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Coin98 Is the Newest Project to Hold Token Sale on Binance Launchpad

coincodex.com 15 July 2021 15:09, UTC
Reading time: ~3 m

Key highlights:

  • The next project to launch a token sale on Binance Launchpad is Coin98
  • Coin98 is building a DeFi platform that with a focus on multi-chain support
  • The project will sell 5% of the total supply of C98 tokens through the Binance Launchpad sale

Coin98 will be the next IEO on the Binance Launchpad platform

Popular cryptocurrency exchange Binance has announced Coin98 as the latest project that will be conducting a token sale on the Binance Launchpad platform. 

Coin98 is a project developing a comprehensive DeFi platform that supports multiple blockchains. The project is creating a cryptocurrency wallet with support for more than 20 different blockchains, including leading DeFi platforms like Ethereum, Binance Smart Chain and Polygon. 

Coin98 is also building an exchange, which will aggregate liquidity from different blockchains and attempt to provide users the best rates for token swapping, staking, lending and other common DeFi operations. Coin98’s Space Gate product is lets users move their tokens across different blockchains, for example between Ethereum and Solana. 

The Coin98 platform will feature a native token called C98, which will be used as a means of paying transaction fees, facilitating community governance and providing special perks to holders who are using the Coin98 platform.

In total, 50 million C98 tokens will be distributed through the Binance Launchpad token sale, which translates to 5% of the token’s total supply. The token’s full supply of 1 billion will enter circulation by mid-2025. Across two private sales, the project sold 20% of the token’s supply to raise $12.5 million.  

The Binance Launchpad sale for the C98 token will follow the “subscription” format, where users can commit their BNB to the token sale, and then receive an allocation of C98 tokens proportionate to their allocation’s size relative to the amount of BNB committed by all users participating in the sale. After the C98 token allocation is completed, the appropriate amount of committed BNB will be deducted from each user’s balance. 

Users’ BNB balances for the purposes of the Coin98 Launchpad sale will be recorded by Binance between July 16 0:00 AM UTC and July 23 0:00 AM UTC. 

Coin98 is already the 20th project to hold a token sale on Binance Launchpad. The platform has so far helped launched tokens by several projects that are now mainstays in the cryptocurrency scene, for example Polygon, Elrond Network and Axie Infinity. 

The other two tokens that were introduced to the market through Launchpad in 2021 have posted strong performances compared to their token sale price. In terms of USD prices, SafePal’s SFP is up 8.2x and Tokocrypto’s TKO is up 16.3x.

However, the Binance Launchpad platform is now also sometimes hosting “discount sales”, which feature tokens that are already released and trading actively. 

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