COTI is happy to announce yet another Djed partnership, this time with WingRiders!
WingRiders is a fully decentralized and trustless platform that aims to be an infrastructure element of the Cardano ecosystem with a wide and easy integration into any wallet or Dapp. This partnership is aimed at exploring the possibilities of Djed integration on their DEX.
Kaaran Kalantari, a spokesperson for WingRiders, remarked: “We have been watching Djed’s development for a while and it is great to see the first algorithmic stablecoin launch on Cardano. It has an interesting pegging mechanism using Shen, its reserve currency, which serves to provide price stability by guaranteeing the collateralization rate and the stablecoin’s peg. Stablecoins are necessary to protect traders in volatile crypto markets. We hope Djed will be a success to move the whole Cardano ecosystem forward”.
This partnership, along with some of the previous ones COTI has announced, will ensure the proper utilization of Djed across the entire Cardano ecosystem, and create an increased use-case for it across multiple platforms. Stay tuned for more updates.
About Wingriders
WingRiders is an Automated Market Maker (AMM) Decentralized EXchange (DEX) built on top of the Cardano using the eUTxO model on the main chain. The project is powered by VacuumLabs, one of the most widely respected developers in the Cardano space from its inception.
Stay COTI!
Via source
WingRiders is also excited to announce a partnership with COTI, to investigate ways to combine the Djed stablecoin, the first algorithmic stablecoin on Cardano, with the WingRiders DEX.
Given the unpredictable nature of the cryptocurrency markets, where price fluctuations are often quick and significant, making investment and trading decisions becomes extremely difficult. In addition, the substantial positive correlation between tokens frequently results in similar price swings. Therefore, if the price of the assets you own or the tokens you trade is declining, it is hard to lock in gains or protect your positions against a decrease in value. This is where a stablecoin like Djed comes in to act as a safe harbor in volatile markets.
Binary liquidity pools where one of the assets is a stablecoin, suffer from less volatility, given the characteristics of these coins. Also, it is very rare for Stablecoins to suffer impermanent loss as their value is pegged and price fluctuations are very small.
WingRiders has been watching Djed’s development for a while and it is great to see the first algorithmic stablecoin launch on Cardano. It has an interesting pegging mechanism using Shen, its reserve currency, which serves to provide price stability by guaranteeing the collateralization rate and the stablecoin’s peg. Stablecoins are necessary to protect traders in volatile crypto markets. WingRiders hopes Djed will be a success to move the whole Cardano ecosystem forward.
~WingRiders
