Djed’s First Anniversary — A Walk Through Djed’s Journey so Far

It’s been exactly 12 months since Djed’s successful launch, and fast enough, Djed became an integral part of Cardano’s ecosystem with almost 40 million ADA provided to the protocol.

To celebrate the first anniversary we’re taking a look back at everything that Cardano’s first overcollateralized stablecoin has achieved over the past year.

A Strong Beginning and Exciting Partnerships

Djed’s protocol’s successful Mainnet launch experienced wide adoption of its stablecoin DJED and its reserve coin, SHEN, by various DEXs on the Cardano network from day one. This saw the likes of Minswap, Wingriders, and MuesliSwap — all offer yield farming for holders that provided liquidity to the platform. DJED and its reserve coin, SHEN were also listed on Bitrue, and various DeFi platforms including VyFinance, Liqwid, NMKR, FluidToken, and more, to enable its proper utilization and adoption across the Cardano network.

Utilizing a bridge created by ChainPort, DJED was able to be ported across to the Binance Smart Chain and a liquidity pool created on the Thena platform.

The Advantages of Holding SHEN

The first distribution of delegation rewards for SHEN holders took place earlier than anticipated, and rewards were shared among eligible users starting February 23. At the time of writing, around 900,000 ADA have already been distributed amongst SHEN holders.

SHEN holders also enjoy a share of both mint and burn fees and DEXs APRs.

12 Months of Stability

Over the past 12 months, and throughout some extreme market volatility, DJED’s protocol proved its resilience and maintained its peg. While a healthy reserve ratio ranges between 400–800% overcollateralization, upon launch, a robust 600% reserve ratio had already been bootstrapped to the protocol, and within just 3 days, it surpassed the 800% mark. In fact, more than 30M $ADA in liquidity passed through the platform in the first week alone.

Today, the reserve ratio sits at a healthy 505%, allowing the mint and burn of both SHEN and DJED. Regardless of the reserve ratio, DJED kept its peg even throughout the turbulent market conditions and black swan events of 2023. DJED was always redeemable for $1 worth of ADA on the Djed platform (djed.xyz)

Confidence in the Djed protocol has continued in the year since its launch, with a recent daily volume of 725K $ADA passing through the platform.

Development Progress

During the past year, a few developments and protocol enhancements have been implemented to the Djed protocol. This includes multi wallet support to more than 5 new wallets, UI improvements to include a better view of both DJED and SHEN’s status, chain index optimization that resulted in an improvement in the robustness and scalability of the chain index, pub user upgrade that also helped increase responsiveness, performance and scalability and elliptic integration that was integrated to ensure Djed’s compliance and prevent bad actors from using the Djed protocol.

We will continue to grow and improve Djed in 2024, remaining committed to establishing it as a robust stablecoin within the Cardano ecosystem. Stay tuned for further updates.