A New Partnership Between COTI and ErgoDEX To Integrate Djed, The Cardano-based Stablecoin.
During our latest update, we shared information about the development of the Djed, including the current implementation of the Djed Plutus contract which provides the exchange rates for Oracle and testing ensures expected behavior.
Now we’re excited to announce another new partnership, with ErgoDEX, a decentralized non custodial exchange that facilitates liquidity transfers between the Ergo and Cardano networks.
COTI and ErgoDEX will work together to determine ways to integrate Djed with ErgoDEX.
For instance, Djed will be paired with other coins in ErgoDEX, so that its users can provide liquidity through Djed trading pairs on their platform. This will determine the efficiency of such an integration.
“We’ve seen how SigmaUSD implementation gave birth to Ergo DeFi and how crucial it was for other DeFi dApps to have an algorithmic stablecoin in the ecosystem. Now we are happy to onboard Djed, the first algorithmic stablecoin on the Cardano network”. Said Ilya Oskin, Co-founder of ErgoDEX.
As Djed’s Issuer, COTI will publish the smart contracts for the stablecoin and be the front end for engaging with enterprises, developers, and whoever wishes to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.
ErgoDEX is a decentralized exchange that allows a quick transfer of liquidity between the Ergo and Cardano networks.
In ErgoDEX, each actor is encouraged to perform his or her role as well as possible. Users benefit from the DEX services, Liquidity providers from the protocol fees and the DEX benefits from the fixed transaction fees.
Additionally, ErgoDEX has a Cross-chain exchange, eUTXO model that gives a unique possibility to have the same liquidity on different types of exchanges on top of the Ergo and Cardano ecosystems.
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Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf