On the Cardano blockchain, the Djed stablecoin was launched after more than a year of development. Djed is meant to maintain a value similar to the U.S. dollar and is backed by an abundance of Cardano’s native cryptocurrency, ADA.
After more than a year of research, Djed, a decentralized stablecoin meant to follow the U.S. dollar, was released on the Cardano blockchain. Djed was created by the blockchain company Coti and Cardano’s primary developer Input Output.
As a stable alternative to volatile cryptocurrencies, Djed intends to be utilized on DeFi protocols in the Cardano ecosystem.
Each stablecoin will be over-collateralized by 400 to 800% with ADA, Cardano’s native asset, while SHEN will function as the reserve coin. This over-collateralization makes it comparable to Ethereum’s dai stablecoin, but it features a minting and burning procedure similar to other algorithmic stablecoins.
Djed will likely be implemented into forty applications inside the Cardano ecosystem. It has already gotten support from MinSwap, Wingriders, and MuesliSwap, which are decentralized exchanges. The Coti team informed The Block in November that it planned to develop DjedPay, a service that would enable retailers and other crypto players to accept payments in the stablecoin.
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