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Gungun Bhatia
Nov 22, 2022
by Gungun Bhatia

Cardano to Introduce New Algorithmic Stablecoin “Djed” in 2023

Cardano Djed

Table of contents

  1. Djed - New Algorithmic Stablecoin in 2023
  2. New Stablecoin Act As Safest Place
Cardano, a proof-of-stake blockchain platform, and COTI, a Layer 1 protocol based on DAG, have joined forces to introduce a new algorithmic stablecoin "Djed". The stablecoin would be supported by extra security in the related vein held in a reserve, according to a statement from the project.

Djed - New Algorithmic Stablecoin in 2023

Djed is slated to launch on the mainnet in January 2023, according to the press statement, subject to the completion of a successful inspection and other severe stress tests. The creators claim that Djed will be supported by Cardano ($ADA), tied to the US Dollar, and employ the $SHEN cryptocurrency as its reserve token.

With the help of a few specially selected collaborators and Decentralized Exchanges (DEXs), the algorithmic stablecoin will be incorporated. DEXs will pay users for utilizing Djed to provide liquidity. The developers intend to take a cautious and conservative approach to supply $ADA liquidity to the Djed smart contract to expand at a pace that is healthy and sustainable.

New Stablecoin Act As Safest Place

The COTI CEO, Shahaf Bar-Geffen, revealed during the Cardano Summit's formal announcement that recent market occurrences have demonstrated again that the company requires a safe harbor from instability, and Djed will act as this safe place on the Cardano network. In addition to having a stablecoin, they also need one with on-chain proof of reserves and decentralization.

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Cardano to Introduce New Algorithmic Stablecoin “Djed” in 2023
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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