Cardano Will Ask Stablecoin Djed In January 2023

Djed's algorithmic stablecoin will launch next year. (Photo; Doc. Halovina)

JAKARTA - Djed is a stablecoin COTI Network project that will be launched on the Cardano network. As is known, COTI has entered into a partnership with Cardano for the project. COTI CEO and founder Shahaf Bar-Geffen announced Djed's launch plan. It is planned that Djed stablecoin will be released in January 2022.

According to a statement shared by Bar-Geffen CEO at Cardano Summit, Cardano's biggest community event of the year, the much-awaited stablecoin Djed, algorithm-supported algorithm, was finally aired in January 2023.

According to his statement, Cardano's excessively guaranteed stablecoin algorithm will undergo a full third-party security audit and will be released on the mainnet after all developers and testers are confident of its safety and usefulness.

Liquidity in Cardano (ADA) will be injected into the Djed mechanism in stages to protect the balance of guarantees from the surge in volatility. Bar-Geffen emphasizes the importance of Djed Cardano for the second largest proof-of-stake (PoS) network ecosystem, decentralized applications and users.

Djed turning to public mainnets is a tremendous achievement, after a lot of hard work from the IOG and COTI. Recent market events have proven again that we need safe shelter from volatility, and Djed will serve as this safe haven on the Cardano network, "said Ber-Geffen.

"We don't just need stablecoins, but we need decentralized stablecoins, and have proof of network backups. Djed is just that and I see it being the top stablecoin on the Cardano network, given that all integration partnerships have been signed for it," the COTI CEO added as quoted by U.Today.

Djed Will Integrated on 40 Crypto Exchanges

The plan is that Djed will be integrated with more than 40 crypto trading platforms after the launch of its mainnet. Not only the exchange, the stablecoin will also be present in various DeFi protocols, crypto lending platforms, and others.

Djed's launch will reportedly strengthen Vasil's hard fork compatibility and Cardano network upgrade. In addition, development plans to launch network cost services and staking features.