Cardano-Based Djed Stablecoin Attracts Over 30M ADA In the First Week Since Launch

Cardano-Based Djed Stablecoin Attracts Over 30M ADA In the First Week Since Launch
фото показано с : zycrypto.com

2023-2-20 23:46

Roughly over a week since launch, the Cardano-based over-collateralized stablecoin Djed has attracted over 30 million ADA tokens as backing.

The much-anticipated stablecoin was launched last week after months of development by Cardano code maintainer IOG and COTI, a fintech platform specialising in creating price-stable coins.

To avoid a repeat of the massive drop faced by TerraUSD and the luna token, which plunged by more than 99% in May, DJED was designed to be collateralized by multiple tokens and necessitates 400-800% of the issued value to be staked before it is distributed to users. DJED is backed by ADA and uses SHEN as a reserve coin. At the time of writing, Djed had a reserve ratio of 609%, indicating that each DJED is supported by six times its value in ADA.

As ZyCrypto reported, users can earn rewards by buying and selling Shen, which helps in maintaining Djed’s USD currency peg. This may fuel liquidity not only for Cardano’s $108 million decentralized finance (Defi) market but also for the upstart ecosystem. In the past week alone, the Total Value Locked (TVL) in Decentralized Exchanges( DEXs) for DJED and SHEN has grown by 3.4M ADA and 6.1M ADA.

On Tuesday, the COTI team announced plans to introduce multi-wallet support, allowing the Djed website to interact with several additional wallets. They also stated that they were working on “adding delegation info on the website,” which will allow users to keep track of their expected rewards in the coming days.

“We will also keep working towards securing more Djed partnerships that will facilitate its widespread adoption,” added COTI.

Last week, Shahaf Bar-Geffen, the Chief Executive Officer of COTI, shared his long time horizon for Djed, noting that they were working on version 1.2, which will mainly focus on Vasil hard fork utilization and increasing scalability. After that, they will work on Version 1.3, which will seek to extend Djed’s functionalities by introducing features such as dynamic fees and prices and enhanced delegation support.

“I think will be the top stablecoin on Cardano at that point, and it will make sense to think more about the future,” he said in an interview with Tim Harrison, VP of Community and Ecosystem at IOG.

Shahaf further hinted at plans to introduce “Djed Pay”, a payment system much like Ada Pay, but now based on a stablecoin. On top of that, he stated that apart from ADA, they were looking to add a functionality that would enable more native assets, such as wrapped Ether and wrapped BTC, to be deposited to the Djed smart contract to build collateral.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 1.2368 (-100%)

cardano-based launch ada week stablecoin djed million

cardano-based launch → Результатов: 38


Фото:

Cardano-based Cardalonia Debuts on P2PB2B Exchange Ahead Of Upcoming Vasil Hard Fork

The Cardano Vasil hard fork is slated to launch on September 22nd. Due to the hard fork event, numerous enhancements and new features will be added to the Cardano Blockchain. Cardalonia, a Play to Earn Metaverse project on the Cardano blockchain powered by NFT, has announced the launch of its $LONIA utility token on P2PB2B, […]

2022-9-8 22:47


Multi Protocol Decentralized Exchange Bashoswap Is Set to Launch It’s DEX on Cardano

Bashoswap, a Cardano-based decentralized exchange that would be interoperable on both Cardano & Milkomeda networks set to launch on Cardano testnet in a few months time. A private seed round is ongoing for interested participants looking to acquire $BASH Tokens Early What is a DEX? A Decentralized Exchange or DEX (DEX) is a blockchain-based application that is accessible through a series of smart contracts and is designed to facilitate financial services that are traditionally carried by a central entity in a decentralized manner.

2022-5-7 09:24


Clay Mates Launches Over 20k Land Pitches NFTs

Cardano Clay Mates recently announced a collaboration with Snoop Dogg, and this partnership is set to usher in the launch of some exciting assets for the Cardano ecosystem. Land Allocation: Cardano puts up Virtual Real Estate 11th April 2022 saw the announcement of the collaboration between Clay Mates – a Cardano-based NFT developer, and American […] The post Clay Mates Launches Over 20k Land Pitches NFTs appeared first on NFT News Today.

2022-4-13 05:39


MetaShooter Announces the Launch of Its Cardano-based Blockchain-based Hunting Metaverse

The MetaShooter team is excited to announce the release of their blockchain-based hunting metaverse on Cardano, the first of its type in the cryptocurrency industry. Hunting enthusiasts who desire to be a part of the community, according to the team, can use the following features: When players win tournaments, finish trophy collections, or make other […] The post MetaShooter Announces the Launch of Its Cardano-based Blockchain-based Hunting Metaverse appeared first on NullTX.

2022-2-14 11:47


Фото:

AdaSwap to Integrate COTI-Issued Djed Stablecoin, Exploring DEX Listing

Cardano-based ecosystem builder AdaSwap today announced a partnership with COTI’s Djed stablecoin and shared plans to integrate the same into the Cardano ecosystem. AdaSwap Allies with COTI to Integrate Djed In an announcement made on December 21, Cardano-based ecosystem developer AdaSwap that is slated to launch the network’s first decentralized exchange (DEX), stated it hasRead More

2021-12-21 17:00