Djed Hits 30 million ADA in Total Liquidity
It's been one week since COTI launched Djed on Mainnet, and the team is overjoyed with the large number of users who are interacting with the platform on a daily basis.
by COTI Channel
Djed reached 30 million ADA in total liquidity in one week, which exceeded the team's expectations. What's more? The platform has been well received by users. The network has seen 2.1 million Djed minted and 158,000 Djed burned. In addition, 24 million SHEN have been minted and 1.1 million SHEN have been burned. COTI's average reserve ratio has been a strong 629%, which is fantastic news for anyone looking to mint and burn Djed and SHEN.
COTI also received its first batch of operational fees, which was streamlined into the COTI Treasury as participant rewards. The rewards were substantial, with the Max APY reaching 118%.
Currently, the total value of DEXs locked in is around 3.4 million ADA for Djed and 6.1 million ADA for SHEN. And, in case you haven't already heard, COTI has some exciting news to share. Bitrue has recently announced a staking campaign for both Djed and SHEN, and COTI has since been listed on CoinMarketCap and CoinGecko, courtesy of DefiLlama.
COTI plans to enable multi-wallet support in the coming weeks so that users can interact with djed.xyz from even more places, and they're also adding delegation information to the website so that users can keep track of their rewards. Furthermore, COTI is working to secure additional partnerships that will assist it in spreading Djed even further.
COTI's Treasury Governance Token, gCOTI, is now available
On February 14th, 2023 at 12:59:29 UTC, gCOTI - the first CMD token on COTI's MultiDAG 2.0 - was minted for treasury governance. The TX Hash for the minting of one billion gCOTI tokens, according to COTI, is 6b40783d1258cf00dfaed25d1653ba7464f246fa034f6d6b781d4b35f100985f. As part of the upcoming airdrop campaign, COTI community members and Treasury contributors will receive a free and equitable distribution of gCOTI tokens.
Treasury participants benefit from governance rights, an APY boost, and liquidation participation with gCOTI. COTI's Treasury 2.0 litepaper explains the benefits in greater detail. Holders have the ability to debate, propose, and vote on Treasury issues, and depositing gCOTI increases APY and rewards shares.
Extending the Treasury beyond $COTI and implementing new ideas will aid in the growth of COTI's community. The locking mechanism in gCOTI will also be continuously upgraded with new functions and use cases. To ensure security, tokens are distributed among 15 wallets and will remain in those wallets until distribution.
Djed Emerges as the 4th Largest Project on Cardano Network
Djed has quickly become one of the most significant projects on the Cardano Network. In less than a month since its launch, Djed has become the 4th largest project overall, with more use cases being implemented every day.
by COTI Channel
One of the primary reasons for Djed's success is its focus on stability, which has allowed COTI to reduce the mint and burn minimum amounts of DJED and SHEN. Minting minimum amounts have been reduced from 5,000 to 1,000 for both DJED and SHEN, while burning minimum amounts have been reduced from 1,000 to 200 for DJED and from 2,500 to 500 for SHEN. Operational fees have also been lowered from 100 ADA to 25 ADA, making it more accessible to a wider range of users.
Another encouraging development for SHEN holders is the start of the first round of delegation rewards distribution. Eligible SHEN holders who held their tokens during the first snapshot on February 5th will be rewarded, regardless of whether the token was minted on Djed platform or accumulated elsewhere. The next snapshot will include SHEN holders on Wingriders and Minswap, with users on other DEXs to follow shortly.
The delegation rewards section where SHEN holders can check the status and amount of their rewards will soon be available on djed.xyz.
by COTI Channel
COTI has recently made several significant improvements to the Djed protocol's user interface, making it more user-friendly and accessible for everyone. One of the most notable improvements is the addition of a mint/burn amount slider, which displays both the minimum amount required to mint/burn DJED and SHEN, as well as the maximum amount available based on the user's wallet balance. This new feature makes it easier for users to manage their funds and participate in the Djed ecosystem.
In addition to the new user interface improvements, the COTI team has also completed its integration with Elliptic services. This integration ensures Djed's compliance and prevents bad actors from using the protocol. The team has announced that the integration has been successfully completed, providing even more security for Djed users.
These updates are part of COTI's ongoing efforts to make the Djed protocol more user-friendly and secure. As the adoption of Djed continues to grow, we can expect to see more improvements and updates to the platform.
First published on Feb 8, 2023