Cardano’s stablecoin DJED is slated to go live next week, although an exact date has not been specified, as revealed by its developer COTI.
The chain index syncing process, which would take a total of 14 days, was reportedly started a week ago, according to the COTI Network. This suggested that the launch will begin around February 1.
COTI added that this is the only “technical bottleneck” holding up the launch at the moment.
In the blog post, the decentralized transaction network also shared updates on the upcoming listing of the stablecoin. Major Singaporean crypto exchange Bitrue would add DJED on its platform.
The protocol’s backup token, SHEN, will also be traded on the exchange. SHEN serves as collateral for the stablecoin and is itself collateralized by Cardano’s native token, ADA.
Additionally DJED’s DEX partner Wingriders also spread the word of an forthcoming announcement on Twitter.
Cardano’s latest update is in a long line of upgrades that have fueled hope for ADA community which is anticipating a turnaround in the asset’s price action.
ADA is still looking to recoup from its losses suffered in the bear market of 2022 and is currently trading at $0.35, down by 6% in the past 24 hours.
Upcoming Updates on the Cardano Ecosystem
Morover, Cardano’s total value locked is only $77 million, but has increased by 57% since January 1 to show how swiftly its network is expanding.
In fact, GitHub statistics constantly identifies Cardano as either one of the most active networks or the network with the most daily activity.
Apart from that, it will undergo its next upgrade, which will include a significant change to the Plutus smart contract language, in February.
For the most part, this update will “enable ECDSA and Schnorr cryptographic signatures to make it easier for developers to construct cross-chain apps,” which essentially means that Cardano will soon gain more interoperability.
Further, its ecosystem has been expanding steadily over the past few months, with over 1,100 apps and projects presently developing on its network, in addition to over 110 projects that have previously been launched.
It’s noteworthy to mention that Cardano has had recent growth since more than 5,400 Plutus scripts—the platform’s take on smart contracts—have been deployed since the network allowed smart contracts last September. After the update in February, this number is probably going to rise even higher.