- Djed is expected to be launched in the month of January on Cardano’s mainnet.
- It is an over-collateralized stablecoin backed by ADA which is Cardano’s native currency.
- The stablecoin is being developed by COTI which is a decentralized network for payment transactions
Djed, which is an over-collateralized stable coin is all set to be launched this month and has garnered positive reactions from the Cardano community.
A Twitter analyst from the community mentions in his thread that Djed will start out with offerings on 3 DEXs with farming rewards to incentivize providing liquidity. Apart from that, COTI network which is developing Djed shared the roadmap and is expected to go on with its launch in January for which the dates haven’t been disclosed.
Additionally, since the news of the stablecoin’s launch, Cardano saw some positive movement. However, it has dropped by 1.6% in the last 24 hours according to Coingecko.
On 6th January 2022, Djed Stablecoin’s team updated on their Twitter handle about the testnet version and Djed being reactivated with new capabilities. According to the team, “Testnet version 1.1.1 of $Djed has been reactivated with new capabilities such as Vasil hard fork compatibility, activity history and more! You can test it using $tADA here.”
The stablecoin is being developed by COTI with IOHK. It is an over-collateralized stable coin which is supposed to behave like an autonomous bank which buys and sells stablecoin for a price range pegged to a target price.
Djed is being backed by ADA which is Cardano’s native currency. Users will be able to send ADA to the governing smart contract and would be able to receive Djed in exchange. Its goal is to become the coin used to pay all the transaction fees on the Cardano network. Instead of volatile gas fees, this will allow for a consistent, predictable transaction cost.
Moreover, Djed will be using its own payment system DjedPay, suitable for both merchants and non-profit organizations.
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