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.
The second batch of Djed operational fees was sent to the COTI Treasury!
A conversion of $ADA to $COTI has just been completed on the open market, and the $COTI has been funneled to the Treasury as a reward to its participants. Max APY is now 74.4%!
— COTI (@COTInetwork) February 23, 2023
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.
We are ecstatic to announce that the COTI Treasury is successfully launched!
You can now deposit any amount you wish into the COTI Treasury and earn $COTI rewards.
A new era for COTI has just begun!
— COTI (@COTInetwork) February 1, 2022
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 Treasury just received the first batch of Djed operational fees!
A conversion of $ADA to $COTI has just been completed on the open market, and the $COTI has been funneled to the Treasury as a reward to its participants. Max APY is now 118%!
— COTI (@COTInetwork) February 3, 2023
COTI’s newly-launched initiative provides additional evidence of the advantages of Cardano’s latest stablecoin DJED which went live on Jan. 31.