We are pleased to announce a partnership with COTI to integrate Djed, an overcollateralized algorithmic stablecoin built on Cardano, on Axo’s digital asset trading platform.COTI is in charge of developing the user interface and smart contracts for the DJED stablecoin. The operational mechanism for DJED is a two-layered algorithm. On the one hand, users will be able to use ADA to mint DJED, which will be pegged to the value of USD. On the other, in order to protect the price stability of DJED, users will be able to invest in a ‘reserve coin’ called SHEN. The reserve coin can fluctuate in price relative to the value of the treasury reserves and can be redeemed for ADA through the protocol, but only when DJED is past a certain collateralization ratio.Djed operates by keeping a reserve of base coins, while minting and burning stablecoins and reserve coins according to its reserve ratio, which is also affected by existing market conditions. We believe that to expand the appeal and usefulness of the digital asset industry it is necessary to ensure exchange rate stability. If users and businesses can’t design agreements with each other, which retain relative value from one day to the next, then the utility of digital assets will remain limited.With the addition of a stablecoin to our expanding roster of assets, we can improve liquidity and market efficiency by broadening the number of liquidity pairs and user choice. Axo users will be able to participate in providing single-sided liquidity and further bolster the trading volume.This is a synergistic partnership, as the DJED and SHEN tokens will benefit from Axo’s protocol liquidity by enabling algorithmic cross-arbitrage trades between ADA-DJED-SHEN.The partnership with COTI to incorporate the DJED stablecoin in the trading platform will greatly enhance the utility that Axo’s own suite of tools has to offer.