Shahaf Bar-Geffen, COTI CEO, has spoken on stage at the annual Cardano Summit held in Lausanne. He confirmed that the company’s algorithmic stabilizecoin will be launched in January following a thorough audit.

Bar-Geffen stated that Djed’s move to the public mainnet was a huge achievement. This was after a lot of hardwork from COTI and IOG (Input Orig Global). Recent market events have shown us once again that volatility is a problem. Djed will provide this safe haven in the Cardano network.
“We need a stablecoin with decentralization and on-chain proof reserves: Djed is exactly that, and I see it becoming a top stablecoin on Cardano.”

Slow and steady approach
COTI announced a launch date several days ago. The hype has been building steadily for Djed. Djed is an algorithmic stablecoin that is over-collateralized and will be integrated straight out of the gate with many COTI partners, including launchpads, wallets, lending protocols, DEXs, launchpads, launchpads, wallets, and DEXs. Bar-Geffen said that more partnerships will be announced in 2023.
Users who supply liquidity using the COTI powered stablecoin will reap higher rewards by integrating decentralized exchanges with Djed starting in January. These include AdaSwap Cardax, SundaeSwap, SundaeSwap, SundaeSwap, SundaeSwap, SundeSwap and ADAX. Djed will be compatible with Vasil hard forks. Future versions of Djed are expected to include dynamic fees and prices, as well as support for staking.
COTI is an enterprise-grade layer-1 and has taken a slow-and steady approach to the issuance Djed. It was first announced at 2021 Cardano Summit, Wyoming. Bar-Geffen, who spoke on the main stage of this year’s event stressed that COTI wanted to ensure that several rigorous stress tests were completed before Djed was launched on the Cardano mainnet. This approach also included ensuring that $ADA liquidity was gradually provided to the Djed smart contracts.
Cardano has not been able to benefit from an ecosystem that is dollar-pegged, unlike other blockchain networks, such as USDT (Tether), and USDC (USD Coin). COTI is the only blockchain network that has conducted KYC/AML checks on all users since its launching in 2017.
Djed, based on Cardano and powered COTI, is an algorithmic stablecoin protocol. It functions as an autonomous bank and buys and sells stable assets based upon a price range defined by a target price. Djed is pegged 1:1 with US dollars and has a base coin ($ADA), and a reserve coin ($SHEN).
To ensure sufficient $ADA in the pool, the algorithmic underpinnings of this asset rely on a collateral ratio between 400-800% for $DJED or $SHEN.
Charles Hoskinson, Cardano founder, has long praised Cardano’s potential to be a DeFi powerhouse. He even created the Cardano DeFi Alliance last year with the goal to create a strong and dynamic ecosystem for the next generation of DeFi innovation. This vision is slowly becoming clearer with the upcoming launch of Djed and another US-pegged stablecoin USDA.
Given recent market turmoil, 2023 looks like a very interesting year for crypto in all its forms, and especially Cardano. The DeFi ecosystem will be tested for the first time. Hoskinson also announced the release Midnight, a privacy-centric network that is based on zero-knowledge technology.
Whatever happens with Midnight’s story, January’s launch for Djed will be a landmark moment for Cardano – and in particular its DeFi ambitions.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

  

Shahaf Bar-Geffen, COTI CEO, has spoken on stage at the annual Cardano Summit held in Lausanne. He confirmed that the company’s algorithmic stabilizecoin will be launched in January following a thorough audit.
Bar-Geffen stated that Djed’s move to the public mainnet was a huge achievement. This was after a lot of hardwork from COTI and IOG (Input Orig Global). Recent market events have shown us once again that volatility is a problem. Djed will provide this safe haven in the Cardano network.
“We need a stablecoin with decentralization and on-chain proof reserves: Djed is exactly that, and I see it becoming a top stablecoin on Cardano.”
COTI announced a launch date several days ago. The hype has been building steadily for Djed. Djed is an algorithmic stablecoin that is over-collateralized and will be integrated straight out of the gate with many COTI partners, including launchpads, wallets, lending protocols, DEXs, launchpads, wallets, and DEXs. Bar-Geffen said that more partnerships will be announced in 2023. The decentralized exchanges that have integrated with Djed since January, AdaSwap Cardax, SundaeSwap, SundaeSwap, and ADAX will offer greater rewards to users who supply liquidity using the COTI stablecoin. Djed will be compatible with Vasil hard forks. Future versions of Djed are expected to include dynamic fees and prices as well as support staking. This was the first announcement made at the 2021 Cardano Summit. Bar-Geffen, who spoke on the main stage of this year’s event stressed that COTI wanted to make sure that several stress tests were completed before Djed was launched on the Cardano mainnet. Also, that $ADA liquidity had been gradually provided to the Djed smart contracts in line with this approach. COTI is the only blockchain network that has conducted KYC/AML checks on all users since its launch in 2017. Djed is pegged 1:1 with the US Dollar and has a base coin ($ADA), as well as $SHEN, as a reserve currency. The algorithmic basis of the asset is based on a collateral ratio between 400-800% for $DJED or $SHEN to ensure that there is enough $ADA in the pool. He even created the Cardano DeFi Alliance last year with the goal to create a strong and dynamic ecosystem for the next wave in DeFi innovation. Djed’s launch, along with USDA, a US-pegged stablecoin is gradually bringing that vision into focus. 2023 is shaping to be an exciting year for crypto, and especially Cardano. Not only will the latter’s DeFi ecosystem be battle-tested for the first time, but Hoskinson recently announced the release of a new privacy-centric network, Midnight, underpinned by zero-knowledge-proof technology.Whatever happens with Midnight, January’s launch of Djed will be a watershed moment for Cardano – and in particular its DeFi ambitions.Disclaimer: This article is provided for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.