Djed, Cardano’s over-collateralized algorithmic stablecoin, shall be stay on mainnet in January 2023 following a profitable full audit. The scheduled launch is a superb milestone coming days after Shahaf Bar-Geffen’s announcement concerning the stablecoin on the principle stage on the Cardano Summit.
Making the announcement, COTI’s CEO Shahaf Bar-Geffen mentioned:
“Djed going to public mainnet is a superb achievement, following a variety of laborious work from IOG and COTI. Current market occasions have confirmed once more that we’d like a protected haven from volatility, and Djed will function this protected haven within the Cardano community. Not solely do we’d like a stablecoin, however we’d like one that’s decentralized, and has on-chain proof of reserves. Djed is simply that and I see it turning into the highest stablecoin on the Cardano community, contemplating all the integration partnerships already signed for it.”
Cardano stays prudent because the launch approaches
Following the Terra LUNA crash that resulted from the de-pegging of their native algorithmic stablecoin Terra USD (UST), Cardano has assured buyers that they’ve been very prudent in the way in which they method the discharge of their stablecoin. One of many issues that they’ve needed to do is make sure that an intensive audit happened in addition to different rigorous stress exams earlier than the stablecoin is launched on the mainnet.
Cardano has additionally mentioned that it’ll undertake a gradual and sluggish method to offering ADA liquidity to the Djed good contract. This can permit Cardano to tempo themselves and punctiliously develop the stablecoin.
As soon as the Djed is launched, it will likely be built-in with choose high Cardano companions to permit for extra use circumstances.
Djed stablecoin options
Djed ($DJED) is an over-collateralized algorithmic stablecoin, constructed on Cardano and powered by COTI. Will probably be pegged to USD and backed by ADA.
It’s going to use SHEN as its reserve coin.
$DJED’s algorithm is predicated on a collateral ratio inside the vary of 400%-800% for $DJED and $SHEN with a purpose to guarantee there’s sufficient $ADA within the pool.
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