Cardano (ADA) altcoin based stablecoin DJED The release date has been announced for next week.
Some Crypto Exchanges Have Already Announced Listing For Cardano-Based Altcoin
Cryptocurrency exchange Bitrue has announced that it will list DJED and SHEN on the exchange platform. Djed’s DEX partner Wingriders also stated on Twitter that an announcement will be made soon.
The company also announced that it is working on several technology improvements such as chain index synchronization, a snapshot mechanism and user interface, and the ability to cancel orders on the platform.
Djed aims to stake ADA altcoins invested in its smart contract and generate extra rewards for SHEN holders. The company will continue to share articles and videos with the aim of educating users about this cryptocurrency until launch.
The Cardano ecosystem was lacking a stablecoin.
We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week!
— COTI (@COTInetwork) January 24, 2023
Djed is a stablecoin based on algorithmic design. It uses smart contracts to ensure price stability and make the coin useful for decentralized finance (DeFi) transactions. It works by holding a reserve of base coins and minting or burning stablecoins and reserve coins.
It is designed to be used to pay transaction fees on the Cardano network. One benefit is to make transaction costs more predictable, thus avoiding variable and exorbitant gas fees for users.
According to a recent Coti blog post:
“Djed is 400%-800% over-collateralized, which means it has 4 to 8 times more base value than the total amount of Djed minted.”
*Not investment advice.
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