Djed, a first-ever algorithmic stablecoin on Cardano (ADA) proof-of-stake (PoS) blockchain, is now available for testing with enhanced functionality. Its mainnet is expected to be rolled out in January 2023.
Cardano's stablecoin Djed is being stress tested with Vasil support
According to the official announcement Djed team shared on its social media channels, its testnet version is reactivated with a number of new instruments added.
We are happy to share that the public Testnet version 1.1.1 of Djed has been reactivated with new capabilities such as Vasil hard fork compatibility, activity history and more.— COTI (@COTInetwork) December 5, 2022
You can test it using $tADA here: https://t.co/uzOhIxYcUL
$COTI $DJED pic.twitter.com/VJjWYDbFyi
Most importantly, the new version of Djed's testnet starts supporting Vasil, the latest hardfork of Cardano (ADA). As covered by U.Today previously, Vasil made Cardano (ADA) more developer friendly and resource efficient.
Also, the Nami wallet used by Djed's testers now displays the logos and the icons of both DJED and SHEN (as Djed Test USD and Shen Test USD), its main reserve cryptocurrency. Divisible units for the two cryptocurrencies are also supported now.
As explained by its team, to ensure smooth operations, the developers scheduled some maintenance periods. To start testing Djed with upgraded functonality, users can get test Cardano (ADA) coins (tADA) through a purpose-made faucet.
Stablecoin season on Cardano (ADA)?
Djed is promoted as a pioneering over-collateralized stablecoin of the Cardano (ADA) ecosystem. It will supercharge its own payment system, DjedPay, suitable for merchants and nonprofits.
Charles Hoskinson, CEO of Input Output Global (IOG), is excited about the role of algorithmic stablecoins in the Web3 segment and the adoption of cryptocurrencies as a whole. Recently he claimed that this type of stablecoin can put an end to states' monopoly on fiat currencies.
COTI Network partnered with Cardano (ADA) to develop Djed and related solutions. Besides Djed, Cardano's ecosystem is getting closer to the release of EMURGO's centralized stablecoin, USDA.