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Cardano Ecosystem

COTI

05/11/2023

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DJED’s Growth Continues: Expanding to Multiple Blockchains

Ever since the successful launch of DJED on the Cardano blockchain back in January, we’ve seen incredible growth in value locked and adoption.

DJED’s Growth Continues: Expanding to Multiple Blockchains

Ever since the successful launch of DJED on the Cardano blockchain back in January, we’ve seen incredible growth in value locked and adoption. After just three months, DJED has accumulated a total of 36M ADA locked in its overcollateralized reserve. This is all amidst chaos in the US and European banking sectors, a time which many other stablecoins experienced volatile depegging events.

Fiat-backed stablecoins are especially vulnerable. The collapse of Silicon Valley Bank (SVB) directly impacted the USDC stablecoin, who, at the time, had a little over $3.3 billion in cash stored with them. Despite the global uncertainty, DJED not only maintained its peg, but actually grew in size throughout the period.

If the past few months have taught us anything, it’s that there is an incredible demand for a safe, battle-tested stablecoin that can weather the storms of economic volatility. People want to participate in DeFi, but want to do so without the risk of losing their investment to unstable market conditions. It’s the main reason why we’ve been receiving requests to integrate DJED into other blockchains.

How Will DJED Work on Other Chains?

DJED will remain unchanged when it is implemented on other blockchains. Its core mechanism will remain on Cardano and will operate the same as it does now. However, on other blockchains, DJED will exist as a wrapped token. To achieve this, a centralized bridging solution will need to be developed. This is in order to provide a safe and secure platform to interact with. As such, we’ve chosen to partner with ChainPort, a security-focused cross-chain protocol that bridges tokens across leading blockchains in a fast and permissionless manner. Currently, ChainPort supports more than 14 blockchains and is adding more, as the space evolves.

DJED will likely be integrated into Binance Smart Chain and Ethereum first, with other blockchains to be added at a later date.

What are the Advantages of DJED Being a Multichain Stablecoin?

Expanding to other chains will greatly increase the potential user base of DJED. As a result, the growth of the stablecoin will attract higher rewards for $SHEN holders while $COTI Treasury participants will benefit from higher operational fees.

Greater Defi ecosystems, greater utility,

We’re excited to soon launch DJED across the entire crypto ecosystem and will share more updates as the project develops.

Stay COTI!

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ORIGINAL SOURCE

https://medium.com/cotinetwork/djeds-gro...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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