- COTI reveals that Djed is set for mainnet launch this week.
- The long-anticipated algorithmic stablecoin is poised to drive new adoption to the Cardano network.
Djed, the flagship Cardano blockchain native overcollateralized stablecoin, is set to launch this week. COTI, the layer 1 blockchain network that jointly developed Djed with Cardano core developers IOG, unveiled new details of the launch.
COTI noted in a blog post that the ADA-backed stablecoin would deploy on the mainnet once chain index syncing is complete. The technical process took around 14 days to complete and was started last week, COTI said.
“We started the chain index syncing process. This process may take 14 days, and as we started the sync a week ago, we expect to complete it next week and be ready to launch. As of right now, this is the only technical bottleneck holding up the launch,” the post said.
The post also highlighted the technologies that will get added to the stablecoin with post-launch updates. The L1 network developers are building a snapshot mechanism and UI for the Djed webpage, Djed.xyz. This feature will allow SHEN holders to track rewards earned from ADA staked in the Djed contract.
Similarly, the ability to cancel an order has been added. The feature will allow users to click on the refund button to cancel their transaction “as long as it has not been processed.”
Meanwhile, Djed is also set to get listed on exchanges at launch, COTI also reveals. Centralized exchange Bitrue has announced that both DJED and SHEN—the reserve currency of the stablecoin— will get listed on its spot markets at launch. COTI notes that Djed’s decentralized exchange (DEX) partner, Wingriders, has also hinted at listing the stablecoin.
What does Djed bring to the Cardano network?
Cardano enthusiasts have eagerly awaited the dollar-pegged stablecoin, which IOG and COTI talk up as the “first stablecoin protocol where stability claims are precisely and mathematically stated and proven.” Djed is expected to maintain stability by being 400% to 800% overcollateralized at all times.
Djed will, for one, operate as a decentralized bank with multiple use cases. COTI is already developing Djed Pay to enable users to pay vendors with the stablecoin. Other use cases include alternative banking, lending, and remittance.
The stablecoin is also expected to be integrated widely across the Cardano ecosystem. Multiple DEXs and NFT marketplaces are already working towards its integration.
Furthermore, Djed will eventually become the token in which all Cardano gas fees are paid according to plans revealed by IOG. This will allow for a uniform, predictable transaction cost rather than having volatile gas fees.
Meanwhile, amid the latest update by COTI, the price of ADA has soared in line with the broader crypto market surge. ADA is up 3.60% in the last 24 hours, trading at around $0.39 at the time of writing.