Cardano to launch its own algorithmic stablecoin Djed soon

    03 Jul 2022

    Djed, Cardano’s algorithmic stablecoin, developed in collaboration with the COTI network, might launch shortly after the Vasil Hard Fork mainnet launch, its team revealed. The tentative date of the launch could be in the last week of July.

    “We are also waiting for Cardano’s Vasil Hard Fork to take place. The Vasil Hard Fork will allow for scalability that is required to safely run Djed on Mainnet,” the Djed team stated in a COTI blog post.

    The Vasil testnet hard fork proposal has been submitted. As recently reported, these hard fork changes might be felt on the testnet as soon as July 3. The exchanges and SPOs (stake pool operators) need at least four weeks of testing, which puts the approximate date of the Vasil mainnet hard fork at the end of July.

    According to the Djed team, the completion of the Vasil hard fork and the conclusion of the final audit could be a sign of the start of the deployment of Djed on the mainnet.

    Djed, Cardano’s over-collateralized stablecoin, recently launched on testnet. Recent reports from the team indicate that more than 514,559 tDJED and more than 6,688,918 tSHEN reserve coins have been minted so far, giving a reserve ratio of 653%.

    At the moment, the on-chain code has passed the level 2 audit certification after the launch of the testnet. Corrective actions have been taken to ensure safety in accordance with the audit notes, and a new version of the code is submitted for the final audit.

    Last week, DAG protocol COTI, optimized for decentralized payment networks, announced its partnership with Trading Tent, a platform for trading native Cardano assets.

    Due to this partnership, Trading Tent agreed to integrate the Djed stablecoin into their trading system to enable buying and trading of Cardano NFTs alongside other native Cardano assets.

    “The integration of Djed into Tent will add a new layer for traders to trade their favorite NFTs. Stablecoins like Djed are quickly gaining popularity amongst NFT marketplaces as an alternative solution to the volatility risks of traditional cryptocurrencies. We’re really excited to be along with the first integrations of Djed into day-to-day case uses,” stated Sam Portillo, Strategic and Creative Director of Trading Tent.

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