Twitter Space Recap: Coin98 AMA with Sei Network - Not Your Keys, Not Your Coins

This week marks the Twitter Space AMA between Coin98 Super App and Sei Network. Both teams have brought various thought-provoking ideas in terms of how DeFi innovates the security in exchanging and saving digital assets, especially after a stormy week of crypto when awareness for self-custody escalates. In case you have missed the live session, you can listen again to the recording on Twitter. But if you are an avid reader, the recap below is created for you.

Coin98 Wallet

Published Nov 22 2022

Updated Feb 06 2023

5 min read

1. Background of the Coin98 Team & Introduction of Coin98 Super App

Coin98 is a team of DeFi builders in Vietnam who desire to build an ecosystem of DeFi products that is more accessible to users. Established in 2017, the growing team has scaled up to 100+ employees until now and continues their building journey to mark the existence in the universe of cryptocurrency.

The three core pillars of Coin98 include: Coin98 Network (developing media network), Coin98 Ventures (focusing on investment), and Coin98 Labs (building DeFi products).

Coin98 Super App, built in 2020, is the very first product of Coin98 DeFi ecosystem, with an aim to be the #1 crypto super app designed to seamlessly connect a billion users to the crypto world safely and securely.

2. Background of Sei Team & Introduction of Sei Network

The founding team of Sei comprises team members with vast experience in the tech and TradFi industry like Airbnb and Goldman Sachs, among others. With the goal of being the layer1 for DeFi applications, the team behind Sei is building an order matching engine where every app building on the network can leverage on top of its IBC capabilities by building on Cosmos.

Sei aims to offer the composability of a full-fledged L1, with built-in orderbook infra for the next generation of DeFi apps. Sei is a new player that has entered the L1 scene, and they are beginning to gain popularity in DeFi, particularly in terms of speed.

Sei has partnered with some of the most respected founders and institutions in the world to drive forward the same mission: build the best layer 1 for financial applications.

3. What are the reasons behind the cooperation between Coin98 & Sei?

Coin98 aims to build up an ecosystem of open infrastructure financial services products, thereby expanding the ecosystem is considered the very first priority. As the ecosystem grows, it is demanding to have the right infrastructure for users to connect and use new blockchains, which means that Coin98 is not solely receiving and sending tokens, but rather a Super App where users can own their custom application for the entire DeFi ecosystem.

On the other hand, Sei builds its own blockchain on Cosmos SDK, which allows them to customize the network for their specific needs. Having their own resources of a top-notch infrastructure, Sei looks for a secured financial access where users will have native barriers to entry with seamless user experience, therebyCoin98 Super App is what they found to opt for.

4. What will DeFi look like in the future?

After the latest cryptocurrency crash of FTX, “Not your key, not your coins” has become necessary than ever as users now start to be conscious of self-custody. This is what Coin98 Super App has been doing as a position to build an infrastructure for a non-custodial wallet solution.

Acknowledging the growing demand to switch between multi-chains of users, Coin98 aims to become a DeFi gateways with an ever-expanding ecosystem, empowering 6M+ users with a simple, secured, non-custodial wallet solution while taking advantage of the core multi-engine.

5. What are some upcoming updates for the project?

Sei: The Sei mainnet is not ready yet. However, the Sei team focuses entirely on the testnet phase, called Seinami. Currently, users can get SEI testnet tokens to experience some dApps such as Vortex (derivative DEX) and Axelar (cross-chain bridge); soon, users will see more dApps growing on this platform.

Coin98 integrated Sei into the Super App and supported Sei on the dApp Browser, which allows users to enjoy Sei DApps easily on the mobile app. Besides, users could also add Sei on Coin98 Extension for desktop experience.

Coin98: Right now Coin98 is focusing on Coin98 Super App, along with some DeFi protocols and tools, all shaping the vision of building the ecosystem of DeFi. There is also a CUSD stable coin developed with a purpose of serving cross-chain liquidity.

In the near future, SpaceGate is progressing to build a cross-chain bridge among chains and also support NFT. More info will be announced soon.

6. Should users use centralized exchanges?

Coin98: As a non-custodial wallet, it depends whether you choose security or convenience. If you trade daily or basically just a newbie, using a non-custodial may be too technical, then you could go for the centralized exchange. But if you prioritize security, believing that “Your keys, your coins”, then you should definitely consider a custody wallet. If you need a higher level of security, Coin98 does support hardware wallets as well, providing a lot of choices for which users prefer.

Sei: On the safe side, the only times that Sei looks to work with centralized exchanges is when needing support with i) Launchpad, ii) Token list, iii) Get access to the token from a fiat on ramp.

7. In comparison with centralized exchange, how is Sei doing right now to give a better user experience?

Sei is the first sector-specific Layer 1 blockchain which strives to provide a trading experience similar to centralized exchanges. What they would do is to offer optimizations at the chain level to give the unique features, such as fast transaction execution speeds that an exchange would need.

Specifically, Sei is currently offering an active testnet with 600 millisecond block times, which is at the pace similar to any kind of centralized exchange. Sei is also the fastest chain of finality, thus 600 milliseconds is not just the length of a block but actually when funds are settled and to finality, compared at least 3 times the speed of Solana. All of this assists users with initiative and comfortable trading experience that they are expecting on-chain.

8. What is the advice for people who want to switch from centralized to decentralized?

Fiat meets the crypto world thanks to off-and-on ramp services, thus strengthening the importance of centralized players in terms of helping users interact with the crypto ecosystem under regulation. However, there are still projects like Coin98 offering open source wallets, where users can do everything fully on-chain permissionless, such as auditing the actual code, in this case is private keys, to prove that you are the only one holding your assets.

Moreover, for any DeFi solutions, it really depends on offering users with convenience like what centralized has been doing. Thus, through partnership with app team builders, Coin98 strives to provide infrastructure for better UI/UX experience, eg. easy-to-use interfaces and functions to meet the experience of a centralized exchange.

About Coin98 Super App

Coin98 is the #1 crypto super app designed to seamlessly connect a billion users to the crypto world safely and securely.

We offer users across the globe a comprehensive and trusted ecosystem of essential services, including but not limited to a non-custodial, multi-chain NFT & cryptocurrency wallet, built-in DEXs, Cross-chain Bridge & DApp Browser, a powerful Terminal, attractive Earn, Gift & Campaign, and Others.