COTI Network, the creator of the first overcollateralized stablecoin on Cardano, has announced that it has received its first batch of transaction fees from the use of Djed.
According to the stablecoin distribution method, ADA fees were transformed into the same-named native token of the COTI network and then put into the treasury. The funds will subsequently be allocated to treasury participants at an annual interest rate of up to 118 percent.
Djed swiftly filled its collateral vaults after its launch on Monday, attracting 29.9 million ADA and achieving a collateral ratio of 643% out of a maximum of 800%. According to the official website, there are 1.86 million Djed in circulation at a price of 2.54 ADA per stablecoin, which is comparable to $1. Therefore, Djed is now trading above the market.
The stablecoin is currently accessible for secondary market transactions and is listed on both the controlled Bitrue exchange and Cardano’s most prominent DeFi platform by total value locked, MinSwap, despite the fact that Djed minting proved to be somewhat expensive, causing controversy in the Cardano community.
Notably, Djed may potentially be used in the near future in SingularityNET, a Cardano-based artificial intelligence project. COTI previously collaborated with Cogito Protocol, the project’s affiliate, to add Djed to its treasury pool.
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