Development never stops in the fast and competitive cryptocurrency sector and COTI is a project that is showing some bullish signs.
Cointelegraph Markets Pro’s VORTECS™ charts show that COTI, an enterprise-grade financial technology platform focused on decentralized payments and digitization for any form of currency, could be on the verge of a breakout to the upside.
The indicator began to detect a bullish outlook for COTI after the metric hit a high of 89 on April 13.
The three reasons behind the improved outlook for COTI include anticipation of the upcoming release of MultiDAG 2.0, increased integration with different facets of the Cardano ecosystem, and increased adoption of the protocol’s native stablecoin, Djed.
The next release of MultiDAG 2.0
One of the main novelties of Coti is the protocol’s plan to launch its MultiDAG 2.0 layer, which will allow the issuance of new tokens on the network’s Trustchain.
The launch of MultiDAG 2.0 on the COTI mainnet will also enable the creation of a governance token for the COTI treasury, which will be the first enterprise token and payment token on the COTI Trustchain.
The team plans to launch a FoxNet for MultiDAG 2.0 in April, followed by a Testnet towards the end of May. Once the Testnet is launched, the COTI network plans to define a new token standard and has an interim goal of releasing MultiDAG 2.0 on the mainnet in Q3.
Integration with the Cardano ecosystem
A second factor that has helped draw attention to COTI has been its growing involvement with the Cardano ecosystem, which has begun to see the deployment of its first decentralized applications (dApps) and DeFi protocols.
Some of the Cardano-based protocols that COTI has established working relationships with are the Cardano DeFi Alliance, Adaswap, Project Catalyst, and NFT-Maker.
Djed stablecoin adoption
Another bullish news for COTI has been the adoption of its stablecoin Djed. The issuance of stablecoins has been a trending tactic in the cryptocurrency market enticing investors to inject more funds into the related ecosystem in exchange for passive income.
Djed is a Cardano and COTI-backed algorithmic stablecoin that uses smart contracts to maintain its peg to the dollar and aims to power the DeFi ecosystem of the Cardano network.
Once the project has been fully evaluated in its testnet phase and has completed an external security audit, COTI plans to launch Djed on its mainnet by the end of Q2.
We are pleased to announce our new partnership with @RevealEngineCardano’s first NFT Gaming platform.
The integration of Djed will help bring a stable way to buy & sell NFT game assets to the Revelar’s system.Read more: https://t.co/mOYKwr4bj5$COTI $DJED pic.twitter.com/scZf2fZeNQ
— COTI (@COTInetwork) April 11, 2022
More than 15 strategic partnerships with DeFi and NFT protocols have been signed in the Cardano ecosystem, and there are plans for further expansion. This suggests that Djed will have adequate liquidity and application once it fully launches and, if stablecoin launches from other protocols can be considered an indicator of future performance, it is possible that COTI could benefit from the protocol’s expected TVL boost.
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