The Ethereum competitor Cardano (ADA) partnered with blockchain payments ecosystem COTI to release a new algorithmic stablecoin, Djed. COTI released a blog post which revealed the information about Djed and the partnership with GADA.
GADA is a permissionless and community-governed launchpad for any Cardano based projects and ideas.
“After the exciting launch of the Djed Public Testnet, we are pleased to announce our new partnership with GADA” the company said while expressing the joy of joining forces with GADA.
According to COTI this partnership scope will encompass the incorporation of Djed, on GADA’s ecosystem, which is going to bring more fundraising options to both investors and project owners and will also reduce the potential unfavorable effects of market irregularity by utilizing other currencies.
The creator of Cardano and Input Output Hong Kong (IOHK) CEO, Charles Hoskinson firstly announced Djed as a project last July. However, later it was released in May. He said that the idea was to eventually include the stablecoin into Plutus, ADA’s smart contract protocol.
Also read: Cardano’s Plans for 2022.
With Djed’s involvement, GADA’s launchpads will have an appropriate unit for fundraising that is stable. This partnership will secure the proper and seamless use of Djed and make an increased use-case for the stablecoin throughout multiple platforms.
