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Cardano Djed Stablecoin Records 14,500% Growth in Unique Addresses: Details

Tue, 02/07/2023 - 15:16
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Tomiwabold Olajide
Djed stablecoin has hit significant milestone days after launch
Cardano Djed Stablecoin Records 14,500% Growth in Unique Addresses: Details
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Djed, an overcollateralized stablecoin built by the COTI network and Cardano builder IOG, showed the largest increase in unique accounts among Cardano dApps in the last seven days.

According to statistics shared by Cardano daily, Djed stablecoin was having the most significant growth, at over 14,587%.

On Jan. 31, Djed stablecoin launched on the mainnet after over a year of preparation and development, following a successful security audit. Now, seven days after its launch, Djed has hit significant milestones. 

Cardano Djed Stablecoin Goes Live: Details

According to an update shared by the COTI network 48 hours after the Djed mainnet launch, a total of 28 million ADA were provided on the platform.

Then, hours after launch, as reported by U.Today, a reserve ratio of 800% was attained, meaning that at that time, no additional Shen could be minted until the ratio was lowered.

However, users will still be able to mint and burn DJED. Also at the time, 1.85 million DJED were minted, and 40,000 were burned.

On Feb. 3, COTI's Treasury received the first batch of Djed operational fees. A conversion of ADA to COTI was done on the open market, and the COTI was funneled to the treasury as a reward to its participants.

In positive news for the Cardano ecosystem, the public testnet of the EVM sidechain built by IOG has launched, marking a new era of interoperability for the Cardano network.

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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.