Ninety Eight, recently rebranded from Coin98 Finance, intends to offer web3 developers with tools and funds to build on its new layer blockchain Viction and utilize its native token $C98.
In a bid to mark a new milestone of rebranding from Coin98 Finance to Ninety Eight ($C98) and to empower a new generation of Web3 developers, an ecosystem fund dubbed Arche Fund with $25 million up for grabs has been unveiled. According to the announcement, the Arche Fund will only focus on Web3 projects in Asia, with applications open for submission. Moreover, Ninety Eight has a vibrant community base in the Asian market thus giving back to the community is viewed as an honorable thing.
“Our path forward is guided by one principle – we are builders backing builders. Thanks to the incredible community that has brought us to where we are today, we are determined to give back,” said Thanh Le, CEO of Ninety Eight. “We believe that by supporting talented builders and providing them with the necessary resources, we can drive the adoption of Web3 technologies and shape the future of the decentralized internet.”
Closer Look at Ninety Eight’s Arche Fund
The Ninety Eight ecosystem recently rebranded its products to fit in the sustainable development of Web3 amid mainstream adoption of blockchain technology through crypto assets and tokenization. At the center of the Arche Fund is the Viction blockchain, which was rebranded from Tomochain, and the $C98 native coin. Notably, the Arche Fund will ensure more Web3 developers tap on the Viction layer one (L1) blockchain that offers zero gas transactions and advanced security features.
As a result, Web3 developers can easily tap on the $C98 coin to scale their DeFi projects on an already established ecosystem. Notably, the $C98 coin was originally designed as a wallet token but has since evolved into a powerful tool for driving the adoption of the Viction blockchain.
The Arche Fund is expected to operate independently from the Ninety Eight ecosystem to ensure the best Web3 projects are selected. Moreover, the Arche Fund will offer the selected web3 developers the necessary support and tools to build desirable products that will drive further adoption of the $C98 ecosystem.
Meanwhile, the Ninety Eight network has announced plans to support more web3 developers through an upcoming Launchpad dubbed Starship.
We're excited to announce the launch of a $25M Ecosystem Fund to foster the growth and development of Web3 startups in Asia.@ArcheFund will be responsible for overseeing the fund and working closely with selected startups to maximize their potential.
— Ninety Eight (@ninetyeight_hq) November 7, 2023
$C98 and Market Picture
Amid the notable changes in the Ninety Eight ecosystem, the $C98 price has edged about 40 percent in the past four weeks to trade around 20 cents on Wednesday. According to our latest market oracles, $C98 had a total valuation of about $200 million and an average 24-hour trading volume of about $40 million. With the Arche Fund in place, the $C98 adoption is expected to grow exponentially in the coming years.