COTI has announced a new partnership with Paribus, a decentralized, cross-chain, lending and borrowing protocol, to integrate Djed into Paribus’s collateral pool.
As a result of this integration, COTI-issued Djed can be used as collateral for Paribus’s ecosystem of products, allowing for an added transactional mechanism for Djed users.
Through Paribus’s collateral-based lending functionality, users can deposit stablecoins such as USDC, USDT & Djed as collateral and access a wide range of services like synthetics and loans across multiple chains.
Deniz Dalkilic, Paribus CEO said: “We are excited to add Djed to our product ecosystem and look forward to working with the COTI team on this integration. Paribus is a Cardano-based protocol, so we look forward to exploring other avenues that will increase transactions across both products.’’
Shahaf Bar-Geffen, COTI CEO said: “Paribus has a unique lending and borrowing protocol on Cardano. As Djed is the first algorithmic stable coin built on Cardano, it’s logical to allow Paribus’ users the access to use Djed as collateral. This is mutually beneficial for both communities and we are looking forward to seeing the partnership unfold.”
As development progresses on Djed’s technical infrastructure, the COTI business team will be working closely with protocols in the crypto ecosystem to expand its use case and utility. Djed is seen as an essential tool that will drive increased transactions in the Cardano ecosystem, and COTI looks forward to announcing more partnerships very soon.
Paribus is a first-of-its-kind cross-chain lending/borrowing platform built on the Cardano blockchain. Paribus is poised to lead the industry in unlocking and fully realizing the intrinsic value of NFTs and other unconventional assets. At its core, Paribus utilizes a sophisticated dynamic interest rate algorithm.
Paribus aims to achieve liquidity across chains for a vast range of conventional and unconventional digital assets such as liquidity positions, synthetics, virtual land and NFTs. The ultimate vision of Paribus is to leverage dormant on-chain value across the entire crypto market.