Cardano’s stablecoin Djed will be launched on the network’s mainnet in January 2023.
COTI, blockchain payments network and issuer of Cardano’s algorithmic stablecoin Djed has announced that the stablecoin will be finally launched on the mainnet in January of 2023 after months of anticipation.
COTI highlighted the development through its official Twitter handle, as announced by CEO of the payments network Shahaf Bar-Geffen during the Cardano Summit of 2022 on Monday. This announcement follows the disclosure of a delay in the mainnet launch due to the previous Vasil Hard Fork deferment.
“As announced by @shahafbg on the main stage at the CardanoSummit2022, we are excited to share that, Djed, Cardano’s over-collateralized stablecoin will go live on Mainnet in January 2023,” COTI noted in a tweet, as it shared a Medium link to the official announcement.
— COTI (@COTInetwork) November 21, 2022
According to the announcement, following the success of the full audit of the over-collateralized algorithmic stablecoin, they have fixed January 2023 as the launch date. Additionally, the Cardano Foundation and COTI announced the launch of Djed Pay – a payment platform and cryptocurrency payment gateway that would allow merchants to accept Djed as payment.
This disclosure comes barely two months after COTI updated the community on the development efforts regarding Djed, which included moves to update the off-chain code to efficiently handle the Cardano node version 1.35.x on the private test environment.
Bar-Geffen highlighted the significance of launching Djed, as he noted the hard work put into making sure the stablecoin was a success, with collaborative efforts from COTI and Input Output Global (IOG) contributing to its development.
“Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized, and has on chain proof of reserves,” Bar-Geffen remarked.
The announcement reveals that, upon launch, the stablecoin will be integrated with some select partners and decentralized exchanges (DEXs) out of the 40 partnerships formed so far. The DEXs with which Djed will be integrated will provide incentives in the form of rewards to clients who contribute to the stablecoin’s liquidity by utilizing it.
Djed’s Partnerships and Development Timeline
Before its launch, several partnerships were formed about Djed to drive adoption, with The Crypto Basic highlighting a handful. In July, COTI disclosed five new Djed partnerships following previous ones reported.
In August, a partnership with a market maker Cardano DEX WingRiders was formed. Additionally, a partnership with the on-chain RPG game Cardano Warriors will allow players to use Djed as a payment means instead of ADA. Empowa and Axo have also indicated an interest in integrating the stablecoin.
Development goals for Djed
Including the mainnet launch, COTI revealed some development goals for Djed in 2023, which are:
- Djed 1.1.1: it calls the version the “minimal Djed,” which would feature Vasil Hard Fork compatibility. The version will also be regarded as a beta version with limited liquidity. Liquidity will be increased in subsequent versions.
- Djed 1.2: This version is also dubbed “minimal Djed.” It will stand out from the previous version through its utilization of Vasil features which would introduce a reference script for increased scalability.
- Djed 1.3: This version is the extended Djed version. According to COTI, dynamic fees and prices will be presented with this version. Furthermore, this version will bring features such as staking support which will help contribute to liquidity.
Additionally, the COTI team revealed that the stablecoin would receive all the necessary updates and improvements. All the teams involved will work tirelessly to ensure that customers and partners get the best from it.