COTI to Enable Staking for Cardano Stablecoin DJED; Says Jan Launch is Achievable.
COTI, the blockchain payment solution tasked with issuing Cardano’s stablecoin Djed (DJED), recently revealed that it is planning to enable staking for DJED upon the release of v.1.1.1 on mainnet, assuring the community that the stablecoin is still on track to launch this month.
The staking initiative is aimed at providing incentives for holders of the SHEN token, COTI disclosed through its official Twitter handle and a press release today. Recall that the payment platform unveiled SHEN last February as the reserve token to be used for the maintenance of DJED’s peg. The model for maintaining the peg was disclosed last year, too.
We are pleased to share recent updates on Djed's progress and development, such as staking, monitoring tools and more. We are still on track with the launch that has been planned for January.
— COTI (@COTInetwork) January 13, 2023
COTI further noted that the staking mechanism is still in the works, and the team will provide updates in the future on how the mechanism will work if everything goes as planned, as they are looking to introduce it upon launch. Recall that COTI announced last November that they plan to launch the stablecoin on the Cardano mainnet this month. The testnet v. 1.1.1 was launched last December.
In addition to the recently-introduced staking mechanism, COTI will be using its proxy to incorporate services from Elliptic, a blockchain analytics provider based in London. This integration will help in monitoring transactions made with DJED so as to facilitate compliance with the appropriate legislation and fish out bad actors.
The payment solution also revealed that a proper assessment of the platform’s performance will soon be possible, as the enhancements being made to its monitoring tools are almost complete. Furthermore, the team discovered a bug in the chain index which could potentially trigger a delay in processing orders. They noted that it is not a serious issue and will be resolved in a few days’ time.
COTI remains active in pumping developments into the DJED project and securing relevant partnerships to ensure widespread adoption. The latest partnership was announced last Friday, and would see Florida-based blockchain entity Yepple integrate DJED payments for NFTs.