The decentralized finance (DeFi) protocol underlying Cardano’s (ADA) new stablecoin has successfully upgraded its network, according to its developers.
COTI Network, the scalable layer-1 powering ADA’s incoming Djed stablecoin, recently announced in a blog post that the upgrade has transformed the blockchain into a multi-token network that enables the development of private payment systems.
“We think COTI is in a strong position to help businesses since it allows them to create their own Private Payment Network (PPN) with features like payment tokens and loyalty tokens with the COTI MultiDAG brand.”
Additionally, COTI is announcing a change to its user costs. According to the company, its deposit charge will be reduced by fifty percent, and its withdrawal fee will transition from a fixed rate to a variable one, while its early withdrawal fee will stay the same.
There are also other expenses that are exclusive to multiplied deposits, such as a set multiplier charge and a liquidation fee that ranges from 1% to 5%.
The new cost structure will be implemented on January 15th. According to COTI, this transition will encourage the broad acceptance of crypto assets as payment for products and services.
“This launch is a significant milestone for both the crypto industry and COTI, as the MultiDAG 2.0 will accelerate the general acceptance of crypto payments among businesses who have yet to implement crypto payment solutions.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.