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.
We are happy to announce that COTI is Partnering With AdaSwap, an ecosystem that will establish the first decentralized exchange on the Cardano network to explore ways in which it can be integrated with the AdaSwap DEX.— COTI (@COTInetwork) December 21, 2021
Read: https://t.co/x4XXAoN1mp$COTI $DJED @adaswapapp pic.twitter.com/w9sgiXRwDT
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.
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.