The decentralized finance (DeFi) protocol behind Cardano’s (ADA) new stablecoin says that it has successfully updated its network.
According to a recent blog post by COTI Network, the scalable layer-1 behind ADA’s upcoming Djed stablecoin, the update transitioned the blockchain to a multi-token network that now supports the creation of private payment networks.
“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 is also announcing an adjustment to its user fees. According to the firm, its deposit fee will be decreased by 50%, and its withdrawal fee will switch from a set price to a dynamic one but the early withdrawal fee will remain intact.
Other fees mentioned include a fixed multiplier charge which only applies to multiplied deposits and a 1-5% liquidation fee, which also only applies to multiplied deposits.
The new fee model will go into effect on January 15th.
COTI says that its transition will spark the widespread adoption of accepting crypto assets as payments for goods and services.
“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.”
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