DJED, a Cardano-based stablecoin has launched!


After a year of preparation, which was mostly shrouded in secrecy, the cryptocurrency community has lived to see the launch of another stablecoin. It is the algorithmic Djed, built on Cardano with the support of the Coti protocol.

Coti reports: DJED is now with us!

Coti is a tier one protocol, which, being the official issuer of the newly created coin, provides support for Cardano. The Djed in question was launched on the last day of January. With that, Coti representatives took to Twitter to officially unveil it.

According to the information, the stablecoin’s launch comes after a year of preparation, security audits and tracking potential paths for its development:

“After more than a year of preparation and development, and a successful security audit, we are very proud to announce that Djed, the overly correlated stablecoin on Cardano, is now live on the mainnet.”

This announcement came in line with market expectations. Recall that Coti representatives assured that Djed would be released before the end of the week. And here it is!

Is DJED immune to the difficulties that UST did not survive?

The topic of algorithmic stablecoins sends shivers down the skin of many investors. Recall that the most famous of the projects, created on the basis of similar assumptions, collapsed last May. It was UST, which was backed by other cryptocurrencies, such as Terra LUNA, while secured by Bitcoin. The venture, however, was a failure, leading to the complete decorrelation of UST with the US dollar, whose value the coin was supposed to reflect. This also resulted in the collapse of LUNA, a project that had previously managed to generate so much interest among investors that it was among the top ten coins with the highest market capitalization.

It turns out, however, that DJED has a completely different premise, and its main asset is supposed to be over-correlation. We are talking about the security, which is expected to be between 400% and 800%. The strength of stablecoin is also supposed to be the unique proof of reserves. These features are intended to keep DJED at $1 and protect it from various market scenarios. 

Details of DJED’s security and first listings on decentralized exchanges

The base coin that supports DJED is ADA. However, a much more important role will be played by SHEN, which is a reserve coin. If a situation arises where the reserve ratio falls below 400%, the protocol will automatically halt the firing of SHEN and the creation of new DJEDs. It will also not be possible to mint new SHEN when the reserve ratio exceeds 800%.

Later that day, COTI confirmed that DJED became available on Cardano-based decentralized exchanges. They include WingRiders, MinSwap and MuesliSwap. The listing of DJED and SHEN on centralized platforms has not yet taken place. Nonetheless, Bitrue, a Singapore-based exchange, is expected to be the first to be interested.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

De verwachtingen rond het Ripple vonnis groeien - Wordt er al in juni een beslissing genomen?

Binance delists leveraged tokens derived from XRP

XRP-linked tokens are disappearing from the Binance exchange’s offerings. Although the move has long been announced, it still causes surprise and uncertainty among the platform’s users. XRPUP…
All articles loaded
No more articles to load


Leveraged trading

Leveraged trading

The cryptocurrency market moves quite fast and offers the public the opportunity to make a lot of money in a…
buy XRP

How to buy XRP?

Our articles explain a lot about Ripple (XRP). This time we explain how to buy and store the XRP tokens.…

How to buy Bitcoin (BTC)?

Bitcoin (BTC) is the most popular cryptocurrency in the world. In 2021, as much as 11% of Americans claimed to…
Bitcoin ETF

Bitcoin ETF

The year 2020 was the time when Bitcoin (BTC) attracted institutional interest. It became a serious subject of discourse among…
All articles loaded
No more articles to load


All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load