AdaSwap, an ecosystem builder in the Cardano (ADA/USD) ecosystem that will establish the first DEX, is partnering with Djed issuer COTI to list the stablecoin on the exchange, Invezz learned from a press release. Djed is based on Cardano.
Within the partnership framework, the exchange will explore listing opportunities for Djed as well as look for ways to use the algorithmic-based stablecoin network being developed by Djed.
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The native, gamified DEX being developed by AdaSwap for the Cardano network will allow the crypto community to exchange Cardano-based tokens with low fees and in seconds. The exchange is also working on a native Cardano NFT marketplace and high-yield, fixed, long-term liquidity pools that will enable token holders to purchase, stake, and sell NFTs and earn interest on their investments.
The stablecoin protocol behaves like an independent bank, transacting for a value pegged to a target price. Djed ensures price stability through these smart contract-based mechanisms, making it particularly useful in decentralized finance operations. The algorithm operates a coin reserve, minting and burning tokens as needed to guarantee stable prices.
The Djed stablecoin runs on top of the COTI ecosystem, which attempts to overcome challenges around risk, latency, fees, and global inclusion in centralized finance. It also aims to overcome the issues of fees, clogging, fees and complexity in DeFi. It achieves this through Trustchain, a proprietary consensus algorithm based on machine learning.
It is based on a multi DAG (directed acyclic graph) data structure that’s finance-optimized, inexpensive, inclusive, fast, scalable, and private.
Lennon Qualmann, CEO of AdaSwap, said:
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.
As the Djed issuer, COTI publishes its smart contracts and serves as the front-end for developers, enterprises, funds, and others who want to mint Djed and the reserve coins used as part of its price stabilizing algorithm.
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