Liqwid to Integrate Djed, a Cardano-based Algorithmic Stablecoin Powered by COTI
We are excited to announce our strategic partnership with Djed, Cardano’s first algorithmic stablecoin. Built by the brilliant COTI developers, Djed uses smart contracts to ensure price stabilization, and the utilization of the stablecoin for decentralized finance (DeFi) applications. It functions by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins.
By being the issuer of Djed COTI’s role is to manage the user interface and user experience (UI/X) development and to operate the integration between protocol users and the smart contracts powering the stablecoin. COTI will partner with enterprises, developers, and other parties who wish to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.
“We are happy to collaborate with the Liqwid team in order to include Djed as a supported asset for their borrowing and lending platform. We see this partnership as a necessary means to ensure Djed’s utilization across the Cardano Defi ecosystem and look forward to working with the Liqwid team.” — Shahaf Bar-Geffen, COTI CEO
“On every network DeFi has reached a critical mass of users and TVL, stablecoins have played a major role in the success of scaling liquidity. Cardano DeFi will be take a similar path and to that end we are thrilled to have Djed as the first ADA-backed algorithmic stablecoin as a supported asset for lending and borrowing in Liqwid” — Dewayne Cameron, Liqwid Labs CEO
About Liqwid Finance
Liqwid is an algorithmic and non-custodial interest rate protocol built on Cardano. Users can securely earn interest on deposits and borrow assets with ease while earning yield on ADA from multiple revenue streams. We are on a mission to develop capital efficient lending products built on open DeFi infrastructure accessible for anyone with a Cardano wallet.
The Liqwid protocol’s smart contracts allows users to supply liquidity and earn interest, use supplied assets as collateral to borrow from the protocol and stake in the protocol to earn additional yield denominated in the Liqwid DAO Token LQ.