thecoinrepublic.com
- WingRiderDEX hinted about something coming up but never disclosed the details.
- Djed and WingRidersDEX partnership was announced in 2022.
- DJED would be overcollateralized stablecoin built to power the Cardano ecosystem.
Any new announcement in the crypto world is often taken with a pinch of salt. WingRiderDEX has hinted in a Twitter post of something big coming up soon.
Something BIG is coming to #WingRidersDEX. Something you have been waiting for quite some time.
— WingRiders (@wingriderscom) January 20, 2023
WingRiders & @COTInetwork announcement soon 👀
Wanna guess what it is? Comment 👇 pic.twitter.com/vyW7mj4o90
They just hinted at something coming but never clarified, leaving users guessing what it might be about:
“Something BIG is coming to WingRidersDEX. Something you have been waiting for quite some time. WingRiders and COTI network announcement soon.”
Such an announcement from a major crypto entity has left users scratching their heads into guessing what it could be, with some saying that this could be the launch of a new stablecoin Djed.
Well, with $COTI up and the @wingriderscom announcement, I am gonna say: $DJED is just around the corner. #Cardano #StayCoti
— Mad Orkestra (@MadOrkestra) January 20, 2023
A user with the recent announcements believes that DJED could be around the corner.
In August 2022, a partnership between Djed and WingRidersDEX was announced by COTI to explore the possibilities of Djed stablecoin integration into WingRiders DEX. This was the major reason for the assumptions after the Twitter announcement.
What is DJED?
It is the overcollateralized stablecoin especially built to power the Cardano ecosystem. It was initially announced in 2021, and since then, COTI has diligently worked with the Cardano IOG team on Djed’s development. There are more than 40 partnerships in place for Djed’s proper utilization.
Stablecoin DJED is a project that will lock ADA coins as collateral. The more $DJED is used, the lower the supply on the open market will be. This can increase the market value of $ADA. #Cardano
— Cardanians 🚀 stake with CRDN3 (@Cardanians_io) January 22, 2023
A Twitter post hints towards the overcollateralized stablecoin launch in January.
This is HUGE! 🚨 $DJED the stablecoin of #Cardano will launch within the next 7 days!👀$COTI will power @DjedStablecoin which is major for #COTI and this will send it!🚀
— MANDO CT (@XMaximist) January 22, 2023
I jumped into $COTI for the ride up! https://t.co/WOjE4XinWJ pic.twitter.com/G8B1cLNrhT
According to the announcement from the COTI network, their goal for 2023 is to push DJED into becoming a dominant stablecoin on the Cardano network. Saying that technical improvements will keep rolling out, including full Vasil support and staking through the smart contract.
COTI
At the time of writing, COTI was currently trending at $0.08938 with a rise of 11.67%, and its value against Bitcoin rose by 12.41% at 0.000003936 BTC. The market cap jumped by 11.80% and was at $99 million; at the same time, there was a massive jump of 118.75% in its volume at $25 million. It shares a market dominance of 0.01% while being ranked at 247.
The currency rate was 86.93%, down from its all-time high of $0.6826 on October 31, 2021. At the same time, it was up by 1332.45% from its all-time low of $0.006226 hit on November 9, 2019.
Cardano ADA
This announcement has benefitted the coin; at the time of writing, it was trading at $0.3719 with a jump of 1.09%, and its value against Bitcoin saw a rise of 1.68% and was at 0.00001636 BTC. At the same time, Market Cap rose by 1.09% and was at $12.8 billion, with its volume rising by 17.05% and at $689 Million in the last 24 hours. Sharing a market dominance of 1.23% and ranked at 8.