January 11th Announcement:
Djed Development Updates
We are happy to share some updates that outline the major milestones of Djed — Cardano’s algorithmic stablecoin.
The team has been working hard to launch the stablecoin and we look forward to sharing more with the community as we progress.
- UI Integration: This includes launching the pre-released version for UI integration and the Nami-wallet. Through this, we will include the necessary endpoints for querying orders in addition to submitting and canceling orders to the querying Djed state.
- Final Design: This milestone will include the integration of the final implementation and design of reward contracts for complaint submission, in addition to endpoints for performing complaints directly to the protocol.
- Configuration Management: Implementing the layout of a management contract that will perform version control through NFT tokens. Through this, the contract will guarantee that the initial stablecoin contracts are properly set to deploy on the first launch while ensuring the protocol parameters are always satisfied upon deployment/any upgrades.
- First Launch: Final version of the first launch which will be integrated with the Nami-wallet.
- Implement Stablecoin Operator: Through this milestone, the team will perform loose bindings of the stablecoin operator through the introduction of an operator NFT token; thereby allowing for more than one operator of the contract.
- Yoroi & Daedalus Wallet Integration: This integration will enable minting/burning activities from the Djed website through Cardano’s wallets Yoroi and Daedalus.
- DEXs integrations: Integrating Djed into Decentralized Exchange (DEX) platforms to enable increased liquidity and Djed’s participation in trading assets through liquidity pools, Djed pairs, and more.
- Price Model Launch: This milestone will enable the implementation of an extended Djed version with continuous price models and a debt-equity swap mechanism.
We are pleased with the progress that has been made and look forward to continuing our work on Djed with the support of the Cardano team. We are currently in the implementation phase and have already laid the groundwork that will enable Djed to remain competitive among other algorithmic stablecoins.
We will be sending out more updates and announcements as we continue to cover more milestones, expect more from us soon!
January 11th Announcement:
DOEX to Integrate Djed to its Decentralized Exchange (DEX) Ecosystem
As we work towards launching Djed, our business and product team has been working with major DEX’s and DeFi protocols on strategic partnerships that will be beneficial to Djed once live.
We are excited to announce that our 1st partnership for 2022 is with DOEX, a decentralized exchange for native assets on the Cardano blockchain. DOEX aims to enable the seamless, non-custodial exchange of assets within Cardano and across other blockchains via smart contracts, automated market making, and cross-chain bridges.
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. We 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).
We see 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.
January 18th Announcement:
COTI and MeowSwap are Setting Out to Further Expand the Cardano Ecosystem by Integrating Djed
We are pleased to announce a partnership with MeowSwap, a Layer 2 decentralized Exchange (DEX) built on Cardano.
Both COTI and MeowSwap are eager to offer immense DeFi benefits not only to existing Cardano users, but to new users that seek Decentralized Finance based on scalability, accessibility, transparency, peer review, and true decentralization.
One of the first things we hope to accomplish in this partnership will be the pool creation of ADA & DJED, as well as a pool of MEOW & DJED.
Likewise, this means that aside from MEOW and ADA being tradeable with these new pairs, it will also be possible to provide liquidity to these pools in DJED, along with ADA, effectively strengthening the Cardano ecosystem.
“DJED stablecoin is set out to be listed & utilized on many Cardano DEXes in the future and we are looking forward to this bloom of the Cardano DeFi that will be facilitated through such a development. Whether MeowSwap will be the first to do so, will remain yet to be seen — but we are certainly thrilled to witness new DJED stablecoins partnerships that will benefit the entire ecosystem. Which we are proudly a part of.” Said by MeowSwaps founder, Gleb Nikitin.
About MeowSwap:
MeowSwap is a Layer 2(L2) decentralized exchange solution that uses Layer 1(L1) for secure storage of assets whilst taking away the computational load from the L1 networks. It’s the best of two worlds offering users the security of L1 based DEX’s, and the speed that nearly matches CEX systems. By utilizing the L2 solution it allows almost real time trading and a vast array of instruments like perpetual contracts, programmable trading scripts, postponed execution, copy-trading scenarios and much more.
January 24th Announcement:
COTI is Partnering with Indigo to Integrate DJED, Cardano-based Algorithmic Stablecoin
We are excited to announce a partnership with Indigo- an algorithmic, autonomous synthetics protocol for on-chain price exposure to real-world assets, built on Cardano. Through this partnership, Indigo users will be able to use DJED as collateral to mint and trade new iAssets. Using a stablecoin such as DJED brings more stability to collateralized debt positions aka CDPs. Removing volatility from one side of the pair offers a more traditional investment approach and a lower risk assessment for users holding CDPs anchored on one-half by stablecoin.
By 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.
“At Indigo we aim to build one of the most disruptive and robust, yet simplified, financial applications with composability as a key area of focus in our vision. We further that mission and continue to build upon our rich portfolio of integration partnerships with COTI and believe that DJED will play a vital role in Cardano’s Defi landscape.” Eric Coley, CEO of Indigo
About Indigo
Indigo has a long-term vision to tokenize the real-world economy and will play a key role in both DeFi and RealFi by providing people & institutions exposure to assets they wouldn’t normally have access to. Indigo allows for the minting of synthetic assets (iAssets) for traders to gain price exposure to real-world assets. Additionally, iAssets enable significant advantages over traditional assets: users can hold them in fractional shares and trade them irrespective of their geographic location or market hours. Users can benefit from price exposure to the underlying asset without going through the obstacles of purchasing and holding custody of the asset. Enabling price exposure to assets via Indigo’s noncustodial & decentralized architecture unlocks opportunities for wealth creation at a global scale for anyone with an internet connection.
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COTI is Partnering With ADAX to Integrate Djed
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.
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February 8th Announcement:
Paribus to Integrate Djed to its Lending Protocol
Paribus, a decentralized, cross-chain, lending and borrowing protocol, is partnering with the COTI team to integrate Djed into its collateral pool.
With this integration, Djed, issued by COTI, can be used as collateral among Paribus’s ecosystem of products — thereby providing an additional 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 we continue to progress on Djed’s technical infrastructure, our business team will be working closely with protocols in the crypto ecosystem to expand its use case and utility. We see Djed as an essential tool that will drive increased transactions in the Cardano ecosystem, and we look forward to announcing more partnerships very soon.
About Paribus
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.
