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Cardano's Djed Stablecoin Scores Another Partnership Ahead of Launch

Wed, 08/17/2022 - 15:05
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Tomiwabold Olajide
Partnership is aimed at exploring possibilities of Djed integration
Cardano's Djed Stablecoin Scores Another Partnership Ahead of Launch
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Cardano's Djed, an algorithmic stablecoin developed by Cardano's IOG in collaboration with the COTI network, has scored another partnership - this time around, with WingRiders, a Cardano-based DEX. According to the COTI network, the partnership is aimed at exploring the possibilities of Djed integration on the WingRiders DEX.

As reported by U.Today in late July, the COTI network shared information that Djed has seen numerous partnerships numbering over 35 ahead of its launch. In another update, COTI reported that an additional five new partnerships to use Djed on their platforms have been undertaken after U.Today reported on it.

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Cardano's Djed Stablecoin Sees 35 New Partnerships as Mainnet Launch Nears

This follows as Cardano's Djed stablecoin is intended to eventually serve as the primary currency used to pay for all of Cardano's network transaction fees.

Collaborations for Djed include those with Astarter, a DeFi infrastructure hub on Cardano, and Celestial City, a MusicFi platform that allows artists to conduct Initial Song Offerings, and several others.

Djed ''overcollateralized''

The Cardano daily Twitter handle discusses depegged stablecoins and what led to their collapse. In May, the UST depegging event made headlines as the Terra ecosystem collapsed.

COTI states, "The fact that Djed has a 400%-800% over-collateralization and is backed by ADA makes us confident that it will become the ultimate stablecoin for the Cardano network."

In terms of Djed’s timeline, as announced by IOG, the Vasil hard fork mainnet event has been delayed by a few weeks. In line with the Vasil Hard fork, the deployment of Djed to the mainnet may occur only after the Vasil hard fork is completed.

The Vasil hard fork is supposed to dramatically improve the network's efficiency and, with that, increase the number of transactions that can be made on top of Djed's platform.

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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.