In February 2023, the Cardano blockchain will launch a stablecoin called Djed. The development team is working on several updates, including a snapshot mechanism, an interface for tracking rewards, and the ability to cancel orders. The launch of Djed is expected to boost Cardano’s DeFi ecosystem and potentially increase the value of ADA.
Djed, A Cardano Stablecoin, Will Debut In February 2023
The launch of Djed, Cardano’s stablecoin, is scheduled to begin in the first week of February 2023, according to an official statement. Input Output Global, the technology firm that developed the Cardano blockchain, and Layer 1 blockchain COTI have teamed up to create Djed.
Djed will be the first stablecoin to offer full collateralization that is built on Cardano. Djed will employ Shen as a reserve coin and be backed by ADA, Cardano’s native cryptocurrency. By ensuring the stablecoin’s peg and collateralization rate, Shen will contribute to the stability of Djed.
Coti claims that more than four to eight times the value of the whole amount of Djed that has been created is used to safeguard Djed. Over-collateralization is the term for this. Djed and SHEN will also be listed on the cryptocurrency market Bitrue, according to COTI’s announcement. Furthermore, Wingriders, a DEX partner of Djed, has hinted that they would make a Twitter announcement shortly.
Development Team Prepares To Introduce Revolutionary Technology
Several technological breakthroughs are currently being developed by the development team. They’ve started the 14-day chain index synchronization process, which they’ve already started. They expect to finish the sync next week and be prepared to launch. This is the sole technical issue holding up the launch as of right now.
They are developing a snapshot mechanism and user interface to be added to its features as part of the endeavor to stake ADA, which is placed in the Djed smart contract and generates further rewards for SHEN holders.
Additionally, they now offer the option to cancel an order. The “refund button” will allow users to cancel their transaction as long as it hasn’t been executed yet. Djed has the ability to dramatically improve the DeFi ecosystem on the Cardano blockchain if it is effective.
The current price of ADA is $0.3809 at the time of the publication, a rise of 7.60% over the previous 24 hours. Even if the price of ADA has fallen by more than 80% from its top of $3.10, some supporters of the Cardano project anticipate that the introduction of Djed will push the price up toward $1.
