Tel Aviv, Israel, 21st December, 2021,
AdaSwap, an ecosystem builder that will establish the first decentralized exchange on the Cardano network, is partnering with the COTI, the issuer of Djed, Cardano based stablecoin to explore ways in which it can be integrated with the AdaSwap DEX.
Under the partnership, AdaSwap will explore listing opportunities for Djed on the AdaSwap DEX and examine ways in which it can utilize the algorithmic-based stablecoin network Djed is building.
AdaSwap is building a native, gamified DEX for the Cardano network that enables the crypto community to easily swap Cardano-based tokens in seconds with low fees. As part of that project, it’s also creating a native Cardano NFT marketplace plus fixed, long-term and high-yield liquidity pools that will allow token holders to stake, buy and sell NFTs and earn interest on their investments.
Djed is an algorithmic, Cardano-based stablecoin protocol that behaves like an autonomous bank, buying and selling for a price in a range that’s pegged to a target price. Through these smart contract-based mechanisms, Djed ensures price stabilization, making it especially promising in decentralized finance operations. The algorithm works by operating a reserve base of coins, minting and burning tokens as necessary to ensure price stability.
The Djed stablecoin is built atop of the COTI finance-on-the-blockchain ecosystem that aims to overcome challenges around fees, latency, global inclusion and risk in centralized finance, as well as the issues of clogging, fees and complexity in DeFi. COTI does this through a proprietary consensus algorithm based on machine learning, called Trustchain, which lives on a new, multi DAG (directed acyclic graph) data structure that’s scalable, fast, private, inclusive, low-cost and optimized for finance.
“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,” said Lennon Qualmann, CEO of AdaSwap.
As the issuer of the Djed stablecoin, COTI is tasked with publishing its smart contracts and serving as the front-end for funds, enterprises, developers and others who wish to mint Djed and the reserve coins used as part of its pegging algorithm. AdaSwap platform users will be incentivized with rewards to provide liquidity through Djed trading pairs.
AdaSwap is an ecosystem builder aiming to create the first decentralized exchange on the Cardano network. The AdaSwap DEX will make it easy to swap cryptocurrency tokens, create, buy and sell NFTs, launch new projects and stake funds in liquidity pools to earn fees on the Cardano blockchain.
- Aaron Jacob Tait