COTI continues to drive Cardano stablecoin adoption.
To foster the utilization of Cardano’s stablecoin Djed across multiple platforms, COTI, a Layer-1 network based on Directed acyclic graph (DAG), has partnered with Axo, a trading protocol.
According to an announcement today, Cardano’s stablecoin will be integrated into Axo’s digital asset trading platform. The move will enhance the Axo utility offered via a suite of services. Axo is a platform where oriented smart contract variants known as programmable swaps are traded.
“We are happy to announce a new Djed partnership, this time with axotrade, a trading protocol, to integrate DJED into their digital assets trading platform,” COTI said in a statement.
— COTI (@COTInetwork) October 18, 2022
Importance of the Partnership
Integrating Djed into Axo’s trading platform will boost Axo’s liquidity and market efficiency by expanding the number of liquidity pairs. Thus, giving users a wide range of options when trading on the Axo digital asset platform.
COTI said Axo users would be allowed to provide single-sided liquidity after the partnership. Furthermore, adding Djed to Axo’s roster of assets will also boost the overall trading volume of Axo.
Growing Adoption of Cardano’s Djed
The announcement marks the latest adoption of Cardano stablecoin by a top brand.
Several companies like WingRiders, Iagon, and Cardano Warriors, among others, have indicated an interest in Cardano’s stablecoin in recent months.
Djed is an algorithmic stablecoin developed by Cardano and COTI teams. The stablecoin is designed to maintain a reserve of base coins while minting and burning reserve stable assets.
Last year, the Cardano team selected COTI to become the official issuer of Djed. In a blog post last month, COTI revealed the upcoming development plans for Djed. According to the announcement, the teams are working on updating the off-chain code and specific libraries that will handle the current Cardano node version.
“After implementing all the updates, a test run will be carried out to ascertain that everything works as expected. Once the test run is completed, it’ll be deployed to the public testnet,” COTI noted.
The stablecoin is currently being audited, and the teams will proceed to the next development phase once it has been confirmed that Djed has no technical glitch.