The debut of Djed, a stablecoin based on Cardano that is over-collateralized and algorithmically backed, is scheduled for the next week. This project was created in collaboration with the enterprise-grade financial platform COTI network.
The Chief Executive Officer of the COTI Network, Shahaf Bar-Geffen, indicated that Djed is a strong stablecoin that combines the concepts of over-collateralization and algorithms.
The stablecoin smart contract is credited with ADA, the native token of Cardano, in exchange for DJED. A third token known as $SHEN is used to maintain equilibrium whenever the price of $ADA experiences volatility. As a direct consequence of this, $ADA will be used as additional collateral for the stablecoin.
COTI said in their report from the previous week that Djed would be overcollateralized by more than 400%. This suggests that it will have an underlying value that is four times more than the total quantity of Djed that has ever been issued.
Cardano DEX Minswap, a leading cryptocurrency exchange, lately disclosed a few pools for Djed. Another member of Djed’s DEX team, the Wingriders, dropped a clue that an announcement will be made very soon.
According to COTI, the $DJED cryptocurrency and its reserve coin, the $SHEN cryptocurrency, will be listed on the Bitrue exchange. Additionally, the network revealed the development of a snapshot mechanism and user interface for the purpose of keeping track of awards.
As stated by COTI, “as part of our effort to stake the ADA that is deposited to the Djed smart contract and generate extra rewards for $SHEN holders, we are developing a snapshot mechanism and UI that will be added to djed.xyz, where $SHEN holders will be able to track these extra rewards.” This is being done in conjunction with our efforts to stake the ADA that is being deposited to the Djed smart contract.
COTI kicked out the process of chain index synchronization for Djed a week ago, and given that the procedure might take up to 14 days, it is anticipated that it will be finished the following week and be ready to launch.
COTI made the announcement that it would be the official issuer of their Djed stablecoin for Cardano in September of 2021. Cradano has more than one stablecoin in the works for release in 2018, and Djed is only one of them.
It was disclosed in November of last year that the debut of the Cardano stablecoin USDA is scheduled to take place in the beginning of 2023. It is predicted that USDA will become live on the Anzens platform in the first quarter of 2023. Once it does, users will be able to tokenize their USD holdings into USDA via the use of credit or debit cards, wire transfers, ACH transfers, or conversions of ADA.
Compiled by Coinbold