Since its September 2021 Summit where Cardano’s founder Charles Hoskinson announced that COTI will become the official issuer of Djed, its new stablecoin, business and product teams at COTI have been forging strategic partnerships with major DEX’s and DeFi protocols that will be beneficial to Djed onced launched.
Once of such partnerships, and the first of several upcoming in 2022 is with DOEX, a decentralized exchange for native assets on the Cardano blockchain. Through smart contracts, automated market-making, and cross-chain bridges, DOEX seeks to facilitate seamless, non-custodial exchanges of assets within Cardano and with other blockchains.
Integrating Djed into the DOEX platform will enable increased liquidity and Djed’s participation in trading assets through liquidity pools, Djed pairs, and more.
“We are very excited about the partnership with COTI and the ability to have Djed as part of our platform. This partnership is key to enabling the development of a strong foundation for the 1st class DEX and DeFi services that we are going to provide to our community. Not only this will enable us to offer participation in liquidity pools and trading of assets through Djed pairs but will also help bring stability and reliability to the platform and its operations, further increasing its attractiveness to our users.” said Vytautas T, DOEX Head of BD and Sales.
As Djed’s issuer, COTI will publish all the smart contracts necessary for an effective stablecoin, while being the frontend for developer and enterprise engagement. COTI will also be responsible for working with ecosystem partners that would like to mint either Djed or its reserve coin (which will be used as part of the pegging algorithm).
According to COTI, “this partnership as a necessary step in ensuring that Djed is adequately utilized once launched and building a seamless utilization of the stablecoin across the crypto ecosystem.”