In a recent blog post it shared, the Elrond network confirmed that the Elrond mainnet had been integrated with the DeFi app, Coin98. As a result, EGLD & ESDTs tokens such as MEX, RIDE, or USDC will be available to the over 1M+ users on the popular DeFi app, granting Elrond a huge exposure to a wider audience.
The news of integration with the Elrond network was first announced last year. Coin98 Wallet is a Coin98 Finance-powered decentralized crypto wallet. The wallet is a multi-functional, all-in-one wallet app. The Coin98 wallet is a protected decentralized wallet that offers the same safe and seamless interface as a centralized wallet. In addition, multi-source and multi-blockchain asset management are supported by the wallet. The app also includes DApps, Market-Watch tools, and Instant Exchange, in addition to enhanced wallet capabilities.
The initial partnership will focus on allowing anyone with a Coin98 account to store, send, and receive $eGold. The final “version X,” the next major milestone in the advancement of the Coin98 mobile app and browser extension, will include $ESDT tokens, Elrond DeFi services, and dApps.
The $EGLD token is a key player on the Elrond Network. It serves as the platform’s native unit of value. Furthermore, It acts as a medium of exchange between users and developers who subscribe to access the platform and validators who accept the fees as payment for their services.
Reactions to the news
At the time of the announcement, Beniamin Mincu, Elrond Network CEO, noted that the collaboration would help more people access financial opportunities. He said, “We accelerate the proliferation of Elrond technology by engaging strategic rapid growth markets. Coin98 is an established leader in Vietnam and South East Asia, and our collaboration will enable more people to tap into financial opportunities at internet-scale.”
Vinh The Nguyen, Co-Founder & CEO of Coin98, described Elrond as an innovative team, adding that the partnership was of mutual benefit to both platforms. He said, “Elrond have proven themselves as an innovative team with a great vision through their line of work. This partnership can unlock numerous opportunities for Coin98 Wallet and Elrond to fulfill our vision of connecting DeFi to the real world, making the open economy accessible to anyone in the world. We’re excited about what this partnership could potentially bring to our 280,000+ users in the foreseeable future!”
About Elrond Network
Elrond is an internet-scale blockchain that was built from the ground up to provide a 1000-fold increase in throughput and execution speed. Elrond accomplishes this by introducing two major innovations: a unique Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, both of which enable linear scaling while also providing a quick, efficient, and secure consensus process. Elrond is seeking to become the bedrock of a permissionless, unrestricted, fully accessible internet economy by processing upwards of 15,000 transactions per second (TPS) with 6-second latency and minimal cost.
Coin98 Wallet is a non-custodial wallet that can be used to hold, maintain, exchange, and swap digital assets from several chains and sources. The app is one of the platforms that safely introduces users to the world of crypto and helps them access opportunities. Popular chains it supports include TOMO, Tron, Binance Smart Chain, Solana, Polkadot, Kusama, Huobi ECO Chain, Near, Avalanche, Binance Chain, etc.