CEO of COTI, a hybrid payment network built on the Cardano blockchain, Shahaf Bar-Geffen, has announced the launch date of Djed, the first stablecoin to be built and issued on the blockchain.
He made this announcement during an interview with Genius X at the Cardano Summit on November 29, 2022; he revealed the launch date to be January 2023, and that 40 partners will adopt it immediately after launch.
Genius X, who happens to be the accelerator program and launchpad for the Cardano blockchain, was delighted to receive the news because, even though there has been buzz about its making and release, there had been no official date for launch until the day of the interview.
In the interview, Shahaf said that Djed would be launched with Djed Pay, a payment app designed for merchants to use the Djed stablecoin as a utility token.
There is also an opportunity to wrap Djed in other tokens, creating a wrapped version that will be utilized in the COTI ecosystem treasury.
COTI was built and founded on the Cardano blockchain in 2017 as a layer-one blockchain ecosystem designed to process a hybrid payment of both fiat and cryptocurrency, including cards and stablecoins online and offline.
COTI also helps organizations digitize any currency, saving time and money through their payment solutions. The platform is powered by the COTI coin, the native currency of the network, which serves the purposes of utility and governance.
Unlike traditional payment systems, which can only process 25,000 transactions in a second, the platform was designed to be extremely scalable and can handle over 100,000 transactions per second.
Recently, COTI modified its fee structure, setting the withdrawal fee at 1.5%; this was greeted by much criticism from crypto enthusiasts keenly interested in the growth of the network.
Careful $COTI ……
1.5% to withdraw??? Seems very steep and will discourage people from locking up. What would be the point of 1x staking unless you lock for over 120 days.
There would be a good chance would end up losing COTI
Urgent rethink needed @shahafbg
— Blo©kheads (@Blockheads_COTI) November 29, 2022
A Twitter user complained about the new structure, also pointing out that it will discourage users from staking since the yields have been reduced.
One of the users commented that COTI has likely shifted the date of the implementation of the fee to January, and they are pretty optimistic that there is more in store.
Some, on the other hand, expressed pessimism and used their wallet as an example, claiming that the platform had not advanced and had remained stationary.
Nevertheless, the release of Djed will prove to be a good thing for the Cardano ecosystem and the crypto industry; however, the impact it will have on things is not yet clear. Still, we await further clarity after its launch in 2023.