coinedition.com
The much-anticipated introduction of the Djed stablecoin is planned for next week. This development will allegedly stimulate growth and the creation of new applications in the Cardano ecosystem’s decentralised finance (DeFi) industry, which is undergoing fast development.
According to cryptocurrency pundits, this entrance will also help Cardano (ADA) compete in the altcoin space. COTI, a platform optimised for creating price-stable coins and the soon-to-be official issuer of Djed, said on Tuesday;
We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week.
The developers also said they were working on a snapshot function and user interface (UI), which would eventually be included in Djed. The interface will make it easier to stake Cardano (ADA) and produce additional incentives for holders of $SHEN, as well as provide holders of $SHEN with the ability to monitor other prizes.
In addition, more than 40 different platforms, including exchanges like WingRiders and Bitrue, have already signalled their commitment to assist Djed and Shen by listing them on their platforms and forming relationships with related businesses.
It is important to note that Cardano’s price had a relatively low profile through January this year, according to CMC analytics. Hence, the imminent debut of the network’s stablecoin Djed is anticipated to continue the increase of Cardano’s price. A rise would result in the alternative cryptocurrency maintaining a price above $0.381 and hitting its crucial resistance at $0.402.
Cardano (ADA) is changing hands at $ 0.378897 with a 24-hour trading volume of $446,847,444 at press time. The ADA/USD pair has a live market cap of $13,104,115,414, according to Coinmarketcap data.