The launch of Djed, the Cardano stablecoin, has been announced and the coin will be released next week. ADA, on the other hand, can be used as collateral to print the stablecoin.
Launch date announced
The long-awaited ‘Djed’ Cardano stablecoin launch date has been announced. ADA prices are down today, but there could be a rebound next week.
On January 25, COTI Network announced that the Cardano stablecoin will be launched next week. He did not specify a day, but previous blog posts have indicated that it will be before the end of January.
He added that the only thing hindering the launch is the chain index synchronization process. It was launched a week ago and is scheduled to last 14 days, suggesting that the launch date could be around February 1. COTI also announced that DJED and its stabilizing token SHEN will be listed on the Bitrue exchange.
Cardano new stablecoin
COTI is a Layer-1 scalable enterprise network that develops the Djed stablecoin. Additionally, he explained that a snapshot mechanism and UI have been developed to track rewards. The statement said:
“As part of our effort to share the ADA invested in the djed smart contract and create extra rewards for $SHEN holders, we are developing a snapshot mechanism and UI to add to djed.xyz where $SHEN holders can track these extra rewards.”
ADA is sent to the stablecoin smart contract in exchange for DJED. A third token called SHEN acts as a balance when ADA prices fluctuate. Therefore, the stablecoin will be over-collateralized with ADA. Last week, Coti announced that Djed was over-collateralized from 400% to 800%. “This means that it has 4 to 8 times more fundamental value than the Djed that was printed in total,” he added.
Also, Cardano’s leading DEX Minswap announced several pools for new tokens. The launch was eagerly awaited by Cardano enthusiasts and ADA owners. However, ADA took a hit in the Asian trading session on Wednesday morning.
Staking Rocks announces new feature
Blockchain startup Staking Rocks, which provides staking services to Cardano users, announced that it will offer a new feature to its users. Thanks to a new bridge designed by Staking Rocks developers, Binance USD (BUSD) will now be able to be transferred between ADA and BNB networks.
In the announcement made by the developers, it was emphasized that BUSD is now also active on the Cardano mainnet. The BUSD variant fmBUSD token, which will be traded on the ADA network, was active on the Cardano network the other day. In addition, the name of the bridge to be used between the two networks is known as fintum.
Fintum bridge is currently undergoing a public beta testing process. However, the developers stated that they will make a detailed explanation of the project in the coming days.
Bitrue will list DJED and SHEN
Bitrue, a leading Singapore-based exchange with offices in the US and Europe, has announced plans to list Cardano’s upcoming stablecoin DJED and reserve currency SHEN. The exchange, which plans to be the first platform to list DJED and SHEN, pointed out that the official listing announcement will be made soon.
The decision was triggered in part by Bitrue’s longstanding relationship with the Cardano network and community, as the exchange revealed in an official blog post today. The development was brought to the public’s attention via its official Twitter account and highlighted by COTI, who expressed its gratitude for the decision.
Bitrue also plans to add DJED and SHEN staking support in the near future. Backed by Cardano (ADA), SHEN is the reserve token that will be used as leverage to peg DJED to the dollar. As a result of this all-encompassing initiative, ADA advocates already on Bitrue will have little reason to switch to other platforms.
This will be the latest in a series of moves Bitrue continues to make to support the Cardano community. Last February, Bitrue announced ADA as one of its base currencies. A few months after that, the platform announced plans to contribute 1 million ADA to several Cardano staking pools as a way to support the decentralization of the network.
Is Cardano (ADA) price affected?
ADA prices are currently in the process of a major pullback. The coin is down 6.4% on the day as it returns to support levels.
cryptocoin.com As we mentioned, ADA hit an eleven-week high of $0.384 on Jan. 22, but it fell today along with the rest of the crypto market. It is currently trading at $0.354 after falling heavily over the past six hours.
The pullback could be another buying opportunity on the way to the Djed launch that could push ADA prices even higher.
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