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, this update, the scalable layer 1 behind ADA’s upcoming stablecoin Djed, will move the blockchain to a multi-token network and support the creation of private payment networks. Now
“The launch of the MultiDAG 2.0 protocol marks the complete transition of COTI from a single currency infrastructure to a multi-token network…
COTI believes it is uniquely positioned to serve businesses and launch its own private payment network (PPN), including CMD issuance. [COTI MultiDAG] Issuing branded payment tokens, CMD branded loyalty tokens, etc. ”
COTI is also announcing adjustments to user fees. According to the company, the deposit fee will be reduced by 50% and the withdrawal fee will be changed from a fixed price to a dynamic price, but the early withdrawal fee will remain unchanged.
Other fees mentioned include a fixed multiple fee applicable only to doubling deposits and a 1-5% clearing fee applicable only to doubling deposits.
The new pricing model will go into effect on January 15th.
COTI says its transition will lead to widespread adoption of accepting cryptocurrencies as payment for goods and services.
“This launch represents a major step forward for the crypto industry and COTI as MultiDAG 2.0 will drive the growth of widespread adoption of crypto payments to businesses that have not yet adopted crypto payment solutions.”
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