Algorithmic stablecoin based on Cardano will be launched in January 2023

The public testnet version of the stablecoin was launched in May 2022 by the COTI team

16.01.2023 - 08:00

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What’s new? The developers of the algorithmic stablecoin Djed based on the Cardano blockchain have announced that the coin will be launched in January 2023. The public testnet version of the asset was launched in May 2022 by the COTI team in cooperation with Cardano. Djed’s Twitter account reports.

And yes, $Djed is still on track for launching THIS month 🚀 — Djed Stablecoin (@DjedStablecoin) January 14, 2023

What is known about Djed? The stability of the asset will be backed by Shen, a reserve coin specifically designed to provide a bail-in rate and peg of the stablecoin. Development of Djed began back in September 2021, and the asset itself is supposed to “become the coin with which all transaction fees on the Cardano network will be paid.”

What is known about COTI? It is a decentralized payment platform for instant transactions. COTI uses a type of distributed ledger DAG that provides continuous scalability and network throughput of up to 100 000 transactions per second (TPS).

What is known about Cardano? The platform allows developers to create smart contracts and decentralized applications (DApps). Blockchain was founded in 2017 by Input Output Hong Kong (IOHK) and Ethereum co-founder Charles Hoskinson. As of January 16, 07:30 UTC, the native token ADA ranks 8th in the cryptocurrency ranking with a capitalization of $12,5 billion and is trading at $0,3584, having gained 3,98% in 24 hours, according to Binance.

Cardano user and developer activity surged in early 2023, with total value locked (TVL) reaching $66,39 million. The increase was 36,88% compared to January 1. According to Santiment analysts, the Cardano network ranked first in developer activity in 2022.

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