ADA Pay 2021: a year in review

The past 12 months have proven to be the most transformative year for Cardano and its native cryptocurrency $ ADA to date. With the long-awaited ADA Pay wallet launch At Cardano’s Shelley Mainnet, $ ADA holders finally have a perfect way to pay for goods and services with compatible merchants using their favorite crypto.

ADA payment was the result of many months of research, development and hard work from COTI developers of the finance ecosystem on the blockchain, and its launch in April represented a huge step forward for Cardano. Since then, it has witnessed a massive increase in demand from consumers and institutions looking to pay and donate using $ ADA. One of the unique features of ADA Pay is that it enables more than just payments, giving merchants that accept $ ADA a way to immediately stake the tokens they receive to earn token rewards and create a positive feedback loop in the $ ecosystem. ADA.

However, COTI was far from done, and rather than sit back and rest on its laurels, the team has worked hard to bring additional capabilities to ADA Pay, including NFT auction support. Wolfram Alpha partnered with COTI and the Cardano Foundation to enable the first NFT auction on ADA Pay in June following the introduction of key new capabilities including $ ADA payments for NFT, bidding and auction mechanisms, auctioneer custody, rapid analysis balance and the new API are needed for participants to connect.

The partnership with Wolfram Alpha was a watershed moment for the entire Cardano ecosystem, which previously had to host all Cardano NFT auctions on Discord. By adding this native support, ADA Pay has simplified the entire Cardano NFT buying and selling process for the entire community.

However, COTI has big ambitions in the DeFi space that go well beyond NFTs, as became evident with the announcement of another key. camaraderie with in September that aims to explore ways to bring $ ADA payments to the OccamRazer launch pad.

Later that month, COTI followed up with a second partnership with Ardana’s decentralized exchange stable asset liquidity group, which made Crypto to stablecoin payments in fiat currency a reality within the Cardano community for the first time. Through the alliance with Ardana, ADA Pay users can now purchase products using their favorite stablecoins anywhere ADA Pay is accepted.

The COTI developers maintained their relentless momentum with a key update to ADA Pay in October. The latest version of ADA Pay added many important capabilities to help you fulfill your ambition to play a key role in the Cardano ecosystem. The highlight of the launch was the new “Infrastructure for Scale” feature that enables COTI to monitor millions of wallet addresses more efficiently and thereby support thousands of new merchants who are interested in accepting $ ADA.

The October update further boosted ADA Pay’s capabilities with improvements to its personalization settings, allowing merchants to include or exclude withdrawal fees, for example. It also makes the withdrawal system faster and more efficient through new features like bulk withdrawals to help merchants save fees.

Still, COTI was not completed and ended the year with two more key partnerships that aim to increase ADA Pay’s capabilities and usefulness. First was the integration with Lovelace, a DeFi-enabled NFT marketplace for Cardano, which made it easy for members of its community to pay with $ ADA. Lovelace also agreed to work with COTI to bring the Djed stablecoin into the Lovelace market as the default stablecoin on Cardano in a move that should help drive demand and increase its value.

Last but not least, COTI partnered with NFT and smart contract platform Centaurify in November, making it possible for ADA Pay users to buy tickets for NFT events, digital collectibles and more through the wallet.

Overall, it has been an extremely successful year for COTI and the ADA Pay team, and with even more key developments in the Cardano roadmap expected to materialize in the coming months, there are many reasons to think that 2022 is equally promising.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.


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