We are excited to announce a partnership with decentralized finance (DeFi) developer SundaeSwap Labs to explore ways to implement the Djed stablecoin — the first stablecoin on Cardano — with the SundaeSwap decentralized exchange (DEX).
SundaeSwap will pair Djed with other coins in their DEX, and SundaeSwap users will be able to provide liquidity through Djed trading pairs on SundaeSwap.
Being the issuer of Djed, COTI will assume the responsibility of publishing the smart contracts for the stablecoin and of being the front end for engaging with funds, enterprises, developers, and others who wish to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.
“Algorithmic stablecoins will play an increasingly important role in crypto transactions, and Djed support is likely to be a key factor in selecting a DEX in the Cardano ecosystem,” said Mateen Motavaf, Chief Executive Officer of SundaeSwap. “We’re pleased to be able to team up with COTI, the issuer of Djed, to help ensure that SundaeSwap DEX users will have a reliable, widely-accepted stablecoin at their disposal for future crypto transactions on the exchange.”
“The integration between the SundaeSwap DEX and the Djed stablecoin contracts is a critical example of what we mean when we say we’re building an interconnected Cardano ecosystem,” added SundaeSwap Chief Information Officer Pi Lanningham. “Composability is a key focus of the design of the SundaeSwap protocol, and partnering with COTI early will allow us to make sure that the experience of using stablecoins on Cardano is syrupy-smooth.”
About SundaeSwap Labs
SundaeSwap Labs develops decentralized finance (DeFi) platforms that enable economic empowerment for all. At the heart of its development efforts is the SundaeSwap DEX, a decentralized exchange where Cardano-based peer-to-peer transactions can be conducted quickly, safely, and inexpensively. The SundaeSwap DEX allows participants in the Cardano blockchain to provide liquidity and create a market for others to exchange their native tokens. In return, swappers pay a small fee and liquidity providers earn a return on their deposit. Cardano is a third-generation blockchain noted for its transactional efficiency, relatively low environmental footprint, and peer-reviewed secure technology. SundaeSwap Labs is a Wyoming corporation.
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Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf