Cardano, which took a great step with Alonzo in terms of compatibility with smart contracts, gave the good news today. The gospel given by Hoskinson may lead to further expansion of the ecosystem and more serious acceptance, especially in the field of decentralized finance. Cardano is advancing slowly but surely.
Historic Step from Cardano (ADA)!
AdaSwap, established for the construction of DeFi in the Cardano ecosystem, has partnered with Djed, the first algorithmic stablecoin. AdaSwap, which will experiment with Djed, the algorithmically supported stablecoin of COTI Network, is researching the DEX protocol Djed. The AdaSwap team, an ecosystem for decentralized finance protocols (DeFis) in Cardano, began exploring the possibilities of Djed, an algorithmic stablecoin based on Cardano by the COTI Network.
First of all, the AdaSwap team will explore the possibilities of listing Djed in the AdaSwap DEX. This integration will significantly upgrade the investment experience of AdaSwap users and make their investment strategies more flexible and balanced.
On July 15, 2021, the concept of the Djed stablecoin was announced by IOHK CEO Charles Hoskinson, the inventor of Cardano (ADA). The stablecoin is designed to serve as an autonomous bank: it is backed by tokens that are minted and burned according to sophisticated algorithms. Unlike USDT and USDC, its fixation is guaranteed by the protocol, not the central entity.
Cardano Ecosystem Grows
AdaSwap CEO Lennon Qualmann emphasizes that this collaboration is a very important milestone for the entire ecosystem of COTI Network and Cardano-based protocols.
“I am also part of the Cardano community. I love seeing COTI’s strong involvement in the Cardano ecosystem. The Cardano ecosystem has great potential and COTI shows it clearly.”
COTI runs Djed through its new AI-powered smart contracts-based mechanism called TrustChain. As the next step of this cooperation, an incentive program will be launched by AdaSwap after the integration of Djed. All AdaSwap customers will be eligible for rewards for providing liquidity across all Djed pairs.
Hoskinson is often criticized for the slow progress of the Cardano project. But within a few months, Cardano achieved many firsts. If the ecosystem continues to grow steadily, the ADA price could potentially increase in the medium and long term.