- Djed is a cooperative project between COTI and Input-Output Global.
- The new stablecoin uses a system of over-collateralization by 400% to 800%.
Over a year after planning, developing, and a passing security audit. Cardano’s native overcollateralized stablecoin, Djed, finally launched on the mainnet on January 31. Djed is a cooperative project between COTI (a layer 1 blockchain network) and Input-Output Global (IOG), the blockchain firm behind Cardano.
The stablecoin is now accessible on MinSwap, Wingriders, and MuslieSwap. All of which are Cardano-based DEXs. Eventually, the stablecoin’s availability will be extended to include additional leading platforms within the Cardano ecosystem.
On-chain Evidence of Reserves
Bitrue has declared its intention to list DJED and SHEN, their reserve token. To protect its value in times of market instability. Djed uses a system of over-collateralization by 400% to 800% with on-chain evidence of reserves.
Djed is supported by Cardano’s native asset, ADA, and is tethered to the US dollar. However, SHEN was created to ensure the continued reliability of the stablecoin.
One of the next releases this year is Djed 1.3, which is basically the expanded version and will provide dynamic fees and rates. Significant cash will be made available, and a more progressive delegation programme will also be encouraged. Djed’s plans call for further assets to be used besides ADA as collateral when minting the stablecoin.
The COTI network announced its aim to mint Djed on the Cardano Network in exchange for wrapped assets, including wrapped Bitcoin (WBTC) and wrapped Ethereum (WETH). As reported before the turn of the year 2023, risk assessment agency Moody’s Corporation is working on a grading system for stablecoins, with an initial examination for up to 20 digital assets.
