The Development Expected for Cardano (ADA) for Months Has Finally Happened!

After more than a year of development, Djed, a decentralized stablecoin designed to track the value of the US dollar, Cardano (ADA) released on the blockchain.

Cardano (ADA) Developer Input Output Also Collaborate on Development of Djed Stablecoin

Djed was developed by blockchain firm Coti in collaboration with Cardano’s core developer, Input Output.

Djed is volatile in DeFi protocols in the Cardano ecosystem cryptocurrency It aims to be used as a stable alternative to

Each stablecoin will use SHEN as a backup coin, while Cardano’s native asset will be over-collateralized by ADA by 400-800%. This overcollateralization makes Djed similar to the DAI stablecoin in the Ethereum ecosystem, but Djed has a minting and burning mechanism like other algorithmic stablecoins.

Djed is expected to be integrated into 40 applications in the Cardano ecosystem. It has already received support from decentralized exchanges MinSwap, Wingriders and MuesliSwap. Back in November, the Coti team said it plans to launch DjedPay, a service that will enable merchants and other crypto players to accept stablecoin payments.

In a blog post, COTI Network stated that the successful launch came after more than a year of preparation and development and a successful security audit:

“We are proud to announce that Djed, the over-collateralized stablecoin on Cardano, is now available on the mainnet.

Djed’s much anticipated public mainnet launch heralds a new era for stablecoins. The release of Djed marks a major milestone for COTI, the Cardano ecosystem, and the DeFi ecosystem as a whole. As a decentralized open source protocol, Djed is community driven as it offers users the opportunity to hold, mint and burn DJED and SHEN.”

*Not investment advice.

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