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Djed To Launch Next Week, Set To Revolutionize Cardano’s Ecosystem

Author

John Asher

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Reading time

2 mins
Last update

Author

John Asher

Tags

Reading time

2 mins
Last update

Author

John Asher

Tags

Reading time

2 mins
Last update

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Djed, a stablecoin set to launch on the Cardano blockchain in February 2023. The development team is currently working on advancements, including a snapshot mechanism, a user 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.

Cardano’s Djed Stablecoin Set To Launch In February 2023

According to an official statement, the rollout of Djed, Cardano’s stablecoin, is set to launch in the first week of February 2023. Djed has been created in partnership with two organizations, Layer 1 blockchain COTI and Input Output Global, a technology company behind the Cardano blockchain.

Djed will be the first stablecoin built on Cardano that offers full collateralization. Djed will be backed by ADA, the native cryptocurrency of Cardano, and use Shen as a reserve coin. Shen will help maintain Djed’s stability by guaranteeing the peg and collateralization rate of the stablecoin.

According to Coti, Djed is secured with more than four to eight times the value of the total sum of Djed that has been created. This is known as over-collateralization. Furthermore, COTI has announced that Djed and SHEN will be listed on the cryptocurrency exchange, Bitrue. Additionally, Wingriders, a partner DEX of Djed, has indicated that they will make an announcement soon on Twitter.

Development Team Gears Up to Introduce Technology Advancements

The development team is currently working on several technology advancements. They have initiated the chain index syncing process, which may take 14 days to complete. As they began the sync a week ago, they anticipate finishing it next week and being ready to launch. As of now, this is the only technical obstacle delaying the launch.

As part of the effort to stake ADA, which is deposited to the Djed smart contract, and generates extra rewards for SHEN holders, they are creating a snapshot mechanism and user interface that will be added to its features.

They have also implemented the ability to cancel an order. Users will be able to click on the “refund button” and their transaction will be canceled as long as it hasn’t been processed yet. If Djed is successful, it has the potential to significantly enhance the DeFi ecosystem on the Cardano blockchain. 

As of the time of the report, the trading price of ADA is $0.3809, showing an increase of the value of 7.60% over the last 24 hours. Even though the value of ADA has significantly decreased by more than 80% from its peak of $3.10, some Cardano enthusiasts are optimistic that the launch of Djed will give the price a boost toward $1.