Launch of Djed, the Cardano-backed stablecoin

At the end of December 2022, Shahaf Bar-Geffen, the director of the COTI Network blockchain protocol indicated that the algorithmic stablecoin Djed, should be launched from January. So far, the launch of the asset had been repeatedly aborted for security and auditing reasons.

A milestone for DeFi?

After several months of waiting, the stablecoin Djed, developed by the Cardano blockchain, is finally launched. The information was reported by The Daily Hodl. The asset is the third stablecoin initiative, after LiqwidX and ADADAO, to go live in the Charles Hoskinson ecosystem.

According to COTI Network, Djed is a blockchain protocol that aims to make decentralized payments both effective and efficient. The launch of this project marks an important milestone for the adoption of decentralized finance (DeFi) technologies.

A new era dawns

Indeed, this stablecoin, now managed by a multi-chain system, makes it possible to take into account private payment networks. At the same time, it should allow users to reduce deposit fees by almost 50%. This is because Djed’s withdrawal fee is changing from a fixed price to a variable price.

Thanks to these changes, stakeholders believe that the use of cryptos as a means of paying for goods and services should soon increase. This, as more and more companies work to make available to their customers, “crypto payment solutions”.

A new era for stablecoins?

Stakeholders are counting on this project to make it a benchmark for a successful stable initiative. A success whose positive impact should affect the entire crypto ecosystem as a whole.

This ambition explains in particular the time taken to launch the product. Since Djed’s goal is to be pegged to the US dollar, most of the time spent on its development was spent designing a flawless security system.

“The highly anticipated launch of Djed’s public mainnet heralds a new era for stablecoins. A milestone for COTI, the Cardano ecosystem and the DeFi ecosystem as a whole. As an open-source, decentralized protocol, Djed is community-driven, as it provides users with the ability to hold, mint, and burn Djed and Shen” said in a statement.

Note that Cardano’s stablecoin Djed is currently available on the Bitrue, Winswap, Wingriders, and Muesliswap exchange platforms. In addition, other listing procedures are in progress.

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