COTI and Occam.fi will explore ways to implement the Djed stablecoin — the first stablecoin on Cardano — with the OccamX decentralized exchange (DEX). As recipients of IOHK’s cFund, both Occam.fi and COTI will work together to ensure Cardano-based projects have access to adequate liquidity upon launch through Djed trading pairs on OccamX.
Djed is an algorithmic stablecoin design that uses smart contracts to ensure price stability. Smart contracts are also used to ensure that Djed will play a pivotal role in decentralized finance (DeFi) transactions on Cardano — of particular interest to OccamX.
As Djed’s official issuer, COTI assumes the responsibility of smart contracts publication and is on the front-end engaging with funds, enterprises, developers and others wishing to mint both the stablecoin and the reserve coin used as part of the pegging algorithm. As COTI and Occam.fi’s decentralized launchpad OccamRazor have been collaborating on exploring opportunities and solutions for payment methods, the most natural next step is that Djed will be integrated into OccamX”.— Shahaf Bar-Geffen, CEO of COTI
Djed is designed as a fiat-pegged currency, initially pegged to USD, providing a stable means of exchange for users. However, Djed can also be pegged to other currencies, which will increase as more decentralized oracles are able to supply price-feed data to Cardano.
“As joint recipients of IOHK’s cFund, COTI and Occam.fi have many avenues to work together to grow the DeFi landscape on Cardano. The OccamX DEX will be one of the most significant secondary market trading venues for the Cardano ecosystem, the UniSwap of Cardano, and to achieve that we require a reliable and dynamic stablecoin asset like Djed. We look forward to revealing more information on our integration soon.”— Elliot Hill, head of communications at Occam.fi
OccamX recently released a DEX demo showing its solution for the Cardano concurrency problem, which can be viewed here.
The Occam.fi ecosystem is managed and maintained by the Occam Association, a Switzerland-based entity operating from the crypto-friendly Canton of Zug. When the Occam.fi ecosystem grows sufficiently, Occam.fi will be governed and steered by a carefully designed decentralized autonomous organization. Occam.fi is the first decentralized launchpad designed for the Cardano ecosystem, built with expertise and care from a veteran team of blockchain entrepreneurs and professionals.
ABOUT COTI Network
COTI is the world’s first DAG protocol optimized for creating decentralized payment networks and stable coins.