange; and while on mobile, it will open up the Coin98 Mobile Wallet to that exact trading pair. This gives a hassle-free smooth cross-platform trading experience.
4. Space Gate: The cross-chain bridge🌉
“Humans build too many walls, but not many bridges” — the same applies to the blockchain world as well. Coin98 also supports all-new L1/L2 Cross-chain bridges, which means you can easily transfer their asset from one blockchain to another seamlessly. These not only boost the interoperability of blockchain technology but also increase the rate of mass adoption in the space. You don’t need to hesitate to start on Layer 2 networks, as they can easily transfer assets between L1s and L2s with the new bridges in coin98 wallet, including Ethereum <> Optimism, Ethereum <> Arbitrum on Ethereum, Ethereum <> Boba Network, and many more.
To allow cleaning up and migrating all fragmented SPL tokens to one Solana wallet address, Solana Migration is also possible
As more assets and Bridges gets supported Coin98 Wallet in the future it will cover the gaps between cross-chains, ensuring widespread scalability and growth🚀🚀!
5. Some Cool Features:
🚀Buy crypto directly, Built-in DEXs, Connect the exchange from the available ones, buy crypto from the wallet natively in a fast, secure, and efficient way!
🚀Blockchain Explorers: Search your wallet address or transaction ID to view the detailed status of the transaction on a multi-chain.
🚀Multi-send Feature: The users can easily send to multiple addresses at once from a wallet in a single click! Send tokens in bulk to various addresses simultaneously.
🚀Cloud sync feature: You can backup your passphrases to store in cloud storage like google drive.
Now let’s see how you can do these things, with this quick and concise guide.👇👇
The ultimate coin98 wallet guide
Before you can get started with Coin98 wallet, you have to simply first create it.🤷♂️
Creating a MultiChain wallet.
You can create the wallet, either on the browser extension or on the mobile app. Follow these steps:
a. Click on that Wallet icon → Multi-chain → Select Add Wallet→ select Multichain Wallet
b. Enter a Wallet name → a Passphrase (12 words) will be shown**,** please make sure you store your passphrase safely
c. Re-enter your Passphrase in the Recovery Key Box → Select three checkbox(es) announcements to Create Wallet.
And voila!! You have successfully created the Multichain Wallet.🎉 Now, you can send and receive crypto tokens in your wallet.
end of steps!! now let’s explore the different functionalities
NFTs
From the wallet tab, you can select the NFTs tab.
If you have already owned an NFT or imported a wallet from another application, your NFT will be fully displayed in this interface. Your own NFTs will be stored and classified by each supported project. Users can check the number of holdings and see the detailed information of each type of NFT when clicking on the project’s logo. You can send and receive NFTs directly from the app itself.
Swapping in the Wallet
From the Swap tab, you can choose from numerous swapping platforms depending on your tokens and which blockchain they are on and convert them into other crypto tokens.
You can also do this to send your tokens to another blockchain using the cross-chain swap feature directly from the wallet.
dApp browser
Click on the Browser tab. At the dApp Browser interface, click your favorite DApp or enter its name/ URL in the search bar.
Connect your wallet after entering the dApp’s main interface.
You can change the chain or the wallet, select the chain/ wallet you want to connect by clicking on the selection tab at the bottom right corner of the screen
The ability to connect to any DApp on many different blockchains with any multi-chain wallet provides a convenient and stable experience for users which is available on your Coin98 Super App.
Uff!! That’s not all you can do with this wallet.
The above examples are the most common and useful for most people. If you want to explore more niche and advanced features head over to their docs and you can find more examples.
How is Coin98 Wallet superior?
As we have already discussed, existing wallets have their own shortcomings, while Coin98 wallets is a package of curated features, presenting a far superior user experience. It’s just the super wallet that a user will ever need. Unlike traditional wallet apps, the Coin98 app doesn’t only provide a conventional feature of just holding tokens. The Coin98 wallet not only allows holding the tokens but also provides dozens of coolest features like staking, NFT & Tokens creation, with a sleek UI. To add a cherry on the top, it also offers a partner program and referral program, giving it’s users also the incentive to earn while they enjoy these cool features.
Why would anyone get stuck in traditional single-feature wallets, when they can enjoy the best of all worlds with Coin98 wallet :)
Community and backers:
Coin98 community is global with 12+ language communities Taking part in building and expanding the DeFi -Real-World Gateway Coin98 and fulfilling their mission together. The community is rapidly going as more users join in. Currently, their discord server has 24k+ members and they are also available on telegram and Twitter as well making the community participation stronger.
$C98 Token
C98 Token is the native utility token of the Coin98 DeFi platform, powering the entire ecosystem. C98 tokens are built on Ethereum, Binance Smart Chain (BSC), and Solana. Coin98 Token (C98 Token) plays an important role in operating the Coin98 ecosystem by providing Platform Service Fees, Staking Incentives, Unique Membership Rights and at the same time brings profits to holders and rights for long-term development and Governance.
Backers
Coin98 is backed by the most prominent and active investors of the ecosystem like Multicoin capital, Alameda research, coingecko, NGC venture, and many more. This strong backing helps the project to grow while creating trust among people to use it.
Conclusion: Coin98 to the Moon🚀
Coin98 is growing rapidly & globally and currently, its focus is to acquire more and more users! It has got a huge community backing of thousands of members, which is of great value to its future growth. Their product is very solid, with tons of amazing features, and the list keeps growing each month, presenting a strong reason for the project to keep growing.
With the ever-growing ecosystem of Coin98 products in both Wallet & Exchange front, it’s inching closer and closer to becoming a Gateway bridging TradFi users to any DeFi services on multiple blockchains, echoing their vision of bringing the next billion users. 2022 is indeed a big year for them!
That’s all folks!
This was a complete deep-dive into the Coin98 wallet. If we missed something or you have any suggestions or just want to have some interesting conversations around web3, we would love to connect — Yash Agarwal and Sitesh
Until then…
References:
- https://docs.coin98.com/products/coin98-super-app
- https://blog.coin98.com/
- https://blog.coin98.com/c98-nft-wallet/
- https://blog.coin98.com/mobile-wallet-v10-1-0/
- https://en.wikipedia.org/wiki/Cryptocurrency_wallet
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Some of the Images and numbers are taken from Coin98’s official sources and third-party sites. If you want to know more you can also read their docs. The information contained herein is for informational and entertainment purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. Trading cryptocurrencies poses a considerable risk of loss and readers are advised to do their own research before making any decisions. Read the full Disclaimer.
