Cardano-based Stablecoin Djed Launched on the Mainnet - Times Tabloid
Djed, the long-awaited decentralized stablecoin pegged to the US Dollar, has finally been launched on the Cardano blockchain. A blockchain firm, Coti, in collaboration with Cardano’s core developer Input Output Global (IOG) developed the newly launched stablecoin. Djed aims to be used on decentralized finance (DeFi) protocols in the Cardano ecosystem as a stable alternative […]
Djed, the long-awaited decentralized stablecoin pegged to the US Dollar, has finally been launched on the Cardano blockchain.
A blockchain firm, Coti, in collaboration with Cardano’s core developer Input Output Global (IOG) developed the newly launched stablecoin.
Djed aims to be used on decentralized finance (DeFi) protocols in the Cardano ecosystem as a stable alternative to volatile digital currencies.
Read Also: Cardano-based Token (SHEN) Holders Will Receive Rewards for ADA Deposits: Details
Each stablecoin will be over-collateralized by 400-800% with Cardano’s native asset ADA — while using SHEN as a reserve coin. This over-collateralization makes it similar to the dai stablecoin in the Ethereum ecosystem, but it has a minting and burning mechanism like other algorithmic stablecoins.
Djed is expected to be integrated into 40 applications within the Cardano ecosystem. It already received support from decentralized exchanges, including MinSwap, Wingriders, and MuesliSwap.
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Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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