The debut of Djed, Cardano’s overcollateralized stablecoin is now considerably closer, according to a COTI network update. COTI said in a tweet that the debut of the much-awaited Djed stablecoin is set for the following week.
Retweeting the information supplied by the COTI network’s Twitter account, the official Djed Twitter account said that the stablecoin will be available in a matter of days. However, no information about the date was revealed, which was unexpected.
Shahaf Bar-Geffen, CEO of the COTI network, advised people to prepare for Djed and to anticipate further exciting news in the following days.
The Djed stablecoin was created to facilitate transactions inside the Cardano network and is fully collateralized. Djed’s widespread adoption has been made possible by the signing of more than 40 agreements.
Yesterday, it was revealed that the Singapore-based exchange Bitrue will offer the DJED stablecoin and its reserve coin, SHEN.
Cardano AMM and DEX WingRiders dropped hints about a huge revelation using the COTI network over the weekend.
The COTI network gives an update on the progress of Djed in a blog post. The process of synchronizing chain indexes reportedly began one week ago.
The 14-day procedure should be finished the week before the launch. According to COTI, this is the sole remaining technological hurdle delaying the launch.
The Djed developer noted that it was building a snapshot mechanism and user interface that would be introduced to djed.xyz so that SHEN holders may monitor additional payments from staked ADA transferred to the Djed smart contract. Other features, like order cancellation, have also been introduced.
Also Read: Binance Admits ‘Issue’ In Storing Users’ Crypto Assets In Collateral Wallet
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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