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HomeCrypto NewsMarketCOTI Treasury Receives 2nd Batch of Djed Fees, APY Adjusted to 74.4%

COTI Treasury Receives 2nd Batch of Djed Fees, APY Adjusted to 74.4%

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The move comes nearly three weeks after COTI sent the first batch of operational fees to the Treasury.

COTI, the blockchain-based payment platform in charge of the Cardano stablecoin Djed, announced today that it had sent the second batch of Djed’s operational fees to the COTI Treasury to distribute among users as staking rewards. Accordingly, the maximum APY for staked tokens has been adjusted to 74.4%.

The move comes after Cardano (ADA) tokens were converted to COTI on the open market, details from the announcement reveal. The resulting COTI tokens were then channeled to the Treasury to be used as staking rewards for users who staked their native COTI tokens.

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The development follows the launch of the Treasury on Feb. 1. The COTI Treasury is an algorithmic token pool that allows users to stake their COTI tokens to receive rewards. Users can only deposit native COTI to the Treasury using Viper Wallet, COTI’s native self-custody wallet.

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Part of the rewards comes from the COTI tokens transferred to the Treasury by COTI. After receiving ADA as operational fees for DJED, COTI converts these ADA tokens to COTI tokens on the open market and then sends them to the Treasury to be distributed as rewards.

COTI revealed that the initiative had reached significant heights barely a day after the Treasury was launched. 19 hours following the launch, over 113 million COTI had been deposited, with 117 million tokens still locked in the 3.0 staking mechanism. Maximum APY sat at a massive 201%.

Two days after the launch, COTI transferred the first batch of COTI tokens to the Treasury, adjusting the maximum APY to 118%.

 

COTI’s newly-launched initiative provides additional evidence of the advantages of Cardano’s latest stablecoin DJED which went live on Jan. 31.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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