The decentralized finance (DeFi) protocol at the back of the latest stablecoin of Cardano has stated that it has carried out an update on its network. Recently, a blog post has been published by COTI Network that is also known as the Cardano-based new stablecoin Djed’s supporting scalable layer-1.
COTI Network Declares an Effective Hard Fork and Fee Updates for Djed Stablecoin
As per that post, the update evolved the blockchain to a network comprising a network of multi-tokens with support for the development of the networks for private payments. The blog post specified that the MultiDAG 2.0 protocol’s launch is a remarkable step.
This would potentially pave the way toward the complete evolution of the COTI Network from just being a sole currency organization to a network dealing with several tokens.
The platform’s team mentioned that they are confident about the exclusive position of COTI to provide its services to enterprises. This will let them release their Private Payment Network (PPN) taking into account the release of COTI MultiDAG (CMD)-based payment tokens, CMD-based loyalty token’s release, and so on.
COTI is additionally declaring an adjustment to the consumer fees implemented by it. As per the company, the deposit charges imposed by it will have a cut of 50%. Subsequently, the withdrawal charges will have a modification from a fixed to a dynamic price however the fee for the initial withdrawal will remain fixed.
The rest of the charges noted take into account a stable multiplier fee which just applies to increased deposits as well as a liquidation fee of 1 to 5%.
MultiDAG 2.0 to Revolutionize Crypto Adoption for Payments
This will just be applied to multiplied deposits. The latest fee model is scheduled to be implemented on the 15th of January next year. COTI mentions that the planned transition will ignite a broad-level crypto adoption for payments concerning services and goods. As specified in the blog post, the launch indicates a huge development for the whole industry of cryptocurrency and COTI.
It added that MultiDAG 2.0 will enhance the crypto payments’ widespread adoption for those enterprises which have not yet adopted payment solutions based on crypto. In a recently conducted interview, COTI Group’s CEO “Shahaf Bar-Geffen” expressed his remarks on the Djed initiative saying that tremendous growth has taken place in the ecosystem of stablecoins during the recent year.
The executive believes that the blockchain members are utilizing stablecoins to have benefits in their daily transactions as they permit monetary value’s exchange into a matchless irrespective of the location of the recipient and sender.
He mentioned that the inclusion of the stablecoin Djed to the blockchain of Cardano will bring an improvement in the way how transfers get settled on the forum.
Charles Hoskinson, the CEO, and co-founder of Input Output Global (IOG), also commented on the new step being taken by Cardano. He asserted that the project could prove to be a game-changer across the crypto world. As per him, this will grasp the attention of totally new spectators at the time while the entire market is in advance going through a decline.
In the words of the IOG CEO, Djed and Cardano have a mutual commitment to official verification to offer a vigorous method to compete against price volatility in the crypto markets. Hoskinson added that COTI has long been a collaborator of the Cardano platform and its boarding for the new venture would expectedly be remarkable.