The Cardano blockchain is preparing for the debut of Djed, one of its most anticipated stablecoin initiatives. Shahaf claimed, in an interview with prominent Cardano-focused podcaster bigpey,’
“Our objective is to deploy the mainnets of Djed and Shen next month. Currently, you may try the testnet on Djed.xyz.”
Bar-Geffen explains that the rollout took so long because they needed to assure compatibility with Cardano’s Vasil hard fork. Auditing also contributed to the delay of the rollout. According to the CEO of COTI, engineers performed two comprehensive audits to evaluate the smart contract’s security.
“One area in which we cannot fail is security. If nobody is interested in the product, I’m okay with it. “I cannot tolerate leaving security holes in the code without doing everything possible to ensure that all hedges are blocked,” he stated.
In addition, he disclosed that COTI and IOG will open-source the very complex smart contract that drives the stablecoin soon after its introduction. COTI originally announced the January launch date of Djed at the November Cardano Summit.
The debut of the algorithmic stablecoin Djed brings several benefits to the Cardano blockchain. COTI has already formed partnerships with a number of Cardano decentralized financial systems to include the stablecoin upon launch.
However, this anticipation may not materialize for a variety of reasons. Since the collapse of Terra’s UST and its companion token LUNA, confidence in algorithmic stablecoins has been noticeably low in the crypto industry.
Ardana, a business that was building a fiat-backed completely reserved stablecoin for the Cardano ecosystem, ceased operations owing to financial issues last month. Charles Hodkinson, the CEO of IOG, said that the project’s failure was disappointing. However, he is confident that additional projects will emerge as Cardano develops into a blockchain ecosystem.
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.