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FIRST STABLECOIN IN THE CARDANO NETWORK

 


First stablecoin in the Cardano network

One major piece of news related to Cardano is that the first algorithmic stablecoin DJED will be launched on the network’s mainnet in January 2023, according to COTI – the stablecoin’s publisher.


COTI CEO Shahaf Bar-Geffen made the announcement on Monday during Cardano Summit 2022, which was later confirmed by his official Twitter account . This news comes after it was revealed that the earlier postponement of the Vasil hard fork caused a delay in its mainnet debut.

According to the announcement, the launch date has been set for January 2023 after the comprehensive audit of the over-collateralized algorithmic stablecoin was successful.


A payment platform and cryptocurrency payment gateway called Djed Pay has also been launched by the Cardano Foundation and COTI, allowing businesses to accept Djed as a form of payment.


As announced by @shahafbg on the main stage of #CardanoSummit2022, we are excited to announce that Cardano's stablecoin $Djed will go live on mainnet in January 2023!


It has only been two months since COTI last provided the community with an update on the Djed development effort, which included steps to improve the off-chain code to bring the Cardano node version 1.35.x into to support the private test environment more effectively.


Bar-Geffen, the CEO of COTI, emphasized the importance of Djed's launch and the efforts that have been made to ensure the stablecoin's success.

The stablecoin will be co-launched by already 40 existing collaborations with some dedicated partners and decentralized exchanges (DEXs) when it launches. Clients who use the stablecoin and contribute to its liquidity will receive incentives in the form of rewards from the DEXs that Djed will be connected to.

Among the numerous partnerships the organizations have entered into, a collaboration with Cardano DEX WingRiders was agreed in August.

Also, a collaboration with on-chain game Cardano Warriors will allow players to use Djed as payment method instead of ADA. In addition, Empowa and Axo have also announced their intention to integrate the stablecoin.

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