Cardano’s native overcollateralized stablecoin – Djed – went live on the mainnet on January 31st, more than a year after preparations, development, and a successful security audit.
Djed is developed jointly by the layer 1 blockchain network, COTI, and Input-Output Global (IOG), the blockchain-engineering company behind Cardano.
- Currently, the stablecoin is also available on Cardano-based decentralized exchanges (DEXes) such as MinSwap, Wingriders, and MuslieSwap and will be expanded on other top platforms in the Cardano ecosystem.
- Bitrue announced plans to list DJED as well as the reserve token SHEN.
- As explained earlier, Djed works on a mechanism of over-collateralization by 400%-800% with on-chain proof of reserves to preserve its value in volatile market conditions.
- Djed is pegged to the USD and backed by Cardano’s native asset, ADA. SHEN, on the other hand, is designed to support the stability of the newly-launched stablecoin.
- One of the future releases for this year includes – Djed 1.3 – which is essentially the extended version and will unveil dynamic fees and prices. A more progressive delegation program will also be supported, leading to significant liquidity provision.
- Part of the roadmap for Djed includes the addition of other assets aside from ADA as collateral to mint the stablecoin.
- According to a press release shared with CryptoPotato, the COTI network revealed its intention to add coins especially wrapped assets, such as wrapped BTC (WBTC) and wrapped ETH (WETH), as collateral to mint Djed on the Cardano Network.