Growth never stops in the fast-paced and competitive crypto sector and COTI is one such project that is showing some signs of bullishness.
Cointelegraph Markets Pro’s VORTECS™ chart shows that COTI, an enterprise-class fintech platform focused on decentralized payments and digitization for any type of currency, may be on the verge of a breakout.
The indicator began to trace a bullish outlook for COTI after the metric hit a high of 89 on April 13.
Three reasons why COTI’s approach is improving include anticipation of the upcoming launch of MultiDAG 2.0, deeper integration with various aspects of the Cardano ecosystem, and increased adoption of the JDD stablecoin of the protocol.
Upcoming Launch of MultiDAG 2.0
One of the biggest upcoming developments for Coti is its plans to launch a MultiDAG 2.0 layer protocol that will enable the issuance of new tokens on top of the network’s trustchain.
The launch of MultiDAG 2.0 on the COTI mainnet will also enable the creation of a governance token for COTI’s Treasury, which will be the first enterprise token and payment token on top of the COTI Trustchain.
The team is currently planning to release Foxnet for MultiDAG 2.0 in April, followed by a testnet release in late May. Once the testnet is launched, COTI plans to define a new token standard and has tentatively set a target to launch MultiDAG 2.0 on the mainnet in the third quarter.
Cardano Ecosystem Integration
The second factor that helped draw attention to COTI is its growing involvement with the Cardano ecosystem, which has begun to see its first decentralized applications (dApps) and the rollout of the DeFi protocol.
Some of the Cardano-based protocols with which COTI has established working relationships include the Cardano DeFi Alliance, Adswap, Project Catalyst, and NFT-Maker.
related: Stablecoin Launch and NFT Integration Rise Coty to New All-Time High
Adoption of Djed stablecoin
Another bullish development for COTI is the adoption of its Djed stablecoin. The issuance of stablecoins in the cryptocurrency market has been a trending strategy that prompts investors to withdraw more funds into the respective ecosystem in exchange for yields.
Djed is a crypto-backed algorithmic stablecoin developed by Cardano and COTI that uses smart contracts to maintain stable value and intends to power the Cardano DeFi ecosystem.
Once the project has been fully tested on the testnet and completed external security audits, COTI plans to release Djed on its mainnet by the end of Q2.
We are pleased to announce our new partnership @RevelarEngineCardano’s first NFT gaming platform.
The integration of Djed will help bring a stable way to buy and sell NFT game assets in the reveler’s system.Read more: https://t.co/mOYKwr4bj5$COTI $ djed pic.twitter.com/scZf2fZeNQ
— COTI (@COTInetwork) 11 April 2022
The Cardano ecosystem has signed over 15 strategic partnerships with DeFi and NFT protocols and plans to expand further. This suggests that Djed will have sufficient liquidity and applications once fully launched and if stablecoins from other protocols can be seen as an indicator of future performance, it is possible that the COTI protocol is expected in TVL. benefit from the increase.
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