The number of users who have signed up for Djed, an overcollateralized stablecoin created by the COTI network and Cardano function IOG has increased by the most compared to any other Cardano dApp in the last week.
According to data released daily by Cardano, the Djed stablecoin was seeing the most increase at nearly 14,587%.
It took almost a year of planning and development, including a successful security assessment, but on January 31st, the Djed stablecoin finally went live on the mainnet. Now, seven days after its debut, Djed has reached important milestones.
According to an update supplied by the COTI network 48 hours after the Djed mainnet debut, a total of 28 million ADA were distributed on the platform.
Then, hours after introduction, a reserve ratio of 800% was reached, as per the report, indicating that no further Shen could be coined until the ratio was decreased.
Users will continue to be able to mint and burn DJED. Additionally, 1.85 million DJED were coined and 40,000 were destroyed at the time.
The COTI Treasury received the first batch of Djed operating fees on February 3. On the open market, ADA was converted to COTI, and the resulting COTI was used to reward the program’s members.
The good news for the Cardano community is that IOG’s EVM sidechain, which they’ve been developing as a public testnet has now gone live. This signals a new age of compatibility for the Cardano network.
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.