[ad_1]
Djed, a decentralized stablecoin pegged to the US dollar, launched on the Cardano blockchain after being in development for over a year. Djed is developed by blockchain company Coti in collaboration with core developer Cardano Input Output.
Djed aims to be deployed on DeFi protocols in the Cardano ecosystem as a stable alternative to volatile cryptocurrencies.
Any stablecoin will be guaranteed in excess of 400-800% with Cardano’s native ADA assets — while using SHEN as a backup coin. This over-collateral makes it similar to the stablecoins of the Ethereum ecosystem, but has a minting and burning mechanism like other algorithmic stablecoins.
Djed is expected to be integrated into 40 applications in the Cardano ecosystem. It already has support from decentralized exchanges MinSwap, Wingriders and MuesliSwap. In November, the Coti team notified The Block that they planned to launch DjedPay, a service that will allow merchants and other crypto players to accept payments in stablecoins.
© 2023 Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
[ad_2]
Source link
