Stablecoin Djed, based on the Shen token, has opened its public testnet ahead of its mainnet debut in June.
A public testnet for COTI’s Djed stablecoin has been established for the Cardano network. We are pleased to announce that the public Testnet version of Djed has been published following months of hard work with the Cardano team!
Cryptocurrency exchanges would be unable to function without stablecoins. Users may limit their volatility risk exposure by using a stablecoin. Users may get back into the game fast by keeping stablecoins in their wallets.
For the most part, stablecoins make cryptocurrency transactions more frictionless by connecting cryptocurrencies to other assets such as dollars, gold, or even other cryptocurrencies.
Top-tier stablecoins are competing for prominence
The demand for Cardano-based stablecoins grows as the Cardano ecosystem grows. LiqwidX, ADADAO, and Djed are the main competitors in this market.
The latest LiqwidX technical release reveals a series of technical solutions, such as DemandBatch scripts and MarketMain.
However, no definite dates for the launch of the testnet or mainnet are currently known. Q2 2022 is the target date for LiqwidX’s testnet, with a mainnet launch in Q3 2022 predicted.
An interest-free stablecoin system, ADADAO claims, is the first of its kind in the world. Stablecoin AUSD is “coming soon” on ADADAO’s website.
Many programming tasks have now been completed, including “endpoint testing,” according to the most recent technical update. However, the top page design is also nearing completion.
Twitter says that protocol testing will begin “on simulation mode” within days. Simulator mode may or may not relate to a private test network.
Decentralized, algorithmic stablecoin based on Cardano, Djed, has beaten LiquidX and AUSD to the (testnet) punch.
The peg to a reserve asset used by algorithmic stablecoins ensures price stability and a steady supply. The Shen token serves as the reserve asset for Djed. ADA price swings are smoothed out by the Shen token, which guarantees the collateralization rate and covers deficits.
When utilising the public testnet, users have encountered a wide variety of errors. Invalid collateral type and unavailable request errors are examples of this.
COTI has said that it expects to find technical issues at this point. However, he reassured users that the mainnet’s bugs will be fixed in time for its June launch.
Only test ADA will be used in the testnet environment, which will be powered by the Nami wallet. A detailed guide on how to become involved may be found at this site.