Over 4 Million Coins in Circulation Mark a Major Milestone for Cardano-Powered Algorithmic Stablecoin $DJED

Djed ($DJED), an algorithmic stablecoin powered by Cardano, has reached a major milestone with the recent passing of the 4 million tokens in circulation threshold. Djed is an overcollateralized stablecoin that uses the SHEN reserve coin and the ADA native token of the Cardano network.

Djed’s 380% reserve ratio provides an extra cushion of safety since it is backed by almost four times as many coins as are currently in circulation. There are around 38.9 million ADA tokens in circulation at the moment.

Meanwhile, at the time of writing, one $SHEN reserve currency costs 1.13 $ADA and there are 25.7 million tokens in circulation. Users may help maintain the Djed’s USD peg by trading SHEN and earning a portion of the reserve pool’s transaction fees. SHEN holders may also speculate on the token’s price movement in the short- to medium term.

Djed is a cryptocurrency-backed, algorithmically-verified stablecoin for the Cardano blockchain developed by IOG. COTI Group is in charge of releasing the stablecoin. The stablecoin was first mentioned in September 2021 and released in early 2023.

Djed claims that their $DJED token is backed by “400-800% overcollateralization and is guaranteed by its reserve coin, $SHEN.”

Cardano-powered decentralized exchanges (DEXes) like MuesliSwap, Minswap, and WingRiders, as well as big exchanges like Bitrue, soon adopted the stablecoin after its inception.

The rise of Djed coincides with the rising value of the Cardano network’s DeFi ecosystem as a whole. CryptoGlobe just stated that year-to-date, it had increased by over 250%.

According to the most up-to-date data from the Cardano network, a total of 124 projects have been started on the platform, and 8.1 million native tokens have been distributed among 71,500 token policies.

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