AdaSwap partners with COTI for DEX Integration

Karthik Subramanian

AdaSwap, which aims to become the first decentralized exchange on the Cardano network, has announced that it has partnered with COTI, the issuer of the Djed stablecoin to ensure its integration into the AdaSwap DEX.

AdaSwap is building a native, gamified DEX on the Cardano network that enables the crypto community to easily swap Cardano-based tokens in seconds with low fees, something that is not possible right now on Ethereum based DEXs. As part of that project, it’s also creating a native Cardano NFT marketplace plus fixed, long-term, and high-yield liquidity pools that will allow token holders to stake, buy and sell NFTs and earn interest on their investments.

AdaSwap to List Crypto Pairs

AdaSwap will explore listing opportunities for Djed on the AdaSwap DEX and examine ways in which it can utilize the algorithmic-based stablecoin network Djed is building.  Djed is an algorithmic, Cardano-based stablecoin protocol that behaves like an autonomous bank, buying and selling for a price in a range that’s pegged to a target price. Through these smart contract-based mechanisms, Djed ensures price stabilization, making it especially promising in decentralized finance operations. The algorithm works by operating a reserve base of coins, minting and burning tokens as necessary to ensure price stability.

“As a Cardano believer, I love seeing COTI’s strong involvement in the Cardano space, it shows the potential being created for the Cardano ecosystem by innovative participation,” said Lennon Qualmann, CEO of AdaSwap. AdaSwap platform users will be incentivized with rewards to provide liquidity through Djed trading pairs.

Need for Interoperability

This is likely to be the start of the rapid development on the Cardano network as any new network on the horizon welcomes DEXs onto the network in the first phase as it is a product that many of the existing crypto users can easily associate with, based on their experience in Ethereum and other networks. If the DEX does manage to provide services as good as the other exchanges and at a low fee, then it should be able to bring in a lot of traction.

But again, the challenge would be to ensure that the interoperability is also worked on at the same time within the Cardano network, or else the users from other chains are unlikely to migrate into the network for want of a solid reason.

 

Read this next

Executive Moves

Avelacom appoints Timothy Wong to run new Hong Kong office toward APAC expansion

Avelacom helps to achieve sub-millisecond speed of market data and order execution across both derivatives exchanges and crypto markets.

Executive Moves

XS.com hires Ahmed Negm, a popular market analyst on CNBC, Sky News, Bloomberg’s Asharq

“Ahmed’s expertise and passion for understanding the intricacies of the financial markets will be invaluable as we continue to grow our client base and expand into new jurisdictions.”

Institutional FX

ATFX uses blockchain to help clients verify IBs and vice versa

ATFX said it has been working on the IB verification project for a few months.

Industry News

Research market in dire straits as SEC’s ‘no-action’ letter on MiFID II lapses in June – survey

“Of all the regulatory news that has hit the research market in the last few months, this is the one change that will fundamentally impact what fund managers can access and pay for in future.”

Executive Moves

Wombat appoints ex-abrdn Richard Charnock as UK platform turns to Europe

Launched in 2019, Wombat provides a dedicated mobile investing platform – available on both iOS and Android – offering users both range and choice.

Institutional FX

Broadridge integrates Point Focal’s pre and post-market reports

“Point Focal provides a unique lens on the market which will help add alpha to the trading process and these new insights will rapidly improve performance while mitigating execution risk and simplify trading.”

Technology

XCritical integrates with Brokeree Solutions, allowing its clients to launch copy trading 

The forex software provider – XCritical, has integrated Social Trading by Brokeree Solutions into their CRM system.

Industry News

HKEX partners with Saudi exchange for cross listings, ESG, Fintech

“The Kingdom of Saudi Arabia, and the broader Middle Eastern region, are one of the world’s most dynamic and exciting economic and innovation hubs and also home to some of the fastest growing investor groups in the world. Hong Kong and HKEX’s markets offer significant opportunities for international investors and corporates, including unrivalled connectivity to the Mainland Chinese markets through our unique Connect programmes. This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation.”

Executive Moves

CMC Markets Connect relocates APAC team led by Peter Foster to Singapore

“Singapore is a vibrant city and is now undoubtedly seen as Asia’s leading financial hub. The decision to bolster the CMC Markets Connect team here will help us cement the company’s position as a leading provider of multi asset liquidity and comprehensive trading solutions across the region.”

<