Saturday, September 23, 2023

Cardano DEX Added Djed Stablecoin From COTI


Cardano’s decentralized exchange, ADAX, became operational on the mainnet on Sunday, January 30, according to a statement from the project’s creators.

To answer concerns about ADAX’s ongoing development and impending launch, the company’s chief developer and CMO held an “Ask Me Anything (AMA)” event on Reddit. On November 17th, 2021, this event took place.

ADAX V1 was slated to go live in December of last year. On the 23rd of November, the ADAX team published a recap of the conference on Medium in which they claimed this to be true.

Full decentralization, team talent, overall UX and collaborations, are the four pillars. This is upon the ADAX team believes it can build a competitive advantage.

Cardano’s Data

An exhaustive test of this smart contract has revealed it to be bug-free. The UI matching engine can only benefit from algorithm improvements at this point. Service for querying and aggregation is now complete and operational. As of right now, the only thing keeping us from launching PAB/JS is the integration of the PAB/JS wallet.

Cardano network congestion is the current message from the ADAX team. We’ve already installed 90 nodes in order to eliminate delays to the greatest extent possible.

Around the same time, ADAX and COTI announced a partnership that will see Djed (a Cardano algorithmic stablecoin issued by COTI) linked into ADAX’s DEX and EX platforms. It will be possible for Djed to participate in the trading of assets through liquidity pools and to boost liquidity. It will include $ADAX pairs and more.

Road Map

You may recall that on September 26, 2021 IOG, the blockchain technology business behind Cardano’s R&D, wrote a blog post discussing the Djed stablecoin. IOG and FinTech startup COTI Group announced it on day two of the two-day Cardano Summit 2021.

In order to keep the price stable, Djed uses smart contracts. Using Djed can be beneficial in decentralized finance (DeFi). By minting and destroying stablecoins and reserve coins. Also, by maintaining a stockpile of base coins, the system functions.

The white paper refers to the Djed protocol as being bank-independent. The document states that it is crypto-backed in the sense that the bank holds a volatile coin in reserve. Stability claims are explicitly and mathematically expressed and validated in Djed, according to the whitepaper.

Newest Information

After today’s announcement, COTI stated in its blog post that it will be COTI’s responsibility to publish and engage with funds, enterprises, developers. They will also manage the others who seek to mint both the stablecoin and reserve coin.

Djed issuer COTI’s cooperation with ADAX was long overdue but timely, said the ADAX CMO. Cardano’s introduction of a stable coin is a crucial component of any network. Our platforms, the DEX and the CEX, will be the first to use DJED. They are excited to be a part of this adventure. It is possible that the relationship will develop further. Additionally, they eagerly await what is ahead.

After the launch of Djed COTI’s involvement with Djed is vital to its success. On top of that, they are also developing a smooth utilization of the stablecoin across the crypto ecosystem.

Jacob Yang
Jacob Yang
Jacob Yang works at Cryptoconstellation as a writer. He has been working in finance for the past 6 years. Jacob loves sharing news about the cryptocurrency world and he, himself has invested in a few. Jacob enjoys travelling and finding the best restaurants wherever he goes.

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