Main navigation

Cardano Djed Stablecoin Records Impressive Growth Numbers: Details

Advertisement
Mon, 13/02/2023 - 14:30
Cardano Djed Stablecoin Records Impressive Growth Numbers: Details
Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

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.

Advertisement

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.

Related

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.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD