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Cardano (ADA) Stablecoin Djed and Shen (SHEN) Added to This Platform as Borrowable Assets

Thu, 02/16/2023 - 15:50
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Yuri Molchan
Cardano-based stablecoin and its reserve token are expanding their utility
Cardano (ADA) Stablecoin Djed and Shen (SHEN) Added to This Platform as Borrowable Assets
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The official Twitter handle of COTI Network, the emitter of Djed stablecoin developed on the Cardano chain by IOHK and COTI, has spread the word about Djed and its reserve token, SHEN, expanding their utility.

These two coins have been added by Aada Finance as borrowable assets and collateral as a result of governance voting. Aada Finance is a decentralized lending protocol on Cardano through the strategy of NFT bonds.

Aside from borrowing and lending, Aada Finance provides customers with services of trading, yield farming and hedging.

Djed was launched on the mainnet on Jan. 31 after more than a year of hard work for development and launch preparation. On the same day, the minting of reserve token SHEN ceased as the platform had reached the 800% level of collateral for Djed.

Cardano Djed Stablecoin Records Impressive Growth Numbers: Details

As reported by U.Today recently, Djed has reached the important milestone of having 31,496,011 ADA coins as its reserve asset.

Three days ago, a Djed-focused community account tweeted that the reserve ratio of the stablecoin totaled 515%. That included the aforementioned chunk of ADA, 23,583,443 SHEN. The overall circulating supply of Djed on that day was 2,278,222 tokens.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at