The DeFi (decentralized finance) blockchain platform supporting Cardano’s (ADA) fresh stablecoin has reported that the update of its network was a success.
As stated by COTI Network in a blogpost, the explandable layer-1 blockchain supporting ADA’s announced stablecoin (Djed) the upgrade managed to successfully transition the network to a multi-token version that can support the design of non-public payment networks.
The update was represented by a MultiDAG 2.0 protocol which was launched to fully transition COTI from a single token network to a multi-currency infrastructure. The blockchain believes that it can help companies to roll out their PPNs (Private Payment Networks). Furthermore, the interested companies can also issue CMD (Coti MultiDag) branded payment tokens, loyalty tokens, and others.
Moreover, the blockchain also chose to adjust its fees for users. The deposit fee will notice a 50 per cent decrease, while the withdrawal tax will become dynamic, instead of remaining at a set price. However, COTI announced that the withdrawal fee will stay the same. Besides the fees mentioned, others include a 1-5 per cent liquidation fee that is applied to multiplied deposits and a fixed multiplier fee that is also applicable only to multiplied deposits.
Users will be introduced to the new charging system beginning on the 15th of January 2023. The transition is hailed by the company as a catalyst for wider crypto-asset adoption as a means to pay for services and goods.