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“Djed” – The new algorithmic stablecoin will officially launch and integrate with 40 applications on the Cardano ecosystem in January 2023.
As recently announced by the development team at the Cardano Summit event in Lausanne (Switzerland), the first layer-1 Cardano algorithmic stablecoin, called Djed, is expected to be available on the mainnet early next year.
Specifically, Djed is an algorithmic stablecoin pegged to the USD, over-collateralized with ADA (similar to DAI) and using SHEN as a reserve token. Each Djed is backed by 400% of assets. To mint Djed, users need ADA collateral.
Stablecoin Djed has been developed over the past year by Coti and developer Cardano Input Output Global. The project will gradually integrate Djed with partners and decentralized exchanges (DEX) in the future, users will be rewarded with Djed from the liquidity contribution to stablecoins.
CEO Coti Shahaf Bar-Geffen said at the conference:
“Recent events have proven once again that we need a safe haven from volatility and Djed is where everyone needs to be on the Cardano network. We don’t just need a stablecoin, we need a stablecoin that is decentralized and has proof of reserve on-chain.
Djed converges on what’s great, taking crypto as collateral excessively without the dominance of fiat money.”
Djed will be integrated into 40 applications on the Cardano ecosystem. In addition, DjedPay – a service that allows Djed payments will also be born at the same time. After the above news, the ADA price increased slightly by 1.82% in 24 hours and was trading around $0.3073 at 10:30 am on November 22, 2022.
Despite the fierce market fluctuations, Cardano has continued to build and improve over the years. On September 23, Cardano’s long-awaited Vasil upgrade finally went live. The hard fork is designed to help improve scalability and overall transaction throughput, as well as enhance Cardano’s ability to develop decentralized applications (dApps).
Besides Djed, USDA is Cardano’s other stablecoin that will also be launched in early 2023.
* USDA is a stablecoin designed specifically for the ADA ecosystem, 100% backed and licensed by regulatory authorities.
In addition, the project also leaves open the possibility of issuing new blockchains and tokens, both ensuring privacy and opening access for regulators and auditors.
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