Why do I need to convert C98 to the SPL Standard?
Coin98 Token (C98) is the native utility token of the Coin98 DeFi platform, powering the entire ecosystem. C98 tokens are built on Ethereum, BNB Smart Chain and Solana. C98 plays an important role in operating the Coin98 ecosystem, bringing profits to holders and rights for long-term development.
For skinning-in-the-game on Solana with C98, while having them on the Ethereum (ERC20) or BNB Smart Chain (BEP20) network, users can make such a conversion via a centralized exchange that supports depositing C98 tokens on ERC20, BEP20 and withdrawing them on SPL.
Prepare before converting your C98 token
Download and install the Coin98 Super App
The Coin98 Super App is now available for both iOS and Android users:
- iOS: ios.coin98.com
- Android: android.coin98.com
Read the detailed instructions on how to use the Coin98 Super App or watch the tutorial video to install the Coin98 Super App
Download and install the Coin98 Extension Wallet
You can access chrome.coin98.com to install the Coin98 Extension Wallet.
For instructions on installing and using the Coin98 Extension Wallet, you can refer to this guide.
Create and verify your account on the CEX
To convert C98 to the SPL standard via a CEX, you must create and verify an account on that exchange.
If you do not have an account with a CEX like Binance or FTX, please kindly check these guide below:
In addition to creating an account, the article includes detailed instructions on security settings and other exchange features.
How to convert C98 BEP20 or ERC20 to SPL standard on Binance
Normally, there are different options for converting C98 to the SPL standard:
- Option 1: Buy a coin or token on the CEX and deposit it in a Solana wallet.
- Option 2: Convert tokens from other blockchains to Solana using a Cross-chain Bridge.
Unlike Cross-chain Bridges, users can send C98 to an exchange without first converting it to a stablecoin. In this article, I will take Binance as an example.
Step 1: Open the Binance application and select Wallet icon → Deposit.
Choose the C98 token and the corresponding blockchain you want to send. After that, copy the wallet address. In this article, I will take the BEP20 standard as an example.
Step 2: On the Coin98 Super App’s main interface, choose the BEP20 C98 token icon and tap Send. Enter some information:
- The amount.
- The receiving wallet address copy in Step 1.
Then slide the Send bar to complete.
Step 3: Go to the Spot section to sell the BEP-20 standard C98 that was sent to Binance and receive USDT. Then, use USDT to purchase SOL.
Step 4: Open the Coin98 Super App, select the Wallet icon → Manage → Manage All Wallets
After that, choose your Solana wallet → Copy Address.
Step 5: Go to the Wallet section on Binance, select Withdraw → Solana (SOL) → Send via Crypto Network. Then paste the copied wallet address, select the network and enter the amount of SOL you want to withdraw. Click Withdraw.
Step 6: Swap SOL to C98 using the Coin98 Exchange 2.0 on the Coin98 Super App.
- Users can convert any coin or token to the SPL standard.
- When withdrawing assets to the wallet, please check the minimum withdrawal amount for each coin and token. For example, when withdrawing SOL, a minimum of 0.1 is required.
- When depositing and withdrawing, please check your wallet address and network. Assets that have been transferred to the incorrect network cannot be recovered.
- On the Binance exchange, you can convert C98 between ERC20 and BEP20.
How to convert using a Cross-chain Bridge
Many other blockchains are supported, including Ethereum and BNB Chain. Cross-chain bridges will be useful when converting C98 to the SPL standard.
Note: This link will bring you to a third party website, owned and operated by an independent party over which Coin98 has no control. Any link you make to or from the this party website will be at your own risk. Please kindly contact with the service provider if there are any risk issues during use.
Step 1: On Coin98 Exchange 2.0, convert C98 to stablecoins or native coins. A detailed guide on how to use Coin98 Exchange 2.0 can be found right here.
Step 2: Access the Portal Bridge via this link: portalbridge.com
Step 3: Select the blockchain and wallet corresponding to the network you want to convert on the Portal Bridge homepage.
Then, click Connect → the Coin98 icon.
Step 4: Choose the coin/token you want to convert (please kindly check the name of the exchange that will convert the wrapped token). Connect to the receiving wallet, then select the Coin98 icon and click Next.
Step 5: Choose a gas fee payment option. Although Portal Bridge currently allows fees to be paid with the sending coin/token, this is only in Beta. For that reason, I still recommend paying the gas fee with the receiving wallet's native coin. Then click Next.
Step 6: To proceed with the conversion, click Transfer → Confirm. The transaction will take some time. Once finished, click Redeem to receive the coin/token in your wallet.
Step 7: Then users must convert the wrapped tokens to the standard SPL coins/tokens on DEXs such as Saber, Mercurial, Sunny…
Step 8: Using the stablecoin that was transferred to SPL, purchase C98 tokens via Coin98 Exchange 2.0.
Through this article, I hope that you have gained an overview of the basic steps to convert C98 ERC20 or BEP20 to C98 SPL tokens. If you have any questions, please feel free to comment below and join Coin98 Community to discuss with admins!