Djed goes live on Mainnet, beginning a new era of stablecoins

COTI Network has published an official blog post to announce that Djed is now live on Mainnet. The change happened after the USD-pegged stablecoin went through a thorough security audit and more than a year of planning and development.

This marks a significant milestone for the Cardano ecosystem in bringing a new era of stablecoins to the market. Djed is a community-driven stablecoin that allows users to hold, mint, and burn DJED and SHEN. The stablecoin is available on the official Djed platform. It can be simultaneously accessed at Bitrue, becoming the first platform to list DJED with SHEN.

Users will be equipped with the option to access the stablecoin at other decentralized exchanges, namely Wingriders, MinSwap, and MuesliSwap. More platforms are scheduled to be added in the coming days.

Holders of DJED have the benefit of claiming delegation rewards, LP rewards, and Farming rewards that will be distributed only by decentralized exchanges like Swingriders, MinSwap, and MuesliSwap. DJED commits to remaining available every time, providing liquidity to users within the ecosystem.

DJED is backed by ADA and leverages SHEN as a reserve coin. The mechanism is locked with a range of 400% to 800%, utilizing Proof of Reserves to protect the values in different market situations.

For instance, if the reserve ratio falls below 400%, Djed will prevent the burning of SHEN and minting of DJED. If the reserve ratio crosses the mark of 800%, then Djed will halt the minting of SHEN. No matter the situation, users will be able to mint and burn DJED on the platform, except when the reserve ratio drops below 400%. This has been summarized in the table below for a clearer understanding.

Operating fees will be applicable only later and distributed among the Treasury’s users. Fees collected will be converted into $COTI before streamlining it to the treasury. The operating fees shall be payable in ADA.

COTI Network has laid down the roadmap for 2023 intending to release two more improvements. Version 1.2 will come loaded with Vasil features to enhance scalability. This will be followed by the release of Djed 1.3 to introduce dynamic fees and prices, along with the support of a more progressive delegation program.

Djed is supported by COTI, which has boosted its functioning through business development, 40+ partnerships, and smart contract positioning. The operational fees cost 0.5% for every transaction that is executed on the network.

Calling this an exciting time, Coti Network has clarified that it further looks to add more coins, especially wrapped assets, including wrapped ETH and wrapped BTC. These will be added as collateral to mint DJED on the network.