Cardano will launch a new algorithmic stablecoin in 2023
'Djed' is expected to go live in January 2023, after a successful audit and a series of rigorous stress tests
New
Proof-of-stake blockchain platform Cardano has teamed up with COTI, a DAG-based Layer 1 protocol, to launch what it calls an over-collateralized algorithmic stablecoin. The project said in an announcement provided to Cointelegraph that the stablecoin will be backed by excess collateral in the form of cryptocurrency stored in a reserve.
It's official! $Djed will launch on the Cardano mainnet in January 2023! $Coti $Ada #Djed pic.twitter.com/cu8ryW6Lo7
— Djed Stablecoin (@DjedStablecoin) November 21, 2022According to the statement, Djed is expected to go live on the mainnet in January 2023, pending a successful audit and a series of rigorous stress tests. According to the developers, Djed will be pegged to the US dollar, backed by Cardano ($ADA), and will use $SHEN as a reserve coin.
The algorithmic stablecoin will be integrated with selected partners and decentralized exchanges (DEXs), which will reward users for providing liquidity using Djed. In an effort to grow at a sustainably healthy pace, the developers plan to take a gradual and slow approach to providing $ADA liquidity to the Djed smart contract.
Shahaf Bar-Geffen, CEO of COTI, said during the official announcement at the Cardano Summit:
"Recent market events have proven once again that we need a safe haven from volatility, and Djed will serve as a safe haven in the Cardano network. Not only do we need a stablecoin, but we we need one that is decentralized and has on-chain proof of reserves.
'Djed' is expected to go live in January 2023, after a successful audit and a series of rigorous stress tests
New
Proof-of-stake blockchain platform Cardano has teamed up with COTI, a DAG-based Layer 1 protocol, to launch what it calls an over-collateralized algorithmic stablecoin. The project said in an announcement provided to Cointelegraph that the stablecoin will be backed by excess collateral in the form of cryptocurrency stored in a reserve.
It's official! $Djed will launch on the Cardano mainnet in January 2023! $Coti $Ada #Djed pic.twitter.com/cu8ryW6Lo7
— Djed Stablecoin (@DjedStablecoin) November 21, 2022According to the statement, Djed is expected to go live on the mainnet in January 2023, pending a successful audit and a series of rigorous stress tests. According to the developers, Djed will be pegged to the US dollar, backed by Cardano ($ADA), and will use $SHEN as a reserve coin.
The algorithmic stablecoin will be integrated with selected partners and decentralized exchanges (DEXs), which will reward users for providing liquidity using Djed. In an effort to grow at a sustainably healthy pace, the developers plan to take a gradual and slow approach to providing $ADA liquidity to the Djed smart contract.
Shahaf Bar-Geffen, CEO of COTI, said during the official announcement at the Cardano Summit:
"Recent market events have proven once again that we need a safe haven from volatility, and Djed will serve as a safe haven in the Cardano network. Not only do we need a stablecoin, but we we need one that is decentralized and has on-chain proof of reserves.
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