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Cardano Djed Stablecoin Receives Big Code Upgrade: Details

Mon, 09/04/2023 - 13:39
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Tomiwabold Olajide
Upgrade aims to incentivize more users to use protocol
Cardano Djed Stablecoin Receives Big Code Upgrade: Details
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Djed, the overcollateralized stablecoin on Cardano, has received a whole new upgrade. COTI, the issuer of the Djed stablecoin, announced in a tweet that it has performed an upgrade to Djed's code as part of its continuous improvement process.

This update comes with a host of process flow optimizations, a lowering of the minimum mint and burn requirements for DJED and SHEN, as well as a reduction in operational fees.

The Djed protocol's chain index, which is used to compute prices and quote transaction costs while taking into account its current state and any pending orders, has been upgraded.

The upgraded version achieves improvement in the robustness and scalability of the chain index. Also, errors caused by invalid exchange rates will be reduced, thus improving performance.

Pub User, an application that assists with producing orders and reflecting the current state of each participating wallet that owns DJED or Shen, has also received an upgrade. The application has been improved, providing an increase in responsiveness, performance and scalability.

Djed protocol to incentivize more users

Djed stablecoin was launched at the end of January and is operating perfectly as intended. Djed's protocol has never lost its peg in nearly eight months since its inception, despite various occurrences, in which some stablecoins lost their peg.

Aside from the modifications stated above, which optimized the performance of the platform, COTI stated that the final update aims to incentivize more users to participate in the protocol.

To achieve this, it announces some changes to operational fees and the minimum amounts of DJED or SHEN that can be minted or burned.

Cardano Djed Stablecoin to Open Doors for Ethereum Developers: Details

The updated conditions are as follows: the new minimum minting and burning amounts for SHEN and DJED, respectively, are 200 SHEN and 200 DJED. The reduced operator fee is now five ADA.

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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.