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Barely two weeks after its mainnet launch, the overcollateralized Stablecoin Djed (DJED) based on Cardano has garnered over 31 million Cardano (ADA) coins as backing. Djed now has 31,496,011 ADA in its base reserves.
According to a screenshot posted by a Djed-focused Twitter account, the reserve ratio is 515%, implying that each Djed is backed by more than five times its value in ADA. This allows users to freely mint and burn Shen and DJED.
‼️⛽️ Reserve Ratio 515% ⛽️‼️
— 𓊽 Djed 𓊽 (@DjedStablecoin) February 12, 2023
🔒 31,496,011 $Ada 🔒
𓊽 2,278,222 $Djed 𓊽
𓍶 23,583,443 $Shen 𓍶$Ada 0.37 $Coti 0.09 $Shen 0.40 pic.twitter.com/kmO9tMZnqo
Additionally, Shen has a circulating supply of 23.58 million tokens and is valued at 1.09 ADA, whereas Djed has a circulating supply of 2.27 million tokens.
DJED employs SHEN as its reserve coin and is pegged to USD. It is also supported by independent base coin ADA.
When the reserve ratio falls below 400%, the platform will stop SHEN from being burned and new DJED from being minted (since there is not enough collateral in reserve). Users will not be able to mint any more SHEN if the ratio exceeds 800%, but they will still be able to mint and burn DJED. Any situation allows for the redemption of DJED.
2023 promises more development for Djed
Djed stablecoin, developed by the COTI network and Cardano builder Input Output Global (IOG) went live on the mainnet on Jan. 31 in version 1.1.1. The team claims that 2023 will bring two releases and more development for the overcollaterized stablecoin.
First, Vasil features, such as a reference script, will be used in Version 1.2 to boost scalability.
The second is Djed 1.3, an expanded version of Djed that will include dynamic fees and rates. Additionally, a more progressive delegation scheme will be encouraged, providing a sizable amount of liquidity.
Alex Dovbnya
Gamza Khanzadaev
