Djed, Cardano’s over-collateralized algorithmic stablecoin, shall be dwell on mainnet in January 2023 following a profitable full audit. The scheduled launch is a good milestone coming days after Shahaf Bar-Geffen’s announcement in regards to the stablecoin on the principle stage on the Cardano Summit.

Making the announcement, COTI’s CEO Shahaf Bar-Geffen mentioned:

“Djed going to public mainnet is a good achievement, following lots of laborious work from IOG and COTI. Current market occasions have confirmed once more that we want a protected haven from volatility, and Djed will function this protected haven within the Cardano community. Not solely do we want a stablecoin, however we want one that’s decentralized, and has on-chain proof of reserves. Djed is simply that and I see it changing into the highest stablecoin on the Cardano community, contemplating all the integration partnerships already signed for it.”

Cardano stays prudent because the launch approaches

Following the Terra LUNA crash that resulted from the de-pegging of their native algorithmic stablecoin Terra USD (UST), Cardano has assured buyers that they’ve been very prudent in the best way they strategy the discharge of their stablecoin. One of many issues that they’ve needed to do is make sure that an intensive audit came about moreover different rigorous stress checks earlier than the stablecoin is launched on the mainnet.

Cardano has additionally mentioned that it’ll undertake a gradual and sluggish strategy to offering ADA liquidity to the Djed good contract. This may enable Cardano to tempo themselves and punctiliously develop the stablecoin.

As soon as the Djed is launched, will probably be built-in with choose high Cardano companions to permit for extra use circumstances.

Djed stablecoin options

Djed ($DJED) is an over-collateralized algorithmic stablecoin, constructed on Cardano and powered by COTI. Will probably be pegged to USD and backed by ADA.

It is going to use SHEN as its reserve coin.

$DJED’s algorithm is predicated on a collateral ratio throughout the vary of 400%-800% for $DJED and $SHEN to be able to guarantee there’s sufficient $ADA within the pool.