Djed Will Be Launched Soon!
Cardano Blockchain will launch an algorithmic stablecoin in collaboration with COTI. The stablecoin project is backed by excess collateral in the form of cryptocurrency stored in a reserve. According to the release, Djed is scheduled to launch on the mainnet in January 2023 pending a successful audit and a series of rigorous stress tests. According to the developers, Djed will be pegged to the US Dollar, backed by Cardano ($ADA), and will use $SHEN as its reserve coin.
The algorithmic stablecoin will be integrated with selected partners and decentralized exchanges (DEXs) that reward users for providing liquidity with Djed. In order to grow at a healthy and sustainable pace, the developers plan to take a gradual and slow approach to providing $ADA liquidity to the smart contract.
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