AdaSwap, an ecosystem builder who created the first decentralized exchange on the Cardano network, has partnered up COTI, the issuer of Djed stablecoin.
According to the announcement, the new partnership seeks to explore how Djed can be integrated with the AdaSwap DEX. Djed is an algorithmic protocol based on Cardano and acts as an autonomous bank allowing selling and buying for a price in a range that is pegged to a target price.
Commenting on the partnership, Lennon Qualmann, CEO of AdaSwap, stated:
“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.”
In addition to exploring listing opportunities for Djed, AdaSwap will also explore how it can utilize the algorithmic-based stablecoin network Djed is building through this partnership. The partnership will also see AdaSwap users get incentives to encourage them to provide liquidity through Djed trading pairs.
Djed, developed by IOG and issued by COTI, uses smart contracts to stabilize prices. Dject is built on top of the COTI finance, on the blockchain’s ecosystem. The platform also seeks to create solutions for clogging issues, complexities, and fee problems within DeFi. The stablecoin was designed to be useful for decentralized finance (DeFi) operations. Djed operated by keeping a reserve of base coins while at the same time conducting minting and burning operations. Currently, Djed is holding a whitelisting process for the minting of Djed Reserve coin.
COTI, dubbed as the ultimate power grid of payments, is responsible for publishing Djed’s smart contracts and serving as the front end for funds, developers, enterprises, developers who wish to mint Djed. Note, COTI aims at overcoming challenges around fees, global inclusion, latency, and risk in centralized finance.
AdaSwap is currently building a native gamified DEX for the Cardano network. This DEX will allow the crypto community to easily swap Cardano-based tokens at a lower fee within seconds. Notably, AdaSwap is also creating a native Cardano NFT marketplace plus as part of the process. This will be in addition to long-term and high yield liquidity pools that will give token holders opportunities to stake, sell and buy NFTs while earning interest on their investments.