According to COTI, the stablecoin’s issuer, the stablecoin’s first algorithmic stablecoin DJED will eventually be launched on the network’s mainnet in January 2023. This is a vital piece of news related to Cardano. Shahaf Bar-Geffen (CEO of COTI) made the announcement Monday at the Cardano Summit in 2022. It was later confirmed by their official
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According to COTI, the stablecoin’s issuer, the first algorithmic stablecoin DJED will eventually be launched on Cardano’s mainnet in January 2023.
Shahaf Bar-Geffen (CEO of COTI) made the announcement Monday at the Cardano Summit in 2022. It was later confirmed by their official Twitter account. This announcement comes after it was revealed the postponement of Vasil Hard Fork had caused a delay to the mainnet debut.
DJED Launches DJED Pay
The announcement states that the launch date was set for January 2023 due to the successful audit of the over-collateralized algorithmic stabilitycoin.
The Cardano Foundation and COTI have also introduced Djed Pay, a payment platform and cryptocurrency payment portal that allows businesses to accept Djed as a payment.
@shahafbg announced that $Djed, Cardano’s over-collateralized stablecoin, will be live on Mainnet in January 2023.
Read the full announcement: https://t.co/IQpSklfuGP@InputOutputHK @Cardano $COTI pic.twitter.com/K7NnsIli9x
— COTI (@COTInetwork November 21, 2022
COTI has only provided an update on Djed development efforts to the community for two months. This included steps to improve off-chain code to better accommodate Cardano node 1.35.x on private test environments.
Bar-Geffen stressed the importance of Djed’s launch, while also pointing out the effort made to ensure the stablecoin’s success, with joint efforts by COTI and Input Output Global.
He went on to say,
“Recent market events have shown us again that we require a safe haven against volatility, and Djed in the Cardano network will serve as that safe haven.” We need a stablecoin that is not only decentralized but also has chain proof reserves.
DJED’s new partnerships
According to the statement, the stablecoin will merge with a few special partners (DEXs), and some of the 40 collaborations already formed. Customers who use the stablecoin and contribute liquidity to it will be eligible for incentives in the form rewards from the DEXs to which Djed will connect.
The cooperation with Cardano DEX WingRiders, a market maker, was one of the many partnerships that the organizations have formed. A collaboration with Cardano Warriors, an on-chain RPG, will allow players to use Djed instead of ADA as a means of payment. Axo and Empowa have also indicated that they intend to integrate the stablecoin.
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The COTI team also revealed that the stablecoin would receive all the necessary updates and enhancements. They will use all their resources to ensure customers and partners get the best from the stablecoin.
Market Reaction On Cardano News
The price of Cardano’s native token, ADA, has not been affected by the news. Despite the turmoil in crypto market FTX, the price has remained stable. XRP’s current price is $0.30 at the time this article was written. It has risen 1.2% in the last 24 hours.
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