Stablecoin based on the Cardano Algorithm The Founder Of COTI Says: “Pretty Close”
Shahaf Bar-Geffen, the chief technology officer at the blockchain-based COTI Network, mentioned the impending introduction of Djed, a stablecoin built on the Cardano algorithm.
At the Cardano Summit last month, Bar-Geffen initially declared that the algorithmically-backed stablecoin would debut in January 2023. In September, the stablecoin was nearing completion of development. Its new capability was made available for testing earlier this month. Bar-Geffen said the group had to make sure the stablecoin worked with the Vasil upgrade.
The project has also already through two “rigorous” audits. “The one area in which we cannot err is security. If consumers are not drawn to the product… I’m okay with that. I simply cannot deal with leaving security flaws… This is the reason it took a little longer.”
The failure of TerraUSD (UST) in May shook investors’ confidence in algorithmic. Prior to Terra, a number of other ventures of a similar nature had failed, highlighting a systemic risk.
Djed stablecoin will be incorporated into numerous decentralized finance protocols after its launch. It is difficult to forecast Djed’s level of success. Due to funding issues, Cardano’s top stablecoin project, Ardana, was shut down last month. According to Charles Hoskinson, CEO of Input Output, it is “distasteful” of the management of these initiatives to attribute their failures to Cardano.
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