Dipopang Kripto ADA, Stablecoin Djed Withdraws Attention From The Crypto Community

Stablecoin Djed. (Photo; Doc. Cardano Cube)

JAKARTA The new stablecoin Djed (DJED) built on the Cardano network managed to collect millions of ADA into its reserves. Based on Djed's statement, the stablecoin has experienced a significant spike in reserve assets.

The data shows that DJED has a reserve ratio of 591 percent with more than 27 million ADA tokens supporting it, according to a DailyHodl report. The DJED website also provides insight into the stablecoin mechanism and how stablecoins remain stable due to excessive guarantees.

"DJED is a stablecoin with excessive guarantees that uses exogenous guarantees to ensure stability. This protocol is supported by 400 percent 800 percent over-colateralization and guaranteed by its spare coin, SHEN," wrote Djed's statement.

DJED's stability is based on over-colateralization, which eliminates the need for trust in governance protocols as seen in algorithmic stablecoins, he added.

DJED, created by the COTI Network (COTI) payment platform and backed by Cardano's original assets, was officially launched earlier this week on the Cardano blockchain.

Djed Helps to Improve Digital Asset Adoption

Prior to its launch, COTI said it had made significant changes to stablecoins, such as making a Djed transition to a multi-chain network that supports private payment networks and reducing deposit fees by 50 percent.

According to COTI, this change will help the widespread adoption of digital assets as a means of payment for goods and services.

"This launch marks a major step for the crypto industry, as well as COTI, as this [increase] will increase the widespread adoption of crypto payments for companies that have not adopted crypto payment solutions," COTI said.