Solana’s Wormhole Bridge Hack Has Delayed Cardano’s Djed Release Date; COTI’s CEO Shahaf Bar-Geffen Explains Why.

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Feb 14th COTI Update by CEO Youtube Video 1

Today, February 14th, COTI’s CEO, Shahaf Bar-Geffen, discusses important updates to the Treasury’s APY & TVL, new staker incentives, DJED release date postponement (now March instead of February), MultiDag 2.0, Catalyst Project, and the CVI. (Below is the written transcription, with minor edits, of the video announcement he sent out today.)

Hello everyone! This is Shahaf Bar-Geffen for COTI, and I’m here to run you through some updates about what’s going on. So let us begin.

Treasury APY, TVL, and Bridge Fixes

Obviously, let’s begin by talking about the Treasury. This has been a seminal release recently. Some highlights: As of today, we have three hundred and thirty-eight million COTI locked, which makes for an amazing TVL. Most of it is in the Treasury product, and some of it is still in Staking 3.0, which will end this month for all of it, or most of it would probably be moving to the Treasury, as well.

These are amazing topline numbers; however, I heard some concerns about it. If you remember, APY is a very dynamic measurement. It will change according to what’s happening in the network. When a lot of people made their deposits, a lot of fees occurred. Obviously, that made for a very high APY. When people withdraw, it will make for a high APY, and when the rest of Staking 3.0 will make a deposit that will generate more fees.

With that in mind, fluctuations may lead to some liquidations that will also reflect in the form of higher APYs to those who stayed in the Treasury. So again, many moving parts that will generate APY. Never look at APY and a certain day or date. Look at it as something you commit to for longer periods of time that generates these massive rewards for you. Obviously, the big things are what we are doing with the network and where we are taking COTI this year and we’re doing amazing things, and all of it will reflect back to the Treasury and later on to it. Why isn’t this is the system we do a lot of activities, partnerships, merchants, everything and everything falls down to the Treasury and you benefit from it as a COTI holder.

So, without further ado, let’s talk about more things and maybe just one small thing we’ll be opening again the bridge for a native to ERC20 conversions. Obviously, we’ve seen a lot of ERC to Native conversions. There were some hiccups during the weekend that are already resolved and but we’re opening the bridge both ways and that will obviously settle some arbitrage between prices and everything. But the network is now fully functional.

MultiDAG 2.0, DApps, Governance Tokens, More Incentives to Stake

MultiDAG 2.0. I’ve been talking about this, hinting about this, and I want to make clear how important this is. So, first of all, just so you all understand, MultiDAG 2.0 will lead to a new token standard, like ERC 20 tokens all for Ethereum, so will be tokens on the COTI network on the Trustchain. So, we’ll be issuing the new token standard. And with that token standards developers, organizations, merchants, everyone can issue tokens on top of the Trustchain and benefit from the high scalability and low cost, and quick settlement that COTI offers to build DApps. I suspect that most apps will be around consumer merchant payments, merchant products, financial products, enterprise tokens, stablecoins, and so on and so forth there. The sky is only the limit, and this is coming very soon. Right now, technically what we’re doing is implementing a few frontend features to make life easier for those who want to make new tokens and we’ll be issuing in-depth technical papers very soon from the team.

Related article: Sneak-peek at COTI’s Roadmap Unofficial 2022 Updates | Hint: Multiple Streams of Revenue Funneled to the Treasury

We’ve been hinting about a governance token for COTI’s Treasury. The TVL is as rising a lot, a lot faster than most expected. Not me. I expected this to be that high. But that means that we need to push and advance the plan for governance tokens even faster than expected. That will be issued on top of most of MultiDAG 2.0, and that will be maybe the first or maybe the second token to be issued on top of COTI’s network. No word yet on how we plan on distributing the governance tokens, but you know the obvious thing will be to those who are engaged and committed to COTI’s Treasury to benefit from this token. We don’t plan on selling it. It will be granted to those who participate in our network. That’s a very big hint I can give you.

Djed Release Date Postponed To Add Even More Robust Security

The next big thing is Djed, the formal stablecoin for the Cardano network issued by COTI. What we’ve been doing this week are a few things. First business partnerships. We have been signing on Paribus, Adax, Indigo, MeowSwap, and Doex all have signed on to incorporate Djed as part of their liquidity tokens. Probably the biggest one there is. So this is very big news for Djed.

You know, Djed will hit the ground running immediately when Djed is minted. There are already tremendous use cases for it, and all of the Cardano DeFi ecosystems already warmly embraced it, so it would be big in terms of usage.

In terms of production… I don’t know if everyone is following the news. There have been two major security issues lately. The biggest one is probably around the Wormhole bridge connecting Solana to Ethereum. That is, major developers both in Cardano and in our team are deeply looking at how Djed is structured and figuring out how we can boost up security even more.  And we’ve figured out a few things that can be done to completely boost its robustness and make it super secure. There will be no compromises when it comes to security, especially not for financial products and especially not for stablecoins. (click here to learn what COTI and Cardano teams are doing to beaf-up security) So, we are looking at this now, even if it means that we will need to move Testnet a bit later (looking at a March 2022 launch date). It’s a small thing to think about. The big thing is obviously security and we will be looking at that a lot more.

Project Catalyst: COTI to Fund 5 ADA Pay Projects

Catalyst. if some of you remember, this is another thing we’re doing with the Cardano ecosystem. Project Catalyst is, you know, community as a service or developers as a service that Cardano created a while back. It’s a $1 billion fund that funds innovation. Cardano has been using it internally for, you know, ADA holders, voting for things that can be developed over Cardano, and supporting the growth of the Cardano ecosystem. COTI was the first token to be invited to join Catalyst and fund seven… We’ve actually created a fund of our own to fund innovation on top of COTI’s ecosystem. The first thing we’ve been looking at, obviously, are things connected to Cardano in some way. We chose ADA Pay. And specifically, what we’ve asked the community was to build connectors, APIs, and all sorts of features that will take ADA Pay and connect it to shops; whether it’s Shopify, WooCommerce, or other shops. There’s been a lot of engagement. Eventually, the shortlist was of 16 teams wanting to develop all sorts of plugins for ADA Pay. We’ve done a lot of work and finalized five projects that COTI will be funding to build these plugins.

What does it mean? It means that A) there’s been a lot of engagement, great, but B) we will be connecting ADA Pay to a lot of shops soon through these plugins that were developed by the community. This is amazing. This is a true win-win. We’re funding a team that can develop things. These things are connected to our core and generate an uplift in how we process ADA.  The fees? Well, the fees go to the Treasury, and that funds the rewards. So, this cycle, again and again, repeats itself. So, this is great news.

COTI’s Roadmap for 2022 Will Be Released Soon

With that in mind, you know, we haven’t been releasing the 2022 roadmap. Well, first, we’ve been super busy with the Treasury, but we wanted to make it very tight in terms of what leads to what. And I’m and I’m continuously talking about things and trying to show you the connection to how things plug into each other. Because this year is the year where we are taking everything that we’ve been developing since 2017, right? And putting it into use, and that use reflects in rewards, that reflect in the Treasury, that reflect in the APY, that reflect in how many people participate in this ecosystem and this continuously loops. So, we’ll be releasing the 2022 roadmap. We’re now set exactly how we want to structure things and expect to see that. I think 2022 will be the most amazing year for COTI.

Crypto Volatility Index, $GOVI token & Volatility Trading

With that in mind, CVI had a great weekend. Stansberry Research, a very well-known firm, has done an extensive review on the Crypto Volatility Index. GOVI being the token and we were picked to be, you know, one of the tokens that they see succeeding a lot this year or the products that they see succeeding a lot this year. And you know what I think is you are right there, right? Because of volatility trading is going to be huge. it’s a huge thing in traditional finance. It will be huge in crypto as well with all the volatility in the market. We are now doing again thoughts about product-market fit, how we can make this very useful for everyone. And with that in mind, we’ll be releasing the 2022 roadmap for CVI very soon. And this will be the year of adoption for CVI. CVI will do amazingly.

That is all for today. I’d like to thank you for viewing this video. We’ll be in touch soon and Stay COTI!

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