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Cardano's First-Ever Algo Stablecoin Djed Goes Live in Testnet

Wed, 05/04/2022 - 14:50
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Vladislav Sopov
Djed, a pioneering algorithmically-backed stablecoin for Cardano (ADA) ecosystem can now be tested by enthusiasts, COTI Network team says
Cardano's First-Ever Algo Stablecoin Djed Goes Live in Testnet
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Djed, a flagship decentralized stablecoin of the Cardano (ADA) scene, is now live in public testnet. Developers from COTI Network shared some details of the next phase of its technical progress.

Djed stablecoin is ready for public testing

According to the joint official statement released by COTI Network and Cardano's (ADA) developers Input Output Global (IOG), COTI's pioneering stablecoin product Djed goes live in public testnet.

Djed is a decentralized algorithmic stablecoin integrated in the on-chain ecosystem with core reserve token Shen. Shen is set to guarantee the collateralization rate and the USD-peg of the stablecoin.

IOG and COTI Network will collaborate on the next Djed releases designed to address UX/UI issues, interface design, configuration management and integration of Nami wallet.

To start working with Cardano's stablecoin Djed in testnet, crypto enthusiasts should claim test ADA tokens from a purpose-made faucet. Once connecting Nami wallet to a testing mechanism, users should switch to the "Testnet" module.

On the road to mainnet launch: codebase audit, smart contracts upgrade

In public testnet, Djed stablecoins can be tested with mainnet configurations, so all features can be stress tested prior to migration toward mainnet release.

Also, the team stresses the significance of the public testnet release for the massive adoption and visibility of Djed and other COTI Network products:

This will also give everyone an opportunity to understand the dynamics of our protocol without incurring any risks.

The first DeFi protocols on Cardano (ADA), including the likes of SundaeSwap, Minswap and WingRiders, started experimenting with test liquidity pools.

Cardano's (ADA) Charles Hoskinson Introduces Novel Algorithmic Stablecoin: Details

In the coming months, Djed is going to start the full-stack codebase audit necessary to be sure that the tokenomics of Djed-Shen equilibrium is immutable and balanced.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)