During COTI’s latest update, they shared information about the development of the Djed stablecoin, including the current implementation of the Djed Plutus contract which provides the exchange rates for Oracle and testing ensures expected behavior.
Also, COTI announces another new partnership, with ErgoDEX, a decentralized non-custodial exchange that facilitates liquidity transfers between the Ergo and Cardano networks.
COTI and ErgoDEX will work together to determine ways to integrate Djed with ErgoDEX.
For instance, Djed will be paired with other coins in ErgoDEX, so that its users can provide liquidity through Djed trading pairs on their platform. This will determine the efficiency of such an integration.
“We’ve seen how SigmaUSD implementation gave birth to Ergo DeFi and how crucial it was for other DeFi dApps to have an algorithmic stablecoin in the ecosystem. Now we are happy to onboard Djed, the first algorithmic stablecoin on the Cardano network”. Said Ilya Oskin, Co-founder of ErgoDEX.
As Djed’s Issuer, COTI will publish the smart contracts for the stablecoin and be the front end for engaging with enterprises, developers, and whoever wishes to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.
About ErgoDEX
ErgoDEX is a decentralized exchange that allows a quick transfer of liquidity between the Ergo and Cardano networks.
In ErgoDEX, each actor is encouraged to perform his or her role as well as possible. Users benefit from the DEX services, Liquidity providers from the protocol fees and the DEX benefits from the fixed transaction fees.
Additionally, ErgoDEX has a Cross-chain exchange, eUTXO model that gives a unique possibility to have the same liquidity on different types of exchanges on top of the Ergo and Cardano ecosystems.
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UPDATE AUG 2022:
COTI’s Partner ErgoDEX is Now Spectrum As Of August 2022
ErgoDEX provided a secure open-source decentralized exchange built on the Ergo and Cardano blockchains. For more than a year they have been building this project and improving it from all sides.
Over time ErgoDEX realized that the ambitions of their team went beyond just a DEX, so they decided to transform their project into something more. They call it Spectrum.
Below, they will tell you what exactly has changed and will change in the future. They are sure you’ll like the changes.
Spectrum.DEX
They are still working on our DEX keeping the previous plans and tasks. They promise to announce all further changes and keep their community informed of all the work they are doing. Spectrum.DEX is currently a priority development area.
Same team, same founders
They state the key strength of their project is the people who work on it. Rebranding became possible only through their work of the existing team and its leaders. Everything remains the same.
Moreover, in the near future they intend to tell you more about each of their team members. Everyone will share their history, hobbies and their role in the Spectrum.
Product line expansion
Spectrum opens new roads for development in various directions. During the following week they promise to share details about Spectrum.Finance, Spectrum.Network and the whole Spectrum roadmap providing clarity in which direction their new brand intends to move.
Now ErgoDEX should not be confused with Ergo
Another important reason for the rebrand the confusion with the crypto company Ergo and $ERG. ErgoDEX (aka Spectrum) has mad respect the entire Ergo ecosystem, but they are a separate and independent project and this rebrand should help seperate in the minds of people these two crypto projects.
And that’s not all
It is important to understand the Spectrum team and its users have many roads and opportunities opened to them. They have set clear goals and will strive to achieve them. Their team is confident that Spectrum users will be pleased with the development of the project and its changes.
“…and if you’ve come this far, maybe you’d come a bit further”. (Andy Dufresne, The Shawshank Redemption)
Via source
