Cardano’s Djed Stablecoin Hits Mainnet

Cardano’s native overcollateralized stablecoin – Djed – went stay on the mainnet on January 31st, greater than a yr after preparations, improvement, and a profitable safety audit.

Djed is developed collectively by the layer 1 blockchain community, COTI, and Enter-Output World (IOG), the blockchain-engineering firm behind Cardano.

• Presently, the stablecoin can be accessible on Cardano-based decentralized exchanges (DEXes) akin to  MinSwap, Wingriders, and MuslieSwap and shall be expanded on different high platforms within the Cardano ecosystem.
• Bitrue introduced plans to record DJED in addition to the reserve token SHEN.
• As defined earlier, Djed works on a mechanism of over-collateralization by 400%-800% with on-chain proof of reserves to protect its worth in risky market situations.
• Djed is pegged to the USD and backed by Cardano’s native asset, ADA. SHEN, then again, is designed to help the steadiness of the newly-launched stablecoin.
• One of many future releases for this yr consists of – Djed 1.3 – which is actually the prolonged model and can unveil dynamic charges and costs. A extra progressive delegation program may also be supported, resulting in vital liquidity provision.
• A part of the roadmap for Djed consists of the addition of different belongings except for ADA as collateral to mint the stablecoin.
• In keeping with a press launch shared with CryptoPotato, the COTI community revealed its intention so as to add cash particularly wrapped belongings, akin to wrapped BTC (WBTC) and wrapped ETH (WETH), as collateral to mint Djed on the Cardano Community.