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AdaSwap DEX Builder Partners with Cardano's First Stablecoin, Djed

Tue, 12/21/2021 - 14:50
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Vladislav Sopov
AdaSwap, an ecosystem for DeFi building on Cardano (ADA), partners with its first algorithmic stablecoin, Djed
AdaSwap DEX Builder Partners with Cardano's First Stablecoin, Djed
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AdaSwap (ASW), an ecosystem focused on decentralized finance progress on Cardano (ADA), experiments with COTI Network's algorithmically-backed stablecoin, Djed.

AdaSwap DEX protocol explores Djed

According to the press release shared with U.Today, the team of AdaSwap, an ecosystem for decentralized finance protocols (DeFis) on Cardano, started exploring the possibilities of Djed, a Cardano-based algorithmic stablecoin by the COTI Network.

First of all, the team of AdaSwap researches the prospects of Djed listing on its AdaSwap DEX. This integration will significantly upgrade the trading experience of AdaSwap's users and make their investing strategies more flexible and balanced.

As covered by U.Today on July 15, 2021, the concept of the Djed stablecoin was unveiled by the inventor of Cardano (ADA), IOHK CEO Charles Hoskinson.

Cardano's (ADA) Charles Hoskinson Introduces Novel Algorithmic Stablecoin: Details

The stablecoin is designed to serve as an autonomous bank: it is backed by coins minted and burned in accordance with sophisticated algorithms. Unlike USDT and USDC, its peg is guaranteed by the protocol, not by the centralized entity.

COTI strengthens the ecosystem of Cardano (ADA)

Lennon Qualmann, CEO of AdaSwap, stresses that this collaboration is a crucial milestone for COTI Network and the entire ecosystem of Cardano-based protocols:

As a Cardano believer, I love seeing COTI's strong involvement in the Cardano space, it shows the potential being created for the Cardano ecosystem by innovative participation.

COTI operates Djed through its novel AI-powered smart contracts-based mechanism called TrustChain.

As the next step in this collaboration, after the integration of Djed, an incentivized program will be launched by AdaSwap. All AdaSwap clients will be eligible for rewards distribution for providing liquidity across all of Djed's pairs.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)