COTI(COTI)

Binance and the Drug Enforcement Agency disrupted a pipeline that moved cash generated from selling narcotics in Michigan to Mexico via stablecoins.

The Cardano-based Djed stablecoin (DJED) has attracted over 27 million ADA tokens as reserves in less than a day after its launch. Djed went live on Tuesday and had a collateral backing ratio of 600% at the time of writing. Parabolic Growth In Reserves Cardano-based Djed (DJED) stablecoin is quickly attracting millions worth of ADA in its reserve. The stablecoin has managed to attract over 27 million ADA tokens as backing. This figure was reached less than a day after the launch of the stablecoin. Data from Djed’s official website has shown that the stablecoin has received a parabolic rise in its reserve assets, meaning its overcollateralization is going as planned. At the time of writing, Djed’s reserve ratio is nearly 600%, meaning each stablecoin is backed by six times its value. According to the stablecoin’s website, there are just over 1.7 million tokens in circulation. These are backed by over 27 million ADA, worth around $10 million in its reserve. “DJED is an overcollateralized stablecoin that uses exogenous collateral to ensure stability. The protocol is backed by 400%-800% overcollateralization and is guaranteed by its reserve coin, SHEN. The stability of DJED is based on overcollateralization, which eliminates the need for trust in a governance protocol as seen in algorithmic stablecoins.” Highly Overcollateralized And Stable The Djed stablecoin has been jointly developed by Cardano code maintainer IOG and the COTI Network, a layer-1 blockchain, and launched earlier during the week. The stablecoin would be backed by other tokens and would require between 400% to 800% in collateral to be posted before it is issued to a user. The overcollateralization enables Djed’s value to be extremely stable during periods of market stress and volatility and was implemented keeping in mind the terraUSD debacle which saw a spectacular collapse and lost 99% of its value in May. Significant Changes Before Launch Before the official launch of Djed, the COTI Network implemented several changes to the stablecoin. Some of the changes include transitioning it into a multi-chain network that can support private payment networks and also decreasing deposit fees by 50%. The team at COTI Network explained that these changes would help quicken the adoption of digital assets, especially as a payment method for goods and services. The team released a statement stating the following, “This launch signifies a massive step for the crypto industry, as well as COTI, as the [upgrade] will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.” Djed is expected to attract significant liquidity and interest from investors and users, thanks to its overcollateralized mechanism, which would also be beneficial to Cardano’s decentralized finance (DeFi) market. DeFi projects such as Fluid, based on Cardano, have already integrated the stablecoin as liquidity against loans. DeFi exchange MuesliSwap has also stated it is targeting an annualized yield between 10% to 25% for Djed holders. The Shen Token The Shen token is the Djed stablecoin’s reserve currency, sharing its collateral pool, and can be minted by locking up ADA. The shared collateral pool allows Djed to maintain collateralization between 400% and 800%, even if there is volatility in the price of ADA. When the collateral goes below 400%, the smart contract will block users from burning any more Shen tokens. Similarly, when the collateral goes above 800%, the smart contract will prevent the minting of new Shen tokens. Furthermore, Shen token holders are also incentivized to stake their tokens, following which they are eligible to receive mint and burn fees, farming rewards, and delegation rewards. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The algo-stablecoin Djed from DeFi service provider COTI deployed on the Cardano mainnet after its successful security audit.

In Todays Headline TV CryptoDaily News: Binance introduces function for API users to prevent self trading. "Cryptocurrency exchange Binance has introduced a new function to help its API users prevent self-trading on their platform. The service will be available to Binance's API users starting January 26th. Users of the exchange's website and app will not be affected." Gemini becomes the latest victim of crypto winter. The Winklevoss twins’ brainchild, Gemini, is bleeding employees left and right due to its exposure to the now-bankrupt crypto lending platform Genesis. The exchange is laying off 10% of its workforce, citing reasons of ‘bad actors’ in the crypto industry. Cardano-based overcollateralized stablecoin Djed to launch next week Cardano-based decentralized stablecoin Djed is on track for a launch next week, one of the developers behind the token said. The highly-anticipated Djed stablecoin has been jointly developed by Cardano code maintainer IOG and Coti, a layer 1 blockchain. BTC/USD exploded 4.8% in the last session. The Bitcoin-Dollar pair gained 4.8% in the last session after rising as much as 5.2% during the session. The Ultimate Oscillator indicates an overbought market. Support is at 22078.3333 and resistance at 23428.3333. The Ultimate Oscillator is signalling an overbought market. ETH/USD skyrocketed 5.4% in the last session. The Ethereum-Dollar pair skyrocketed 5.4% in the last session. The Stochastic-RSI is giving a negative signal. Support is at 1477.3233 and resistance at 1680.5233. The Stochastic-RSI is currently in negative territory. XRP/USD exploded 3.8% in the last session. The Ripple-Dollar pair exploded 3.8% in the last session. The MACD is giving a positive signal, which matches our overall technical analysis. Support is at 0.3857 and resistance at 0.4421. The MACD is currently in the positive zone. LTC/USD skyrocketed 5.0% in the last session. The Litecoin-Dollar pair gained 5.0% in the last session after rising as much as 5.4% during the session. According to the Williams indicator, we are in an overbought market. Support is at 84.71 and resistance at 93.3833. The Williams indicator points to an overbought market. Daily Economic Calendar: JP Coincident Index The Coincident Index released by the Cabinet Office is a single summary statistic that tracks the current state of the Japanese economy. The US Durable Goods Orders will be released at 13:30 GMT, the US Gross Domestic Product Annualized at 13:30 GMT, the Irish Consumer Confidence at 00:01 GMT. DE IFO – Business Climate The IFO Business Climate index is regarded as an early indicator of current conditions and business expectations. The Institute surveys enterprises on their assessment of the economic situation. UK PPI Core Output The Producer Prices Index (PPI) Core Output is a price index of producer prices and excludes volatile items such as food and energy. US MBA Mortgage Applications The MBA Mortgage Applications released by the Mortgage Bankers Association presents various mortgage applications. It is considered as a leading indicator of the U.S Housing Market. Spain's Unemployment Survey will be released at 07:00 GMT, Japan's Tokyo Consumer Price Index at 23:30 GMT, and Japan's Tokyo CPI at 23:30 GMT. UK Producer Price Index The Producer Price Index measures the average changes in prices in primary markets by producers of commodities in all states of processing. AU Consumer Price Index The Consumer Price Index is a measure of price movements made by comparing the retail prices of a representative shopping basket of goods and services. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

After Alameda Research CEO Caroline Ellison entered into a plea deal for leniency in her own case, Sam Bankman-Fried is set to plead out himself. Let’s dig deeper into the latest news in the FTX debacle and other noteworthy events that took place this week. Bitcoin The Pacific Island of Fiji has elected a new Prime Minister, Sitiveni Rabuka, who took office on December 24, and is reportedly pro-Bitcoin. Ryan Selkis, the co-founder and CEO of Messari, recently published his 2023 Crypto Theses report, where he looks at key trends and his predictions for the coming year. Michael Saylor’s MicroStrategy sold 704 BTCs last week but also bought 2,395 BTCs over the last couple of months. A Bitcoin Charity Event has been organized to commemorate BTC-early adopter Hal Finney to collect funds for ALS research. Finney himself passed away from complications arising from his own ALS diagnosis in 2014. ProtonMail founder and CEO Andy Yen has expressed his doubts about whether the firm will continue to hold Bitcoin (BTC) in the future, expressing concern at the current state of the crypto markets. Crypto Assets Manager Valkyrie Investments has unveiled a proposal to become the sponsor and manager of the Grayscale Bitcoin Trust. DeFi Crypto investment firm Midas is shutting down its DeFi platform after suffering irrevocable losses in the Terra, Celsius, and FTX crashes. The FBI has arrested the infamous Mango Markets hacker, Avraham Eisenberg, on charges of fraud and market manipulation. Eisenberg still claims that he did nothing illegal and that his exploits were a part of a profitable trading strategy. Altcoins With the collapse of FTX and Alameda Research, Solana is one of the most affected altcoins, hitting a new local low of $10 after losing 95% of its value in 2022. Technology The Venezuelan banking watchdog, Sudeban, is working on a system to monitor crypto-related transactions in real time to control any negative impact on the stability of the exchange market. Indian crypto exchanges suffered extremely badly during the crypto bear market of 2022, with the trading volume on WazirX falling a massive 97% over the year. The FTX/Alameda plot thickens as wallets belonging to Alameda suddenly became active on December 28. $1.7 million was put through mixers and swapped for stablecoins and BTC. In a Twitter Spaces chat on Wednesday, Michael Saylor outlined how Microstrategy can contribute to the Bitcoin and Lightning ecosystem. Blockchain Protocol Coti, the protocol behind Cardano’s new stablecoin, has announced that it has successfully upgraded its network, MultiDAG 2.0. Car manufacturing company BMW has integrated blockchain solutions through BNB Chain and Coinweb for its loyalty program. Business Gemini crypto exchange founders, Tyler and Cameron Winklevoss, are reportedly facing a new lawsuit from investors over the interest-earning program Gemini Earn. After claiming for days that platform users had just fallen for phishing scams, 3Commas CEO finally admitted that compromised API keys were behind the loss of funds. Crypto exchange Binance will now allow users to buy cryptocurrencies on its platform using the payment services of Apple Pay and Google Pay. A JPMorgan analyst has revealed that large institutional investors are actively avoiding crypto, with the asset class not even on their radar regarding investments. Crypto.com promoted its COO, Eric Anziani, to President, who will now carry out both roles. Fidelity Investments has filed trademark applications in the U.S. for a number of Web 3.0 products and services including an NFT marketplace along with crypto trading services in the metaverse. Kraken has decided to close its operations in Japan and deregister from the Financial Services Agency, blaming a weak market. Regulation According to reports, Sam Bankman-Fried is expected to enter a plea over his involvement in the FTX collapse. Binance France has been sued by fifteen investors who claim that the cryptocurrency giant violated local regulations by misleading customers. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Blockchain Protocol Coti, the protocol behind Cardano’s new stablecoin, has announced that it has successfully upgraded its network, MultiDAG 2.0. The upgrade aims to transition its ecosystem from a single-currency infrastructure to a multi-token network. Coti’s MultiDAG 2.0 Mainnet Goes Live The DeFi protocol behind Cardano’s new Djed stablecoin has announced the successful hard fork MultiDAG 2.0, aiming to transition the ecosystem from a single-currency infrastructure to a multi-token network. Coti revealed the launch of the mainnet on the 29th of December, during which Explorer 2.0 and the Bridge 2.0 app were also deployed. The team behind a protocol released a statement stating, “This launch signifies a massive step for the crypto industry, as well as COTI, as the MultiDAG 2.0 will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions. The transition from a single currency infrastructure to a multi-token network is an exciting step for us, and we’re glad to have your support on this important path.” MultiDAG 2.0 MultiDAG 2.0 leverages the COTI MultiDAG (CMD) standard, which facilitates the issuance of tokens on the COTI Trustchain. This is similar to the concept of ERC-20 tokens on the Ethereum blockchain. However, in the case of the COTI Trustchain, the issuance takes place on a single DAG. The MultiDAG 2.0 release will help enhance Coti’s position in helping enterprises launch their own Private Payment Network (PPN), which would also include the issuance of CMD-branded payment tokens, CMD-branded loyalty tokens, and more. “The launch of the MultiDAG 2.0 protocol heralds the full transition of COTI from a single currency infrastructure to a multi-token network. We believe COTI is uniquely positioned to serve enterprises, enabling them to launch their own Private Payment Network (PPN), which includes the issuance of CMD [COTI MultiDAG] branded payment tokens, issuance of CMD branded loyalty tokens, and more.” Coti added that the new tokens would retain the same capabilities of the Trustchain in terms of security, scalability, and throughput, helping manage any requirement of enterprises. Additionally, the Bridge 2.0 app released along with the protocol also comes with a refund feature, allowing users to apply for a refund in case a swap fails due to technical difficulties. Change In Fee Model COTI also announced a change in its fee model. The firm revealed that deposit fees would see a decrease of 50%. Meanwhile, withdrawal fees will see a switch from a set price to a dynamic one. However, the early withdrawal fee will remain intact. Other changes in the fee include a fixed multiplier charge which is applicable to multiplied deposits, and a liquidation fee between 1% to 5%, which will also be applicable to multiplied deposits. According to the team, the new fee model will go into effect on the 15th of January, 2023. Coti’s Association With Djed Stablecoin The Coti ecosystem is also heavily involved with Djed, the Cardano ecosystem’s new stablecoin. The protocol is the official issuer of the over-collateralized algorithmic stablecoin, which is expected to launch on the mainnet in January 2023. The co-founder of Coti, Shahaf Bar-Geffen, is quite optimistic about the upcoming launch of Djed, despite the catastrophic failures of previous algorithmic stablecoins such as TerraUSD (UST). He shared his views on Djed when speaking at the Cardano summit, stating that he expected the stablecoin to act as a “safe haven” in the Cardano network. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Coti's MultiDAG 2.0 public mainnet went live on Thursday.

COTI CEO Shahaf Bar-Geffen has appeared on stage at the annual Cardano Summit in Lausanne, where he confirmed that the company’s algorithmic stablecoin will launch in January after the conclusion of a full audit. “Djed going to public mainnet is a great achievement, following a lot of hard work from IOG (Input Output Global) and COTI,” said Bar-Geffen. “Recent market events have proven once again that we need a safe haven from volatility, and Djed will fulfil this role in the Cardano network. “We need a stablecoin that is decentralized and has on-chain proof of reserves: Djed is just that and I see it becoming the top stablecoin on the Cardano network.” Slow and Steady Approach COTI’s announcement of a launch date was teased several days ago, and the hype has been steadily building for Djed, an over-collateralized algorithmic stablecoin which will be integrated out of the gate with various COTI partners, not least DEXs, launchpads, wallets and lending protocols. According to Bar-Geffen, further partnerships will also be announced throughout 2023. The decentralized exchanges integrated with Djed from January, which include AdaSwap, Cardax, SundaeSwap and ADAX, will offer increased rewards to users who supply liquidity using the COTI-powered stablecoin. Djed will include Vasil hard fork compatibility, with future versions expected to introduce dynamic fees and prices and also support staking. An enterprise-grade layer-1, COTI has taken a slow-and-steady approach to the issuance of Djed, which was first announced at the 2021 Cardano Summit in Wyoming. On the main stage at this year’s event, Bar-Geffen stressed that COTI was keen to ensure several rigorous stress tests had been completed before Djed debuted on the Cardano mainnet, and that $ADA liquidity had gradually been provided to the Djed smart contract in line with this approach. While other blockchain networks have dominant dollar-pegged stablecoins, most notably USDT (Tether) and USDC (USD Coin) on Ethereum, Cardano has not benefited from such an ecosystem to date. As the only blockchain network to have conducted KYC/AML on all users since launching in 2017, COTI believes it is well placed to issue a stablecoin that is dependable, regulation-ready, and highly secure. Built on Cardano and powered by COTI, Djed is essentially an algorithmic stablecoin protocol that functions like an autonomous bank, buying and selling stable assets based on a price range set by a target price. Pegged 1:1 with the US dollar, Djed is backed by a base coin ($ADA) and uses $SHEN as a reserve coin. The algorithmic underpinnings of the asset relies on a collateral ratio within the range of 400-800% for $DJED and $SHEN in order to guarantee that there is sufficient $ADA in the pool. Cardano founder Charles Hoskinson has long touted Cardano’s potential as a DeFi powerhouse. Last year, he even introduced the Cardano DeFi Alliance (CDA) with the goal of creating a robust and dynamic ecosystem for the next wave of DeFi innovation. With the forthcoming launch of Djed, not to mention another US-pegged stablecoin, USDA, that vision is gradually coming into clearer focus. In light of recent market turbulence, 2023 is shaping up to be an interesting year for crypto in general – and certainly for Cardano. Not only will the latter’s DeFi ecosystem be battle-tested for the first time, but Hoskinson recently announced the release of a new privacy-centric network, Midnight, underpinned by zero-knowledge-proof technology. Whatever happens with Midnight, January’s launch of Djed will be a watershed moment for Cardano – and in particular its DeFi ambitions. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

Los inversores minoristas podrían comenzar a vender si bitcoin cotiza por debajo de US$10.000, aseguró el informe.