Djed Development and Timeline Update

As we are making progress with the Djed development, we wanted to keep you informed on the recent updates and updated timeline.

In the past few weeks we have been:

Finalizing the steps to complete the UI/UX
Implementing the Nami wallet
Starting the integration to the Djed contract

The most important aspect that is being developed these days, is security upgrades.
Security is everyone’s top priority when it comes to financial products, particularly with stablecoins. Following the latest hack on Wormhole Bridge, one of the most popular bridges linking the Ethereum and Solana blockchains, and other hacks, such as Qubit Finance, we are investing substantial resources to secure the Djed protocol.

Here are the actions that are going to be taken in order to assure that the Djed protocol is secured:

Introduction of the configuration management contract that will facilitate the upgrade of the Djed contracts without altering the Djed minting policy. This feature is essential to ensure that stablecoin and reservecoin tokens in circulation can still be redeemed after an upgrade.
Performing extensive property-based testing to guarantee the preservation of Djed stability properties and the absence of security vulnerabilities.
Performing Level 2 audit certification of the on-chain code to ensure that the mitigations put in place are sufficient to cover all potential security flaws (e.g. double-satisfaction problem, absence of improperly locked funding, resilience against sandwich attacks, absence of rounding issues, etc). This activity will also ensure that the test objectives are sufficient enough to capture any potential nonconformity situations.
Restricting the invocation of the PAB endpoints responsible for deploying, upgrading, and terminating a Djed instance only to a list of known public key hash (or wallet id).

Adding these security features will most likely push Testnet to March (instead of February).

As mentioned above, upon launching the Testnet, an external security audit will be performed. Upon the results of this security audit, we’ll move on to Mainnet.

We will continue to be transparent and will keep you updated as we go.

We know that there is huge anticipation around the Djed launch, but remember that we will always prioritize security and quality.