Cardano (ADA) Based Stablecoin Djed Now Goes Live On Mainnet

Key Points:

• Djed is now officially launched on Cardano, following a successful security audit.
• DJED is pegged to USD, backed by the base coin ADA, which is an independent asset, and uses SHEN as its reserve coin.

Cardano (ADA), a competitor to Ethereum (ETH), has launched its first overcollateralized stablecoin, Djed (DJED), on the mainnet.

DJED is designed to be tied to the US dollar and is backed by Cardano’s native currency, ADA.

Djed-issuer COTI (COTI) revealed last month that Djed had migrated to a multi-chain network that now permits private payment networks.

According to the creators, the only thing preventing Djed’s release was the chain index synchronization procedure, which they claim was around halfway completed.

Djed’s deposit fees will also be reduced by 50% as the company transitions from fixed withdrawal pricing to a dynamic structure.

COTI stated that the adjustments would aid in the wider acceptance of crypto assets as payment for products and services.

This launch signifies a massive step for the crypto industry, as well as COTI, as the [upgrade] will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.

Djed is now officially launched on Cardano, following a successful security audit. The COTI team states in a new announcement that the launch is a significant step forward for decentralized finance (DeFi) in general.

According to the announcement, DJED is pegged to USD, backed by the base coin ADA, which is an independent asset, and uses SHEN as its reserve coin. In a case where the reserve ratio drops below 400%, the platform will prevent the burning of SHEN, and the minting of new DJED (since there is not enough collateral in the reserve).

In the case that the ratio goes over 800%, users will not be able to mint any more SHEN, however, they will still be able to mint and burn DJED. In any scenario, DJED is always redeemable.

DJED is currently available on Bitrue, Winswap, Wingriders, and Muesliswap, with more listings on the way.

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