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One Technical Hurdle Left As COTI Announces Cardano Stablecoin Launch Next Week

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thecryptobasic.com 25 January 2023 08:37, UTC
  
Reading time: ~2 m

There is only one technical hurdle left. Cardano’s Stablecoin Djed is Scheduled To Launch Next Week.


Djed, Cardano’s stablecoin, will launch next week in line with COTI’s promise to launch in January.

COTI, the stablecoin issuer, made this known in a tweet on Tuesday. According to COTI in the accompanying blog post, the only hurdle left is the chain index syncing process, which started last week. The stablecoin issuer expects that this could take up to 14 days. Hence, the announcement of the Djed launch for next week.

We are pleased to share another update about Djed's progress and to inform you that the launch is scheduled for next week!

Read more: https://t.co/7kPjfGMNmk$DJED $COTI @InputOutputHK @Cardano pic.twitter.com/mHA5KVblay

— COTI (@COTInetwork) January 24, 2023

In other details, the team revealed that as part of its reported plans to enable staking for ADA in the Djed smart contract as an additional incentive for SHEN holders, it is creating an interface on djed.xyz to enable holders to track their rewards. Meanwhile, it has also added a refund button to enable users to cancel orders before they are processed.

In response to the latest developments, several Cardano community members have expressed excitement, as they believe the stablecoin will bolster decentralized finance (DeFi) activity on the network. Meanwhile, others are keen on seeing the smart contract audit that COTI promised to release before launch. Notably, the latest blog post does not mention the audit. However, COTI does promise to release more updates as the launch date draws closer.

For context, Djed is an over-collateralized algorithmic stablecoin issued by COTI that will run on the Cardano network. The stablecoin will maintain its peg through a 400% to 800% collateralization ratio with its reserve coin, SHEN, per details revealed by COTI.

After launch, the Cardano network will collect fees in the stablecoin. In addition, partnerships established by COTI have ensured that it will also be useful for payments.

As The Crypto Basic reported yesterday, Bitrue, a leading Singapore-based crypto exchange, has already committed to listing Djed and SHEN at launch.


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