Cardano’s stablecoin DJED intends to be tied with the US Dollar 

Djed, Cardano’s first overcollateralized stablecoin, has been launched on the mainnet.

DJED is supported by Cardano’s native coin, ADA, and seeks to be tied to the US dollar. This past month COTI stated that the cryptocurrency had made the switch to a multi-chain network that allowed for the use of private payment networks.

It was also revealed that Djed will be switching from a set withdrawal pricing to a dynamic mechanism, resulting in a 50% reduction in deposit costs.

COTI said the alterations will promote the broad use of cryptocurrency transactions. It has been said that “this launch represents a monumental breakthrough for the crypto industry and COTI” since “the [upgrade] will enhance the development of the general acceptance of crypto payments for organisations who have yet to implement crypto payment solutions.”

Djed’s debut on Cardano has been approved after a thorough review of the network’s security. The COTI team has made a fresh statement claiming that this launch is a watershed moment for the whole decentralized finance (DeFi) industry.

COTI, the Cardano community, and the DeFi ecosystem as a whole can all celebrate a major victory with the release of Djed. Djed is a community-driven, open-source protocol that allows users to hold, mint, and burn DJED and SHEN.

More marketplaces are likely to start carrying DJED soon, but for now, you can find it on Bitrue, Winswap, Wingriders, and Muesliswap.

Also Read: Toyota Will Be Using The Astar Network’s Hackathon As A Testing Ground For Potential Blockchain Applications

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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