The stablecoin Djed is anticipated to generate new development and use cases in the Cardano ecosystem’s expanding decentralized finance (DeFi) market. The Djed creator, COTI Network, has claimed in recent weeks that the stablecoin would be launched in January.
In the Cardano community, there has lately been considerable uncertainty over the status of the stablecoin launch preparations, which were announced in November. COTI has already released a fresh blog post announcing the launch within the next week to debunk the rumours. However, a specific date has yet to be determined.
Additionally, COTI declared that Bitrue will list Djed and SHEN. Likewise, Djed’s DEX partner Wingriders intimated on Twitter that an announcement is imminent.
Concerning Djed’s technical advancements, the COTI team has started synchronising the chain index. It’s possible that this will take 14 days, but as how we began the sync a week ago, we should be good to go for launch the week after next. Currently, this is the sole technological hurdle impeding the launch, according to COTI.
In addition, the business is still in the process of developing a snapshot mechanism and user interface that will enable tracking of the extra benefits for SHEN holders who deposit and stack ADA into the Djed smart contract.
The debut of Djed is accompanied by great expectations due to the absence of a stablecoin in the Cardano ecosystem up to now. Stablecoins are crucial for implementing low-cost techniques, particularly in the area of DeFi.
Djed also joins a cryptocurrency market where stablecoins have gained prominence in recent years. Within the top 10 cryptocurrencies by market capitalization, there are at least three stablecoins, Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), that are linked 1:1 to the US dollar and backed by a variety of fiat money reserves.
The stablecoin built on Cardano, on the other hand, is meant to maintain its price stability using ADA reserves. Initially, the developers had referred to it as an algorithmic stablecoin, but have since discontinued that terminology, probably out of respect for Terra Luna and its BTC-backed algorithmic stablecoin UST.
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