Cardano’s algorithmic stablecoin, Djed, which was created in conjunction with Coti Network, has reached its final stage of development.
According to U.Today, the Djed team previously claimed that it was expecting the Vasil update since the hard fork would provide the necessary scalability to operate Djed securely on the mainnet.
Coti Network has revealed potential next steps for the long-awaited stablecoin deployment, now that Vasil has successfully launched with all functionalities operational.
COTI has said in a blog post that the off-chain code and particular libraries are being modified in order to accommodate the Cardano Vasil node 1.35.x on the private testnet environment.
It states that a test run will be conducted once all changes have been implemented to ensure that everything functions as planned. Upon completion of the test, the modifications will be deployed to the public testnet.
According to the COTI network, the final audit findings will determine if serious flaws have been identified. If there are no concerns, Djed will be deployed on the mainnet, the company said. However, no precise timetable has been announced for the deployment of the mainnet.
The Djed stablecoin continues to experience new improvements, including major script optimizations that have increased throughput and reduced the execution budget by more than 60 percent (fees).
In addition, for redundancy and security purposes, the ADA exchange rate acquisition module was upgraded to evaluate at least six external sources. COTI also reports that Djed’s capabilities for testing and deploying new versions have been enhanced. It states that 80% of the test goals for autonomously testing the Djed smart contracts and Plutus backend apps have been implemented (PAB).
Cardano claims it is taking its time with the Djed stablecoin due to the May collapse of Terra. The Terra ecosystem degraded as a result of the Terra UST Stablecoin losing parity with the US dollar and depegging.