After partnering with Cardano’s stablecoin hub Ardana, the price of COTI has exploded to a new ATH.
COTI, an enterprise-grade fintech platform that empowers organizations to build their payment solutions, recently announced that it will be partnering with Cardano’s stablecoin hub, Ardana.
The collaboration will introduce stablecoin crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide.
Speaking in a statement, COTI’s CEO, Shahaf Bar-Geffen, said,
“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”
Stablecoin Payments on AdaPay
The partnership will see Ardana introduce stablecoin payments to AdaPay, a gateway solution for payments developed by the Cardano Foundation and Coti.
This will ensure that users of AdaPay will now be able to make purchases with their stablecoins wherever the product is accepted.
Additionally, merchants and consumers worldwide can now trade directly using stablecoins. They are touted to be a more stable form of digital currency as opposed to the more popular and highly volatile cryptocurrencies.
Ardana’s founder, Ryan Matovu, added, “Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain to financing actual farming off-chain.”
COTI Price Jumps 50%
Just a few hours after COTI made the announcement, it received a lot of attention from crypto users, and its coin’s price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60.
Although COTI has retraced and is now trading at $0.51 following another wide-market crash induced by fresh China FUD, it has still retained a 24-hour increase of 25%, according to live data from CoinMarketCap.
Cardano Invests in COTI
In April, Cardano made its first investment in COTI through its new venture fund, dubbed cFund, in an effort to strengthen its relationship with the enterprise-grade platform.
As reported at the time, by investing in COTI, Cardano doubled down on its support for the protocol as the two parties have been working together since 2019.
COTI Price Analysis: The Dynamic Support Of 50 EMA Has Turned To Resistance Now; Is This A Start Of A Downtrend??
The COTI coin price indicated another bearish reversal when the price was rejected from the $0.67 resistance. However, this time retracement phase deepened more than expected and even breached the crucial support of $0.047. However, a positive news we have is ‘Coinbase’, one of the most trusted custodians now supporting COTI.
Key technical points:
- The 200 EMA line stands as a crucial support level for the COTI coin price
- The intraday trading volume in the COTI coin is $173.8 Million, indicating a 16.34% hike.
Source- COTI/USD chart by Tradingview
The COTI coin price initiated this remarkable rally in august, which made a New-Time High of $0.675. After this, the coin went through a usual correction and recovery phase to continue its uptrend; however, the price couldn’t pass the higher high resistance and indicated another bearish reversal.
On November 16th, the coin price breached the support of the previous lower high of $0.47 mark, suggesting even more fall for COTI. This deeper correction phase managed to obtain proper support from the 200 EMA line and is currently retracing back to retest the same level.
While travelling in an uptrend, the COTI coin price received dynamic support from the daily 50 EMA line. However, with this bearish reversal. the coin broke down from this support EMA, and now it’s contributing as a resistance for the retest mentioned above.
The Relative Strength Index(47) states a bearish sentiment within this coin.
COTI/USD 4-hour Time Frame Chart
Source- COTI/USD chart by Tradingview
Contracting to the bearish signals noted above, the COTI coin price action projects a bullish outlook in this lower time frame. The coin price resonated in a falling parallel channel for the recent price fall. On November 29th, the price gave a bullish breakout from this pattern, suggesting a new rally.
However, the price is still experiencing strong rejection from the $0.47, and its the critical point of our price analysis. If the price sustains below this resistance, the crypto traders can grab an excellent short opportunity in this coin; moreover, an extra confirmation will be obtained once the price breaks down from the daily 200 EMA.
COTI Mainnet 2.0 Launch Date Set to Next Week
COTI has announced that it is finally prepared to launch its mainnet 2.0 after more than a year of development.
Digital fintech platform COTI (Currency of the Internet) has announced that it will be launching its long-anticipated mainnet 2.0 next month.
COTI Mainnet 2.0 Set to go Live
The company shared the news about its upcoming mainnet version 2.0 launch with CryptoPotato, stating that the upgrade will feature scalability and speed capabilities, as well as an optimum COTI platform.
“The release of Mainnet 2.0 will allow COTI’s network to grow further, supporting a wide range of financial technologies and use cases for enterprise and merchants, as well as for COTI users,” the project said.
According to the announcement, the new version of the network has been in the works for over a year, with lots of resources, including thousands of man-hours dedicated to ensuring the upgrade is successful.
Notably, COTI’s dedication targeted towards the development of its mainnet 2.0 has paid off, as the upgrade will go live on November 2, 2021, at 2 PM UTC, the company noted.
Upon launch, users will be able to enjoy the new service, which is poised to offer an enhanced and reliable digital platform, without having the need for any prior tech knowledge.
Boosting Transaction Speed
Although COTI’s Trustchain infrastructure, which is integrated into the current mainnet, is capable of processing over 100,000 transactions per second (TPS), the project has made significant changes to its database to achieve faster transaction processing in version 2.0.
Some of the updates made to the database to improve transaction confirmation speed were carried out on the network’s storage engine RocksDB and the Queue management system, among others.
The upcoming upgrade will also provide fixes to some of the bugs found in the current version.
In preparation for the release, COTI noted that it successfully conducted a pilot program by moving its node operators to the new version’s testnet in order to ensure a smooth transition when it will officially migrate to mainnet 2.0.
COTI Provides Payment Services for Clients
The development comes less than a month after COTI partnered with Simplex to provide bank accounts and visa debit cards to its customers.
Per the announcement, the service will easily grant users access to the global monetary ecosystem and also bridge the gap between fiat and cryptocurrencies.
Chainlink (LINK) Keepers Now Integrated by Coti Network’s (COTI) CVI Design: Details
Coti Network DeFi ecosystem advances its CVI rebalancing mechanism with Chainlink’s instruments
With its new release, Crypto Volatility Index tokens (CVI) by Coti Network (COTI) will be rebased through cutting-edge on-chain instruments.
Chainlink Keepers now empower CVI mechanism
According to the press release shared with U.Today, Coti Network (COTI) announced a crucial upgrade of its crypto volatility index token architecture.
We are thrilled to announce the launch of the CVI V2 which includes: Volatility Tokens and composability, Margin Trading and improved capital efficiency, USDC Platform and Revamped Design.https://t.co/N2hYlGLpsbhttps://t.co/t39RuOs2FC$GOVI $COTI pic.twitter.com/TQ2BE1kLq6— Crypto Volatility Index (CVI) (@official_CVI) July 29, 2021
Starting from October 2021, the underlying supply of volatility tokens will be rebalanced with Chainlink Keepers, an automated decentralized network by the team behind Chainlink Oracles.
With this novelty, every day at midnight (UTC) the supply of volatility tokens will be rebased in order to ensure a robust and accurate pegging to the current volatility of cryptocurrencies markets.
Shahaf Bar-Geffen, CEO of COTI, stresses that the current stage of Chainlink/Coti integration is a crucial one for the technological progress of his product:
Integrating Chainlink Keepers was a natural next step after using Chainlink Price Feeds to access high-quality options data used in the CVI volatility index calculation. Chainlink Keepers are reliable, decentralized, and seamless to integrate, ultimately offloading manual labor from our developers while still providing strong assurances that our volatility tokens stay pegged to the underlying CVI index.
More options to benefit from crypto volatility
Coti Network (COTI) pioneered the segment of decentralized volatility indexes that act similarly to VIX on stock markets. Traders can benefit from volatility moves in both directions.
Right now, besides ETHVOL tokens being pegged to the volatility dynamics of the first-ever smart contracts platform, Ethereum (ETH), Coti Network is going to introduce CVIVOL assets on Polygon (MATIC).
As covered by U.Today previously, Coti Network hired VIX creator Prof. Dan Galai to contribute to the release of its most eccentric product, CVI.