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Cardano: Djed Stablecoin Now 4th Largest Project on Network, What’s Next

Thu, 03/02/2023 - 15:52
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Tomiwabold Olajide
COTI says its main focus, for now, is to establish DJED's adoption
Cardano: Djed Stablecoin Now 4th Largest Project on Network, What’s Next
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As stated in a COTI blog post, Djed has now become the fourth largest project on the Cardano network. The Cardano Djed builder says the protocol has been stable since its successful launch on Jan. 31.

COTI says its main focus, for now, is to establish DJED's adoption and create more utility for it, and as such, it will be discussing various use cases for both DJED and SHEN in the coming weeks.

On Jan. 31, Djed, an overcollateralized stablecoin developed by the COTI network in collaboration with Cardano's Input Output Global (IOG), launched on mainnet.

Since then, various platforms have announced support for Djed. In February, the NMKR platform, a Cardano NFT project, announced support for Djed stablecoin. The support would allow users to buy NFTs with Djed.

The COTI network also said it had added multi-wallet support and integrations for Djed. Along with Nami Wallet, users would be able to interact with the Djed platform using Eternl, Yoroi wallet, GeroWallet, Flint, NuFi and Typhon Wallet.

The Djed creator believes that by integrating these wallets, the stablecoin will be more accessible to users who want to mint and burn DJED and SHEN, facilitating its wide adoption.

More developments coming in 2023

The year 2023 will see COTI Network continue to expand and enhance Djed, which recently debuted in Version 1.1.1.

Version 1.2 is anticipated this year and will employ Vasil features, including a reference script, to boost scalability.

Cardano Djed Stablecoin Records Impressive Growth Numbers: Details

Dynamic fees and rates will be included in the Djed 1.3 version, which is an extended version of Djed. Also, a more progressive delegation scheme will be encouraged, providing a sizable amount of liquidity.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.