Key Points:
According to Djed data, the new stablecoin’s reserve assets have increased at a parabolic rate, leaving it overcollateralized as anticipated.
The data indicated that DJED has a 636% reserve ratio with nearly 28 million ADA tokens backing it at the time of writing. Djed’s website also provides information on the stablecoin’s process and how it intends to stay stable owing to over-collateralization.
DJED is a stablecoin that is overcollateralized and leverages exogenous collateral to assure stability. The protocol is guaranteed by its reserve coin, SHEN, and is backed by 400%-800% over-collateralization.
DJED’s stability is built on over-collateralization, avoiding the need for faith in a governance system, which is common in algorithmic stablecoins.
Backed up by Cardano’s native asset and established by payments platform COTI Network (COTI), DJED formally launched earlier this week on the Cardano blockchain.
At the time of writing, ADA is trading at $0.4091 since November 2022, a 3.36% Increase on the day.
COTI stated prior to its introduction that it had made substantial adjustments to the stablecoin, such as moving it to a multi-chain network that facilitates private payment networks and reducing deposit costs by 50%.
These modifications, according to COTI, will aid in the mainstream adoption of digital assets as a way of payment for products and services.
This introduction is a significant milestone for the crypto sector as well as COTI, as the upgrade will accelerate the general acceptance of crypto payments for organizations that have yet to implement crypto payment systems.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
BitMEX options trading aims to grow interest in cryptocurrency options amid regulatory developments.
According to BBG, Nigeria and Binance dispute intensifies as Nigeria denies Binance's bribery allegations. Binance…
According to Cointelegraph, Binance cracks ZKasino scam, identifying a fraudster responsible for a $33m loss.…
Fluence is a decentralized cloud computing platform and marketplace supported by blockchain. It offers a…
FTX creditors may receive up to 142% of their claims, while most customers could get…
Despite comprising a small portion of its assets, the Susquehanna Bitcoin ETF investment underscores its…
This website uses cookies.