We are happy to announce a partnership between COTI and ADAX!
ADAX is an automated liquidity protocol that facilitates trades within the Cardano ecosystem in a completely decentralized and non-custodial way.
COTI and ADAX are exploring ways to implement the Djed stablecoin, the first algorithmic stablecoin on Cardano, with the ADAX decentralized exchange (DEX) and centralized exchange (CEX). Integrating Djed into the ADAX DEX and CEX will enable the increase of liquidity and Djed’s participation in trading assets through liquidity pools, ADAX pairs, and more.
Djed is an algorithmic stablecoin design that uses smart contracts to ensure price stability. Smart contracts are also used to ensure that Djed will play a pivotal role in decentralized finance (DeFi) transactions on Cardano- which is of interest to ADAX.
As DJED’s issuer, it will be COTI’s responsibility to publish the smart contracts for the stablecoin as well as engage with funds, enterprises, developers, and others who wish to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.
“The partnership between ADAX and COTI, Djed’s issuer, was long overdue but is very well timed. Having a stable coin introduced for the Cardano ecosystem is a fundamental part of any blockchain. We are delighted to be part of this journey and to have the opportunity to implement DJED on our platforms, both the DEX and the CEX. Our collaboration will potentially go beyond these initial steps and we look forward to what lies ahead,” said Mr. Dovydas, ADAX.PRO CMO.
We see this partnership as a necessary step in ensuring that Djed is adequately utilized once it is launched, as well as in building a seamless utilization of the stablecoin across the crypto ecosystem. We are excited about our future endeavors with ADAX.
About ADAX
ADAX is an automated liquidity protocol that facilitates trades within the Cardano ecosystem in a completely decentralized and non-custodial way. ADAX has no order book — they eliminate all intermediaries, complexity, and cumbersome procedures from the equation, offering users untrammeled freedom to trade without censorship or loss of control over their assets. Users can maintain full control of their tokens and are not required to give up their private keys so that their orders can be logged as they are on a centralized exchange.
Stay COTI!
For all of our updates and to join the conversation, be sure to check out our channels:
Website: https://coti.io
Twitter: https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
Github: https://github.com/coti-io
Discord: https://discord.me/coti
