After much anticipation from the Cardano community, the network’s developers have finally launched the ecosystem’s overcollateralized stablecoin called ‘Djed.’ According to the announcement, the launch of the stablecoin comes after a successful security audit and more than a year of development testing.
Djed is a community-supported Cardano-based algorithmic stablecoin that is also a product of Coti, a developer of decentralized financial (DeFi) solutions on the Cardano blockchain. Since its disclosure, Djed has been one of the most anticipated news in the crypto market, especially for ADA investors, as they believe it is a good enough catalyst to move ADA significantly.
Djed Stablecoin Hits Mainnet
Although Djed was launched earlier today, the stablecoin has already gained several listings on the Cardano platform. Currently, Djed is available on djed.xyz, MinSwap, Wingriders, and MuesliSwap. Bitrue will be the first centralized exchange to list Djed, and in the future, Djed is expected to be listed on other top platforms in the Cardano ecosystem, according to announcement.
As described before the launch, Djed will be a connected platform to open opportunities for the Cardano ecosystem. Since then, developers have secured more than 40 partnerships to enable the use and adoption of Djed stablecoin.
Furthermore, Djed is pegged to the United States dollar and is backed by Cardano’s original cryptocurrency, ADA. The token uses the Shen token (SHEN) as a reserve coin. During the coming months of this year, Djed will go through two more upgraded versions, according to the announcement.
Version 1.2 will be the first upgrade that will use Vasil’s features, including a reference script to increase token scalability. The second upgrade, Djed 1.3, is an expanded version of Djed that will introduce dynamic fees and pricing, as well as allow advanced delegation programs to be supported, resulting in significant liquidity provision.
“Part of the future plan for Djed is to add other assets besides ADA as collateral to create DJED. Our plan is to add other coins, especially wrapped assets, like wrapped BTC (WBTC) and wrapped ETH (WETH) as collateral to create DJED on the Cardano Network,” the report said.
ADA Simulates Network Growth
Djed’s algorithmic stablecoin is one of the latest updates to revitalize the Cardano network. Earlier this month, co-founder Charles Hoskinson declare that ecosystem will expand through custom-built sidechains. As the network continues to grow in the ecosystem, the original ADA token is also not left behind.
In the past few weeks, ADA has climbed some new heights with a rise of more than 50% in the last 30 days while gaining the 8th position among the highest cryptocurrency by market capitalization. At the time of writing, ADA had only a slight retreat and was down 0.8% with a 24-hour trading volume of $358.8 million.
Selected images from Oracle AltcoinCharts from TradingView