Cardano’s Djed will be available soon.
According to a report from the development team, Cardano’s new algorithm stablecoin called Djed will be released. In a recent COTI blog post, the COTI network team that developed Cardano Stablecoin explained:
“We are also waiting for Cardano’s Vasil hard fork to take place. The Vasil hard fork will allow for scalability that is required to safely run Djed on Mainnet.”
As previously reported, the Vasil testnet hard fork proposal has been submitted. These hard fork changes could appear on the testnet as early as July 3. The exchanges and SPOs need at least 4 weeks to test. This will make the Vasil Mainnet Hard Fork tentative date the last week of July.
Charles Hoskinson, the founder of Cardano (ADA), recently acknowledged that Djed Stablecoin could revolutionize the world of digital currencies. Algorithmic coins like Djed behave a little differently than traditional coins. Algorithms always play an important role in stabilizing prices. Simply put, if the price goes up, a smart contract will automatically issue more coins and if the price goes down, the smart contract will make more purchases and raise the price again. The system keeps a pool of coins in reserve to maintain balance.
Source: The Pipsafe Team
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