Cardano Blockchain Platform Proof-of-stake has partnered with COTI, a DAG-based Layer 1 protocol, to launch what it calls The project announced that the stablecoin would be backed by a surplus of collateral in the form of a digital currency held in reserve.
Djed is scheduled to go live on mainnet in January 2023. According to the developers, Djed will be pegged to the US dollar backed by Cardano ($ADA) and will use $SHEN as a back-up coin.
The algorithmic stablecoin will be integrated with selected partners and Decentralized Exchanges (DEX), which will reward users for providing liquidity using Djed, developers plan to adopt a gradual and slow approach to provide $ADA liquidity to Djed smart contracts.
In an official announcement at the Cardano Summit, Shahaf Bar-Geffen, CEO of COTI, said: “Recent market events have once again proven that we need a safe haven from volatility and Djed will serve as a safe haven. The Cardano network, where not only do we need a stablecoin, we need a coin that is decentralized and has on chain proof of reserves.”
The post “Djed Stablecoin Will Serve as a Safe Haven on the Cardano Network,” COTI CEO appeared first on Bitcoin Addict.