The much-anticipated Cardano algorithmic stablecoin DJED has finally launched on mainnet.
COTI, a DAG-based Layer-1 protocol and official issuer of the stablecoin, took to Twitter to announce DJED launch on mainnet, saying:
“Djed is LIVE!!!”
Djed is LIVE!!!https://t.co/a9CWJtT4z4
— COTI (@COTInetwork) January 31, 2023
According to an announcement, COTI said the launch of Djed stablecoin on the Cardano mainnet follows a year of preparation, development, and security audit.
“After over a year of preparations and development, and following a successful security audit, we are very proud to announce that Djed, the overcollateralized stablecoin on Cardano, is now live on mainnet,” COTI noted.
A New Era for Stablecoins
According to COTI, the launch of Djed on the Cardano mainnet “heralds” a new era for stablecoins. Djed is overcollateralized by 400% – 800%, with a unique proof of reserve set up to protect its value from different market scenarios.
Notably, the stablecoin is pegged to the U.S. dollars (USD), backed by ADA as a base coin, while using SHEN as its reserve coin. If the reserve ratio falls below 400%, the protocol will halt the burning of SHEN and the minting of new DJED.
Users will not be allowed to mint more SHEN when the reserve ratio surpasses 800%. However, COTI explained that users will still be allowed to mint and burn the algorithmic stablecoin when the reserve ratio surpasses 800%.
DJED Now Available on Multiple Cardano-Based DEXes
COTI said DJED is now available at Cardano-based decentralized exchanges such as WingRiders, MinSwap, and MuesliSwap. The official issuer of Cardano stablecoin confirmed that Singaporean-based exchange Bitrue would be the first cryptocurrency exchange to list both DJED and SHEN.
The team behind DJED tipped the algorithmic stablecoin to unlock new opportunities for the Cardano ecosystem, decentralized finance (DeFi), payments, and other sectors. Interestingly, over 40 entities, including Iagon, have already partnered with COTI to utilize and adopt DJED.
The announcement comes a few days after COTI said DJED would go live on mainnet before the end of this week.
“We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week,” COTI said in a statement.