Coin98 Dollar (CUSD)

 Coin98 Dollar (CUSD): Pioneering the Cross-Chain Economy

Introducing Coin98 Dollar (CUSD) – the latest addition to the Coin98 Ecosystem, poised to redefine the landscape of the cross-chain economy.

Understanding CUSD: The Cross-Chain Unit of Account

As the multi-chain universe continues to expand, the need for seamless asset movement across different chains surges. However, this growth also brings about the challenge of fragmented liquidity. Enter CUSD – a revolutionary unit of account designed to address the issue of fragmented liquidity by measuring the value of cross-chain liquidity pools within the Coin98 network.

Exploring the Concept of CUSD

CUSD stands as a fully-backed stablecoin with a bold mission to serve as a cross-chain unit of account, catering to the demand for cross-chain liquidity in DeFi. With a vision set on the long-term, CUSD aims to establish a robust foundation of use cases within the Coin98 Ecosystem, starting with its role as the default medium of exchange across all Coin98 Finance products. As time progresses, CUSD will extend its reach into other DeFi ecosystems within the multi-chain realm.

Expanding the Supply of CUSD

CUSD operates as a decentralized stablecoin, fully collateralized by assets held in reserve. To convert to 1 CUSD, a total of $1 worth of collateralized assets must be sent into the CUSD Reserve smart contract. Initially, the collateral ratio for converting to 1 CUSD stands at $1 worth of fiat-backed stablecoins such as BUSD (on BNB Chain) and USDC (on Solana and Ethereum).

Ensuring Stability: 1:1 Redemption

One of the key mechanisms ensuring stability in the early stages of CUSD is its 1:1 redemption feature. All CUSD tokens can be redeemed directly for the previously collateralized stablecoin in reserve, maintaining stability and confidence in the system.

Fee Structure and Market Conditions

While converting other stablecoins into CUSD remains free of charge, a small fee of 0.5% is initially applied to each redemption transaction. This fee structure is subject to adjustment based on market conditions, ensuring flexibility and responsiveness to the evolving crypto landscape.

Securing the CUSD Reserve

The CUSD Reserve serves as the backbone of the stablecoin, fully backed by all supported stablecoin assets held in the CUSD Reserve smart contract. This ensures that all users have access to the backing assets for redemption at any given time, bolstering trust and reliability in the system.

Audits and Transparency

Transparency and security are paramount in the world of crypto. That's why CUSD contracts undergo rigorous assessments by trusted auditors, with audit reports made readily accessible to the public. For further details, visit https://docs.coin98.com/audits/coin98-dollar.

With its innovative approach and commitment to transparency, Coin98 Dollar (CUSD) stands poised to revolutionize the cross-chain economy, providing users with a seamless and reliable platform for navigating the multi-chain landscape.