DeFi Blockchain Behind Cardano’s New Djed Stablecoin Announces Successful Hard Fork and Updated Fees
The decentralized finance (DeFi) protocol behind Cardano’s (ADA) new stablecoin says it has successfully updated its network.
According to a recent blog post by COTI Network, the scalable layer-1 behind ADA’s upcoming Djed stablecoin, the update transitioned the blockchain to a multi-token network that now supports the creation of private payment networks.
“The launch of the MultiDAG 2.0 protocol heralds the complete transition of COTI from a single-currency infrastructure to a multi-token network…
We believe COTI is uniquely positioned to serve businesses, enabling them to launch their own Private Payments Network (PPN) which includes issuing CMD [COTI MultiDAG] branded payment tokens, issuance of CMD branded loyalty tokens and more.”
COTI also announces an adjustment to its user fees. According to the firm, the deposit fee will be reduced by 50% and the withdrawal fee will switch from a fixed price to a dynamic one, but the early withdrawal fee will remain intact.
Other fees mentioned include a fixed multiplier fee that only applies to multiplied deposits and a 1-5% termination fee, which also only applies to multiplied deposits.
The new fee model comes into force on 15 January.
COTI says the transition will trigger the widespread use of accepting crypto-assets as payment for goods and services.
“This launch marks a huge step for the crypto industry, as well as COTI, as MultiDAG 2.0 will accelerate the growth of the widespread use of crypto payments for businesses that have yet to adopt crypto payment solutions.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
