Stablecoins have been one of the most controversial areas of the cryptocurrency industry. But this has not deterred industry leaders to bring about new pegged tokens built on a secure foundation.
The much-awaited Djed – which happens to be Cardano’s native overcollateralized stablecoin – is set to launch this week. Developed jointly by the layer 1 blockchain network, COTI, along with core Input Output Global (IOG) devs, the stablecoin is expected to benefit the overall Cardano $77.2 million DeFi market.
Djed’s Launch
The ADA-backed stablecoin would deploy on the mainnet following the completion of chain index syncing. The process takes around 14 days to complete and was started more than a week, according to COTI’s blog post.
At launch, Djed is expected to go live on more than 40 Cardano-based decentralized finance applications. Simultaneously, developers have also come up with a payment application called – DjedPay – enabling users to transfer the tokens to merchants and businesses.
Meanwhile, Djed and its Shen token will list on two Cardano-based decentralized exchanges (DEX) – MuesliSwap and MinSwap – after their issuance this week. For context, Shen is the reserve token meant to support Djed’s stability. It would rake in extra rewards when ADA holders stake their coins to mint the stablecoins, thereby fueling liquidity for the ecosystem.
