Source: A video screenshot / IOHK / YouTube
After several major partnership announcements, more details on an upcoming stablecoin and a new “storefront” for decentralized applications (Dapps), the Cardano (ADA) community completed its Cardano Summit 2021 on Sunday. Meanwhile, ADA is the worst performer in the Top 10 club today.
At 12:15 UTC ADA traded more than 3% in one day at a price of USD 2.21. The price has decreased by 3% in the last 7 days and by 25% in the last 30 days.
Among the most anticipated news from the event, which took place partly online and partly in person, were more details on the upcoming Cardano-based stablecoin djed.
For the first time, the Cardano development company Input Output announced during the event that the token will be issued by COTI, a fintech company that also has its own token of the same name.
According to COTI’s website, the company already offers the issuance of stablecoin as a service to other companies in its” Stable Coin Factory”.”However, a collaboration with Cardano, ranked as the third most valuable cryptoasset, would be COTI’s best-known stablecoin project to date.
In addition, COTI’s stablecoin issuance process works by the customer “paying both coinage and redemption fees to COTI’s Treasury as well as network fees.”It is still unclear how these details will affect the collaboration with Cardano, but the partnership could still be an important source of revenue for COTI.
The Djed stablecoin has been in the works for some time at the Cardano development company Input Output, with the CEO of the company, Charles Hoskinson, sharing the white paper of the stablecoin for the first time in August of this year. The white paper describes Djed as an”autonomous bank that buys and sells stablecoins at a price in a row.”] “Makes it a crypto-backed algorithmic stablecoin.
Input Output also announced two new partnerships for Cardano during the event; one with Oracle Protocol Chainlink (LINK) and one with major American satellite television provider DISH Network.
In particular, the partnership with DISH Network, a listed Fortune 500 company, was highlighted by Cardano and discussed in detail in a video released over the weekend with Hoskinson and representatives of DISH Network.
Meanwhile, the deal between Chainlink and Cardano was commented on by Niki Ariyasinghe, head of blockchain partnerships at Chainlink Labs, who said that the time for a partnership between the two is now right, given the recent smart contract enabling Alonzo upgrade from Cardano.
However, Ariyasinghe noted that the integration between Chainlink and Cardano is “a non-trivial matter” and that Chainlink entails “very high standards of security, reliability and scalability”.
Of interest to the Cardano community during the event was also the announcement of a new curation and certification system for all dapps developed on Cardano, the Plutus dAppStore.
The new type of app store was first teased by Input Output a few days before the official unveiling, with the company saying the “storefront” will provide ” a trusted and democratized environment for developers to release their dapps without censorship.”
Finally, the commercial and venture capital arm of Cardano, Emurgo, announced during the event that it is investing USD 100m, to ” accelerate the development of the Cardano ecosystem.”
The capital will be used to finance projects related to decentralized financing (DeFi) and non-fungible tokens (NFTs)., And blockchain education focused on Cardano, said the announcement by Emurgo’s CEO Ken Kodama.