VyFinance forms partnership with COTI to Integrate Djed
VyFinance is thrilled to announce our latest partnership with COTI to integrate Djed. Together we will endeavour to build and grow the Cardano ecosystem to new heights through the introduction of new staking pools. This partnership also assists in ensuring our two companies will develop an increasing environment of friendship and collaboration for time to come.
We are all aware of the importance of a stablecoin when dealing with DeFi. It allows users an on/off ramp for their crypto, in a safe and effective manner. With the increasing demand that we expect on the Cardano blockchain, a stablecoin will allow users to safely manage their funds, and ensure that there is a quick option to move from Crypto to Stable natively on the Cardano Blockchain.
This is also a very important partnership, as it allows us a stablecoin with which our Neural-Net can begin assessment. As more stable coin farming options become apparent across the ecosystem, we will be able to use the tools provided by COTI to build a truly unique auto-harvester.
Djed is the first algorithmic stablecoin, built on Cardano. It uses smart contracts to ensure price stabilization, and the usefulness of the coin for decentralized finance (DeFi) operations. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins.
The Djed stablecoin is powered by COTI. Part of COTI’s role is to be in charge of developing the user interface system and to operate the integration between users and the smart contracts for the stablecoin. COTI will partner with enterprises, developers, and other parties who wish to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.
COTI is a fully encompassing “Finance on the blockchain” ecosystem, specifically designed to meet the challenges of both centralized finance (fees, latency, global inclusion and risk) and Decentralized Finance DeFi (fees, clogging and complexity) by introducing a new type of DAG based base protocol and infrastructure that is scalable, fast, private, inclusive, low cost and is optimized for finance.