Cardano-Based Algorithmic Stablecoin $DJED Is Now Backed by More Than 31.5 Million $ADA

The newly introduced Cardano-powered algorithmic stablecoin Djed ($DJED) is currently backed by more than 31.5 million $ADA tokens, as its usage continues to increase and its reserve ratio stays strong.

According to statistics from the project’s website, DJED’s reserve ratio is now 488%, with a total of 2.27 million $DJED tokens in circulation backed by 31,6 million $ADA.

The reserve currency for the $SHEN project is presently valued at $1.07 USD and has a circulating quantity of 23.69 million tokens. By purchasing and selling SHEN, users may contribute to the stability of the Djed’s USD peg and receive a portion of the reserve pool’s transaction fees. SHEN holders may also benefit from its short- to long-term price changes.

IOG, the firm responsible for developing Cardano, devised the stablecoin, while COTI Group is in charge of issuing it. The stablecoin was announced in September 2021, and it was released only last week.

“The website claims that the protocol’s over-collateralization eliminates the requirement for faith in a governance token, as seen with algorithmic stablecoins”

The stablecoin was rapidly adopted by a number of Cardano-powered decentralized exchanges (DEXs), including MuesliSwap, Minswap, and WingRiders, as well as a number of big exchanges, such as Bitrue.

Recently, the well-respected Cardano influencer known as “ADA whale” claimed that Cardano and associated projects are in for a number of interesting advancements. These include the fitness-backed stablecoin $USDA and the stablecoin-based decentralized exchange TeddySwap.

Earlier this month, Cardano’s market capitalization exceeded that of the well-known meme-based cryptocurrency Dogecoin ($DOGE), at a time when $ADA was recovering from its second-largest price decline.

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