BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Coti, Cardano Blockchain Firm to Launch new StableCoin in 2023 

BlockNews Team by BlockNews Team
November 26, 2022
in Business, Crypto, Media, Technology
Coti-logo
Share on TwitterShare on Reddit

Coti, a DAG-based Layer 1 protocol, in partnership with Cardano, the Proof-of-Stake Blockchain platform, is set to launch DJED, an over-collateralized algorithmic stablecoin, in January 2023. This announcement was made by Shahaf Ber-Geffenat, CEO of the payment network, at the just concluded Cardano summit held in Lausanne, Switzerland. 

The stablecoin is designed to be over-collateralized. This means it will be backed by excess collateral in the form of crypto stored in reserve, a process similar to Dai, a decentralized stablecoin on the Ethereum network. 

The firm noted that the stablecoin has been in development for over a year and will go live on the Cardano mainnet upon a thorough and successful audit. 

The Djed is pegged to the US Dollar, backed by the base coin $ADA, and will use $SHEN as its reserve. The company’s algorithm is based on a collateral ratio of 400%-800% for DJED and SHEN to ensure enough $ADA in the pool. 

Shahaf Bar-Geffen, Coti’s CEO, stated, “Recent market events have proven again that we need a haven from volatility, and Djed will serve as that haven in the Cardano Network. Not only do we need a stablecoin, but we need one that is decentralized and has on-chain proof of reserves.”

Proof of reserves has been gaining popularity since the aftermath of FTX’s collapse, where the exchange could not fulfill client withdrawals due to the alleged misappropriation of depositors’ funds. It is the expectation that stablecoin providers disclose the number of reserve assets it claims to have to cover potential client withdrawals at all times. 

Partnerships and Participations

According to the press release, Djed currently has about 40 partners signed to it to drive adoption. Upon its launch on the Cardano mainnet, the project will be integrated with selected top partners and decentralized exchanges (DEXs) from the 40 partners to ensure proper utilization. In addition, the chosen exchanges will offer increased rewards to users who provide liquidity using Djed. 

To grow at a healthy pace, the developers intend to adopt a gradual and slow approach to providing Ada liquidity to the Djed smart contract. The company plans to roll out more partnerships and integration in 2023 to grow the stablecoin to the “top stablecoin on the Cardano Network.”

Participants of the Coti ecosystem will also have a chance to share operating fees from Djed’s mint and burn transactions, which will be sent to the Coti treasury and distributed to participants of the treasury. 

Milestones for 2023

The firm stated it had lots of development and improvements for Djed, noting that its team will continue to work tirelessly to ensure the achievement of planned improvements to the future of the stablecoin. In addition, the company set the following developmental milestones for 2023. 

  • Djed 1.1.1 version, dubbed “minimal Djed,” will be launched in January and will feature a Vasil hard fork compatibility and the oracle upgrade to support six external sources for the $ADA price. This version will first be launched as a beta version with limited liquidity. Its liquidity will be increased in future versions.
  • Version 1.2 will be released next, and by then, Djed will be using Vasil features, including a reference script which will increase its scalability. 
  • Djed 1.3 is an extended Djed version of the stablecoin that will introduce dynamic fees and prices. In addition, this version will support other features, including staking, which will, in turn, result in the provision of significant liquidity.

The company also announced the development of Djed Pay, a crypto gateway and payment app which will allow e-commerce platforms, non-profit organizations, and other merchants to accept Djed as a form of payment. 

Tags: CotiDJEDStablecoinStablecoins
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Nasdaq Billboard in times square
Crypto

SEC Extends Deadline for ARK 21Shares Spot Bitcoin ETF Decision to January

September 28, 2023
HTX Logo
Business

HTX Records $7.9 Million Loss, Implores Hackers to Return Stolen Funds

September 28, 2023
Eth Logo overlooking Earth
Business

Celo Considers Transition to Ethereum Layer 2 Via Polygon Chain

September 28, 2023
Kucoin Logo with Digital Background
Business

KuCoin Crypto Exchange Breaks 30M Users as the Exchange Celebrates its 6th Anniversary

September 28, 2023
Binance Logo with Red Market Charts
Business

Binance Fully Exits Russia, Sells Business to CommEX

September 28, 2023
Bitcoin Ordinals Text with some NFTs on top
Crypto

Bitcoin Ordinals Visionary Proposes Fresh Token Protocol as BRC-20 Alternative

September 28, 2023
Load More
Next Post
Bitcoin-Whale-Losses

FOMO Drives Crypto Krill to Bitcoin Whales with up to 81% Seeing Losses

DBS Bank Building

Singapore's DBS Bank Completes an Intraday Repo Trade on JPMorgan's Onyx

Bitcoin-Ethereum

Bitcoin And Ether Are Not Securities, Belgian Financial Regulator Says

Related News

coinbase sec

Coinbase Sues SEC

April 25, 2023
coinbase

Brian Armstrong Weighs in on Crypto’s Rising Influence in 2024 Elections

September 12, 2023
Namada zcash

New Privacy Blockchain Namada Proposes First-Ever Shielded Airdrop to Zcash

April 18, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • SEC Extends Deadline for ARK 21Shares Spot Bitcoin ETF Decision to January September 28, 2023
  • HTX Records $7.9 Million Loss, Implores Hackers to Return Stolen Funds September 28, 2023
  • Celo Considers Transition to Ethereum Layer 2 Via Polygon Chain September 28, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?