Cardano’s Stablecoin $DJED to Go On Mainnet in January 2023

Fol­low­ing a suc­cess­ful com­pre­hen­sive audit, COTI has announced that in Jan­u­ary of 2023, Djed, Cardano’s over-col­lat­er­al­ized algo­rith­mic sta­ble­coin, will go live on main­net. In order to facil­i­tate its prop­er uti­liza­tion, Djed will inte­grate into a selec­tion of 40 part­ner­ships formed after its main­net launch with select­ed top part­ners and DEXs. If you give liq­uid­i­ty in the form of Djed, you can expect high­er incen­tives from these DEXs.

The Djed rollout schedule and it will impact Cardano

Car­dano has been extreme­ly cau­tious in its release approach. It has ensured that it has con­duct­ed a com­pre­hen­sive audit and oth­er strin­gent stress test­ing before pub­lish­ing on Main­net. This is because secu­ri­ty and sta­bil­i­ty remain everyone’s top pri­or­i­ty, espe­cial­ly in light of the volatile mar­ket. In addi­tion, Car­dano will take a patient, method­i­cal approach to adding $ADA liq­uid­i­ty to the Djed smart contract.

There will be three phas­es to the deploy­ment sched­ule. Djed 1.1.1 (the bare bones ver­sion) will be released first in the new year. Includ­ed in the $ADA price is an upgrade to the ora­cle that allows it to use data from six exter­nal sources and com­pat­i­bil­i­ty with the Vasil hard fork. The ini­tial release will func­tion as a beta ver­sion with less liq­uid­i­ty. How­ev­er, there will be improve­ments in sub­se­quent releases.

Sec­ond, fol­low­ing the intro­duc­tion of ver­sion 1.2, Djed will be uti­liz­ing the Vasil fea­tures, like a ref­er­ence script, which will enhance its scal­a­bil­i­ty. Final­ly, Djed 1.3 will be an updat­ed ver­sion of Djed that will have vari­able pric­ing and fees. It will also sup­port s tak­ing, will which will sig­nif­i­cant­ly boost liquidity.

The val­ue of $DJED is pegged to USD, with sup­port from the base coin, $ADA, and the reserve cur­ren­cy, $SHEN. Their sys­tem relies on a col­lat­er­al ratio between 400% and 800% for $DJED and $SHEN. This guar­an­tees that there will be ade­quate $ADA available.

Djed is sup­port­ed by COTI and is based on Car­dano. Oper­at­ing fees from Djed mint and burn trans­ac­tions will be remit­ted to the COTI Trea­sury and redis­trib­uted among Trea­sury par­tic­i­pants. That will give those in the COTI ecosys­tem an oppor­tu­ni­ty to prof­it from Djed’s success.