Cardano-based first-ever algorithmic stablecoin DJED would be rolled out in the month of January next year. This was revealed by Shahaf Bar-Geffen, CTO of the COTI network in a recent podcast hosted by a crypto-focused channel big pey.
Earlier, Bar-Geffen stated Djed would be deployed to the mainnet once the Vasil Hard fork and the final audits are complete.
Djed, an ADA-powered 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.
As reported by TronWeekly, the stablecoin’s testnet version was successfully launched a few months ago.
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.
More than 514k Djeds have been minted on the platform. In addition, 6,688,918 SHEN reserve coins were minted, giving a reserve ratio of 653%.
Last week, Djed team shared on its social media channels, its testnet version was reactivated with a number of new instruments added.
This means the asset is now available for testing with enhanced functionality prior to its mainnet launch.
With the help of a few carefully chosen partners and Decentralized Exchanges [DEXs], the algorithmic stablecoin will be incorporated. DEXs will pay users for utilizing Djed to provide liquidity.
Cardano’s DJED Will Reduce Transaction Cost By 60%
Furthermore, the developers intend to provide Cardano liquidity to the Djed smart contract gradually and slowly in an effort to grow at a rate that is healthy and sustainable.
The head of COTI, Bar-Geffen, spoke about the pending audit as well as what users can expect for the launch. Here are his exact words from the Q&A session where he mentioned deploying on the mainnet by 2023.
Extensive script optimization to increase the throughput. It will cut down about 60% of the fees that are associated with transmitting the transaction, making it cost saving. At Exchange rate acquisition module has been updated to support atleast six external sources, thus making it more safer to use. 80% of test objectives are already implemented to automatically test legit smart contracts and plutus backhand applications [BAP].