Blockchain Protocol Coti, The protocol behind Cardano’s new stablecoin, has declared that it has effectively overhauled its network, MultiDAG 2.0.
The redesign expects to progress its ecosystem from a solitary currency infrastructure to a multi-token network.
Coti’s MultiDAG 2.0 Mainnet Goes Live
The DeFi protocol behind Cardano’s new Djed stablecoin has reported the fruitful hard fork MultiDAG 2.0, planning to progress the ecosystem from a solitary currency infrastructure to a multi-token network. Coti uncovered the launch of the mainnet on the 29th of December, during which Explorer 2.0 and the Bridge 2.0 application were also sent. The group behind a protocol made an announcement expressing,
“This launch connotes a gigantic step for the crypto industry, as well as COTI, as the MultiDAG 2.0 will build the growth of the far and wide adoption of crypto payments for enterprises that are yet to take on crypto payment arrangements. The change from a solitary currency infrastructure to a multi-token network is an interesting step for us, and we’re happy to have your help on this significant way.”
MultiDAG 2.0 leverages the COTI MultiDAG (CMD) standard, which works with the issuance of tokens on the COTI Trustchain. This is like the concept of ERC-20 tokens on the Ethereum blockchain. However, on account of the COTI Trustchain, the issuance happens on a single DAG. The MultiDAG 2.0 delivery will assist with upgrading Coti’s situation in assisting enterprises with launching their own Private Payment Network (PPN), which would also incorporate the issuance of CMD-branded loyalty tokens, CMD-branded loyalty tokens, and that’s just the beginning.
“The introduction of the MultiDAG 2.0, COTI is uniquely positioned to serve businesses by enabling them to launch their own Private Payment Network (PPN), which includes the issuance of CMD [COTI MultiDAG] branded payment tokens, the issuance of CMD branded loyalty tokens, and more.”
Coti added that the new tokens would hold similar abilities of the Trustchain in terms of safety, versatility, and throughput, dealing with any necessity of enterprises. Moreover, the Bridge 2.0 application delivered alongside the protocol also comes with a discount highlight, permitting users to apply for a discount in the event that a trade bombs because of technical troubles.
The Fee Model Needs to be Changed
COTI also declared an adjustment of its free model. The firm uncovered that deposit fees would see a decline of half. In the interim, withdrawal fees will see a change from a set price to a unique one. However, the early withdrawal fees will stay in remain intact. Different changes in the fee include a fixed multiplier charge which is material to multiplied deposits, and a liquidation fee between 1% to 5%, which will also be applicable to multiplied deposits. According to the team, the new free model will become real on the fifteenth of January, 2023.
Coti has a association with Djed Stablecoin
The Coti ecosystem is also heavily involved with Djed, the Cardano ecosystem’s new stablecoin. The protocol is the official issuer of the over-collateralized algorithmic stablecoin, as most would consider to be normal to launch on the mainnet in January 2023. The co-founder of Coti, Shahaf Bar-Geffen, is very hopeful about the upcoming launch of Djed, regardless of the devastating disappointments of past algorithmic stablecoins like TerraUSD (UST). He shared his perspectives on Djed while talking at the Cardano highest point, expressing that he expected the stablecoin to go about as a “place of refuge” in the Cardano network.