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Cardano Djed Stablecoin Gets an Upgrade: Can it Drive ADA Price

COTI, the issuer of the Djed stablecoin on Cardano has announced an upgrade to the protocol, implementing updates to its functionality. The new update ushers in improvements such as process flow...

Cardano Djed Stablecoin Gets an Upgrade: Can it Drive ADA Price

  • COTI, the issuer of the Djed stablecoin on Cardano has announced an upgrade to the protocol, implementing updates to its functionality.
  • The new update ushers in improvements such as process flow optimizations, lowering the minimum mint and burn requirements, and reducing operational fees.

Cardano’s overcollateralized stablecoin Djed has undergone an upgrade. This was confirmed in a blog post by the stablecoin issuer, COTI. According to the team, the update ushers in a host of new improvements geared towards improving its performance and incentivizing more users to participate in the protocol.

This update is part of a continuous improvement process by the protocol that aims to grow the adoption of the stablecoin. Launched in January, the stablecoin has operated seamlessly amidst huge regulatory and technical concerns around stablecoins. For the 8 months the stablecoin has been operating, it has not lost its peg.

An upgrade to the Djed protocol has just been implemented with improvements to the Chain Index and Pub User. We've also reduced the operator fees as well as the minimum amounts needed to mint $DJED and $SHEN.

Read more: https://t.co/xTJm4Phe9o$COTI @InputOutputHK @Cardano pic.twitter.com/tmYHDprWVH

— COTI (@COTInetwork) September 4, 2023

The team notes that one of the updates is the Pub User Upgrade. This is an application that assists with producing orders and reflecting the current status of participating wallets that own DJED/SHEN. Following the upgrade, the application will provide increased responsiveness, performance, and scalability.

The Chain Index has also undergone a massive improvement that fixes errors of invalid exchange rates, thus improving performance. The Chain Index application synchronizes the state of the Djed protocol on the Cardano network into an SQL database. Considering the state and pending orders, the application determines the price and quotes transaction costs.

In an aim to incentivize new users to join the protocol, the team has made a few changes to operational fees and the minimum amounts of DJED or SHEN that can be minted or burned.

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1. New minimum minting and burning amount for SHEN: 200 SHEN.

2. New minimum minting and burning amount for DJED: 200 DJED.

3. Reduced operator fee: 5 ADA.

For SHEN holders, this will add to existing incentives which include protocol mint/burn fees, delegation rewards, DeFi APRs, etc. As more users join, it will further increase the liquidity in the platform.

Can the Djed Upgrade Drive Cardano (ADA) to $0.30?

Cardano (ADA) investors have a lot to celebrate with the Djed upgrade. Part of the Cardano ecosystem, the growth and development of Djed promotes Cardano blockchain adoption. COTI recently confirmed that Djed was the fourth largest project on the Cardano network. As the project aims to create greater utility, it will boost the cryptocurrencies backing it, which include ADA and SHEN, its reserve currency.

ADA has been struggling to gain bullish momentum for the better part of the year reaching its $0.45 peak in April. Exchanging for $0.257423 at the time of press, the altcoin has lost over 90 percent of its value since achieving its all-time high of $3.09 reached 2 years ago.

Investors remain optimistic of a strong last quarter with a midterm target of $0.30. For starters, despite the bear market, Cardano remains one of the few projects still growing its Total Value Locked (TVL). Recent data shows that this has just crossed $161 million. With strong fundamentals and development all around the ecosystem, ADA reaching an all-time high in the next bull market looks all but certain.

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