- Cardano-based stablecoin Djed will be expected to launch next week.
- At the time of writing, ADA is trading at $0.3765, up 0.64%.
The launch of Stablecoin on the Cardano (ADA) network is much anticipated by ADA holders. According to the COTI blog, the company is collaborating in the development of the stablecoin on the ADA blockchain, which is expected to emerge in the coming weeks.
The debut date is currently unknown, however, according to the COTI team, Djed is slated to launch on February 1, 2023. The synchronization of the chain index is the final stage before the introduction of the Djed stablecoin, according to them. And this process started about a week ago and is projected to take around 14 days to finish.
We are pleased to share another update about Djed's progress and to inform you that the launch is scheduled for next week!
— COTI (@COTInetwork) January 24, 2023
Read more: https://t.co/7kPjfGMNmk$DJED $COTI @InputOutputHK @Cardano pic.twitter.com/mHA5KVblay
Djed Latest Technological Advancements
COTI reported that they had begun the chain index syncing procedure, which will take 14 days, and that the sync began a week ago. And it is expected to be finished and ready for launch. And for the time being, this is the only technological barrier delaying the launch.
Additionally, the effort to stake the ADA that is deposited to the Djed smart contract generates extra rewards for $SHEN holders, as well as the development of a snapshot mechanism and UI that will be added to dejd.xyz, where $SHEN holders can track these extra payouts.
They have also introduced the opportunity to cancel an order. Users will be able to cancel their transactions by clicking on the refund button.COTI has also announced that cryptocurrency exchange Bitrue will list Djed and SHEN. Wingrinders, Djed’s DEX partner, also hinted on Twitter that an announcement will be made shortly.
And the Cardano ecosystem is thriving, and it is predicted that the launch of Djed will cause the ADA to surge once again. At the time of writing, ADA is trading at $0.3765, up 0.64%.
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