- COTI will issue Cardano a new stablecoin Djed.
- Djed is based on an algorithmic design that utilizes smart contracts.
- On the Cardano network djed can utilize to pay transaction fees.
On Sunday, during the Cardano Summit Stage, Charles Hoskinson, the founder of Cardano and the CEO of COTI, Shahaf Bar-Geffen has announced that the COTI platform will be the issuer of a new stablecoin for Cardano, Djed.
Accordingly, Cardano’s new stablecoin, Djed is built on an algorithmic design that utilizes smart contracts to make sure cost stability. Smart contracts, utilized to find that the stablecoin will work successful transaction for decentralized finance (DeFi).
Furthermore, during minting and burning other stable assets and reserve coins, Djed maintains a reserve of base coins. On the Cardano network djed can utilize to pay transaction fees. The main benefit of Djed is to make transactions costs predictable, so it will avoid volatile and excessive gas fees for users. The development team COTI founds that stablecoins, a killer app that will utilized or adopted by many crypto users for making payments and covering fees. COTI was the first receiver of equity investment from the cFund for Cardano growth.
Henceforth, the CEO of COTI, Shahaf Bar-Gefen noted, the stablecoin network, massively expanded for the past few years. Blockchain users are also utilizing stablecoins to participate in everyday transactions because they enable monetary value to exchange flawlessly, despite the customer’s location.
COTI developed for solving problems related to centralized finance which includes latency, fees, risk, and decentralized finance (DeFi). This done by creating a new type of DAG-based network. Also base protocol that is private, less expensive, scalable, inclusive, fast, and finance-optimized.
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