Cardano’s Stablecoin Djed Is Just Around the Corner; Details

The Cardano ecosystem is bursting with a lot of activities. The next project in the lineup is Djed, its algorithmic stablecoin after its successful launch of the testnet version, a few weeks back.

In accordance with recent updates shared by its team, Djed would be deployed to the mainnet once the Vasil Hard fork and the final audits are complete.

Djed, a crypto-backed algorithmic stablecoin that operates as an autonomous bank, was launched on testnet on May 4. Developed by Cardano’s IOG and issued by COTI. It employs SHEN as a reserve coin and is backed by ADA.

Named after an Egyptian symbol that represents stability, the reserve coin, SHEN counters ADA price volatility by covering deficits and ensuring the collateralization rate.

To mint Djed, users must interact with a smart contract by sending ADA to its address. The token will then be returned to the user via smart contract.

Immediately after the testnet launch of the stablecoin, a level 2 audit certification of the on-chain code was conducted to remove any chances of security vulnerabilities and ensure that the specification and code are of good quality in terms of understanding and maintainability.

Over 514k Cardano’s Djed Has Been Minted

The blog also states that over 514k Djeds have been minted on the platform. In addition, 6,688,918 SHEN reserve coins were minted, giving a reserve ratio of 653%.

At the moment, corrective steps have been applied accordingly, and a new version of the code is being submitted for a final audit.

In an earlier report by TronWeekly, the Vasil testnet hard fork proposal has been submitted. These changes is slated to reflect on the testnet by July 3.

After the Vasil hard fork is implemented to the Cardano testnet, “staking pool operators [SPOs], developers, and exchanges will have roughly four weeks to test an upgrade before the mainnet is hard forked,” IOHK, the R&D team revealed.

Recently Cardano’s token ADA went live on one of Canada’s biggest exchanges Netcoins along with SOL, DOT and GALA. However on the price front, ADA is languishing near $0.44, almost 85% down since its all-time high of $2.9.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.