Blockchain Payment Solution COTI Partners With WingRiders to Drive Adoption For Cardano Stablecoin.
— COTI (@COTInetwork) August 17, 2022
Popular blockchain payment solution and stablecoin issuer COTI announced Wednesday that it has entered into a partnership with WingRiders, an Automated Market Maker (AMM) decentralized exchange, to explore Djed integration opportunities on Cardano.
For clarity, Djed is an over-collateralized algorithmic stablecoin backed by ADA, the governance and utility token that powers the activities of the Cardano blockchain and uses SHEN as a reserve asset. The partnership seeks to explore Djed integration opportunities across the Cardano ecosystem.
According to the official announcement, the deal aims to promote proper utilization of Djed by including the asset on the WingRiders platform, which aims to be an infrastructure element on Cardano with easy integration into any decentralized applications (dApp).
“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,” said Kaaran Kalantari, a spokesperson for WingRiders.
Meanwhile, this is not the first time COTI has entered into agreements to promote DJed. In July, the blockchain payment solution signed a new partnership with Thrift, a platform that provides a suite of products for dApps to incorporate the token into their platform.
That same month, COTI inked another deal with Astarter, a decentralized finance (DeFi) infrastructure hub based in Cardano. The partnership aims to “bring the native Cardano stablecoin pairs for highly liquid asset trading on the Astarter DEX.”