AdaSwap, an ecosystem builder aiming to create the first decentralized exchange on the Cardano network, has just announced it is entering into a partnership with COTI, the issuer of Djed, a Cardano based stablecoin, in order to explore different ways to be integrated with the AdaSwap DEX.
According to the terms of the association, AdaSwap will study listing opportunities for the stablecoin issued by COTI on the AdaSwap DEX. In addition, it will also try to find out how it can utilize the algorithmic-based stablecoin network that Djed is developing.
AdaSwap is currently working on the development of a decentralized exchange for the Cardano network that will allow users to swap Cardano-based tokens in a matter of seconds with really low fees. On top of that, the project is also developing a native Cardano NFT marketplace and fixed, long-term and high-yield liquidity pools, which will allow token holders to stake, buy and sell NFTs and earn interest on their investments.
But, what is Djed?
It is an algorithmic stablecoin protocol based on the Cardano blockchain that behaves like an autonomous bank: buying and selling for a price in a range that’s pegged to a target price. This what, Djed ensures price stabilization, making it especially promising in decentralized finance operations.
Lennon Qualmann, CEO of AdaSwap, said:
“As a Cardano believer, I love seeing COTI’s strong involvement in the Cardano space, it shows the potential being created for the Cardano ecosystem by innovative participation.”