The crypto community is eagerly anticipating the launch of Djed, the first algorithmic stablecoin built on one of the largest proof-of-stake blockchain networks.
Developed by IOG and powered by Coti, a layer-1 scalable enterprise network, Djed is a crypto-backed, over-collateralized algorithmic stablecoin that is backed by ADA that uses its own payment system, DjedPay, suitable for both merchants and non-profit organizations.
Djed is entering a crowded stablecoin market that already accounts for 13% of the entire crypto market cap and close to a third of the top ten assets. However, it has a unique feature of being over-collateralized by 400% — 800%. This indicates that it has 4 to 8 times more underlying value backing it, than the total sum of Djed minted.
The ambitious features of the stablecoin may also affect ADA’s overall market position, which has already experienced significant growth this month.
Djed is set to be launched in January
The stablecoin’s mainnet release has been expected in early 2023, and now the official handle of Cardano-powered stablecoin has announced that Djed will be launched later in January.
And yes, $Djed is still on track for launching THIS month 🚀
— 𓊽 Djed 𓊽 (@DjedStablecoin) January 14, 2023
The rollout of Djed will be a significant event for the Cardano Network, as it might suggest an increase in the Total Value Locked (TVL) in the ecosystem.
Recently, the Djed team secured a new partnership with DLT development startup Yepple to provide access to NFT payment gateways, which will enable any NFT to be accepted as a payment option. This partnership is expected to ensure that Djed is used in the best and most optimal way along with the whole ecosystem of Cardano.
Overall, the launch of Djed stablecoin on the Cardano blockchain is an exciting development for the ecosystem. The over-collateralized algorithmic stablecoin aims to not only increase the Total Value Locked in the ecosystem but also bring more liquidity and stability to the Cardano Network.
The partnership with Yepple will ensure that the stablecoin is used in the best and most optimal way within the Cardano ecosystem. As the launch date approaches, it will be interesting to see how this new stablecoin will fare in the competitive stablecoin market and how it will contribute to the growth of the Cardano ecosystem.