What Impact Will the Announcement of the Release of the Cardano Stablecoin (Djed) Have on the Value of ADA?
Next week, the Cardano Djed stablecoin will be released. As collateral, ADA is used to mint the stablecoin.
The long-awaited release date of the Cardano stablecoin ‘Djed’ has been revealed. Today, ADA prices dropped, but they may recover next week.
The COTI Network stated on January 25 that the Cardano stablecoin will be released the following week. Previous blog articles have suggested that it will be before the end of January.
It indicated that the only thing delaying the launch was the chain index synchronisation procedure. This was initiated a week ago and is expected to take 14 days, implying that the launch might occur around February 1.
COTI also announced that DJED and SHEN will be listed on the Bitrue exchange. COTI is a scalable layer-1 corporate network that has been creating the Djed stablecoin.
In addition, a snapshot system and user interface have been built to monitor incentives. As part of our efforts to stake the ADA that is deposited to the Djed smart contract and produce additional incentives for $SHEN holders, we are designing a snapshot mechanism and user interface that will be added to djed.xyz so that $SHEN holders can monitor these extra payouts.
Last Monday, Coti indicated that Djed is 400% to 800% overcollateralized. This indicates that it has four to eight times more underlying value than the entire amount of Djed minted, according to the report.
In addition, the primary DEX for Cardano, Minswap, established a few pools for the new coins. The debut was eagerly awaited by Cardano enthusiasts and ADA owners. Nevertheless, ADA declined throughout Wednesday morning’s Asian trading session.
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