It is great to be invested in something even if it is indirectly which is my case here. I haven't bought more ADA or haven't minted or bought DJED or SHEN but I have bought more COTI and staked in their Treasury.
Thankfully with this DJED launch everyone wins as ADA win by growing their eco system.
What will be interesting is to see the difference next month with this figures as they will be much higher as the number of Cardano wallets has increased rapidly over the last 3 days since the DJED launch. 50K new wallets in the build up to the launch of DJED will only keep growing in number.
Not surprisingly the number of active wallets more than doubled at time of launch as if you are Cardano staker this is an opportunity to earn more through staking SHEN (30% APR in some cases) and less so DJED. Still it is what was needed to boost the Cardano DeFi eco system.
Watching another blockchain grow knowing you are a part of it and not directly involved is a new experience as my earnings come from the successes being gained. The more DJED and SHEN that is minted and burned the bigger my rewards will be. These are the 0.5% service fees COTI charges for managing the supply.
Just on these small numbers this would relate to around $70K of COTI being bought off the exchanges which is going to be purchased in the coming days. At the current price that is around 700K COTI so this purchase will definitely push the prices up. Where the COTI Treasury stakeholders benefit is the APR is increased so the earnings can be distributed evenly.
The APR was adjusted this afternoon and has nearly doubled and is now at 14.75% which is really rather decent. I expect over the next few days the price of COTI to rise then as the buying ahs started exchanging their earnings.
Over the coming months I can only see this increasing as there are another 37 or so protocols that still need to go live with DJED and SHEN. In my head I had a number of around $1 million being earned within the first 6 weeks of launch and that number is still very much on track. Like any stable coin you need the numbers in order for it to work so this should easily surpass $20 million DJED by that time.
There are still 6 DEX's to get involved over the coming days and weeks. Today Liqwid announced staking going live using DJEd and they are a lender and borrower based on Cardano. One doesn't have to be smart to see this is still very early and there is huge growth yet to come.
This is the beauty of being invested in a service related crypto as you earn by providing a service and you are not limited. Wait until wrapped BTC and other wrapped crypto is launched in Cardano Defi as that is already in the pipeline. Throw in another 3 or 4 servicing uses which are due later in the year and suddenly the earnings for COTI will be very significant. This is a very different way of looking at Crypto and I am happy I stuck to staying with the service related portfolio as my main investments.