Cardano (ADA) About To Have Big Week

Key Points:

• One of the most well-known proof-of-stake projects, Cardano, is about to enter a crucial week.
• Djed (DJED) stablecoin is anticipated to be a godsend for Cardano’s struggling DeFi ecosystem.
• Additional tokens will support the stablecoin. If the reserve ratio falls below the 400% threshold, new DJED tokens cannot be minted. card With the assistance of a reserve coin known as Shen, the Djed stablecoin will be able to retain its dollar peg (SHEN).

One of the most well-known proof-of-stake projects, Cardano, is about to enter a crucial week.

Numerous decentralized financial apps, including the Cardano-based decentralized exchanges (DEX) MinSwap and MuesliSwap, will add support for the highly anticipated Djed stablecoin.

The lead Cardano developer Input Output and the decentralized payment platform COTI are the minds behind the overcollateralized stablecoin. It was given the name of a historic due to the likelihood of significantly increased liquidity, the introduction of the Djed (DJED) stablecoin is anticipated to be a godsend for Cardano’s struggling DeFi ecosystem.

The widely discussed stablecoin’s algorithm is based on a collateral ratio that ranges from 400% to 800%. In plain English, additional tokens will support the stablecoin. If the reserve ratio falls below the 400% threshold, new DJED tokens cannot be minted. card With the assistance of a reserve coin known as Shen, the Djed stablecoin will be able to retain its dollar peg (SHEN).

In addition, the mainnet launch of Liqwid Labs, an on-chain non-custodial interest rate protocol, is planned for the following week. For lenders and borrowers, it functions as a decentralized market. It is unknown how Cardano (ADA) will respond to the impending events. On significant spot markets, the coin is now trading at $0.39.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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