Djed Stablecoin Taps Listing Support on Two Cardano Exchanges

MinSwap and MuesliSwap decentralized exchanges (DEXs) built on the Cardano blockchain have announced intentions to list the soon-to-be-launched Djed stablecoin. The exchanges’ support also extends to Djed’s Reserve Coin known as Shen.

The Djed stablecoin is set to launch next week, after which it will be included in the liquidity pools on these exchanges. Crypto firm Coti, the developer of the Djed stated that the chain index syncing process is the only technical bottleneck holding up the launch.

A key technology development in using the Djed stablecoin is that users can easily cancel their transaction as long as it has not been processed.

MinSwap Labs announced on its official Twitter page that Djed and Shen will be matched up against the ADA token in a liquidity pool. This creates a big opportunity for Djed to acquire momentum in the Cardano ecosystem given the over $30 million in liquid tokens that are locked on the exchange.

Similarly, MuesliSwap, another Cardano-based crypto exchange with approximately $6.6 million in value locked, has also announced support for the upcoming stablecoin. Other exchange platforms such as Bitrue and Wingriders have also stated their intentions to list the Djed and the Shen on their platform.

The news comes shortly after Cardano’s founder, Charles Hoskinson announced the opening of his new hospital, which will accept payments in ADA, the native currency of the Cardano ecosystem, for medical services.

Meanwhile, the Cardano ecosystem has been announced as the leading blockchain with the highest development activity in 2022. The bearish market compounded by the implosion of the Bahamian-based FTX Derivatives Exchange was insufficient to derail the winning ecosystem.

Cardano’s MinSwap and MuesliSwap Exchanges

MinSwap is a liquidity pool-based decentralized exchange, which allows users to provide liquidity to a pool in exchange for a share of the trading fees generated by the pool.

MuesliSwap, on the other hand, is an automated market maker (AMM) based decentralized exchange, which allows users to trade tokens using an algorithmically determined exchange rate.

MinSwap and MuesliSwap are both built on the same smart contract infrastructure and are fully decentralized and trustless, which means that users always have control over their own funds.