📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

Cardano DJED Algorithmic Stablecoin Premieres 2023

Published 11/22/2022, 08:03 AM
Updated 11/22/2022, 08:30 AM
Cardano DJED Algorithmic Stablecoin Premieres 2023
ADA/USD
-

  • DJED algorithmic stablecoin to launch on Cardano mainnet next year.
  • The Djed team pledged to back the stablecoin with excess crypto collateral.
  • ADA currently trades at $.3018 with over 11% price drop in the last seven days.

Despite the continuous poor price performance of Cardano’s native coin ADA, its blockchain is not slowing down with new initiatives. The proof-of-stake blockchain network Cardano has teamed up with COTI, a layer-one protocol, to establish an over-collateralized algorithmic stablecoin, DJED.

According to an official statement, the DJED stablecoin will go live on the Cardano mainnet starting next year after a successful audit and rigorous stress testing.

The Djed team pledged to back the DJED stablecoin in a one-to-one ratio against the United States Dollar using surplus collateral in cryptocurrencies like the ADA token. Selected partners and Decentralized Exchanges (DEXs) will incorporate the algorithmic stablecoin and compensate users for providing liquidity using DJED.

Shahaf Bar-Geffen, the CEO of COTI, said at a Cardano summit:

“Recent market events have proven again that we need a haven from volatility, and DJED stablecoin will serve as this haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized and has on-chain proof of reserves.”

This latest innovation on the Cardano blockchain represents part of the promised boost in decentralized apps (DApps) development by the recently completed Vasil upgrade. However, the Cardano native coin continues to trade in the red, given the recent events in the crypto industry.

ADA currently trades at $.3018 with over 11% price drop in the last seven days. Notably, the Cardano token ranked as the eighth largest cryptocurrency with a market cap of over $10 billion.

The post Cardano DJED Algorithmic Stablecoin Premieres 2023 appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.