The Cardano-powered algorithmic stablecoin Djed ($DJED) has just lately achieved a big milestone after seeing its complete tokens in circulation surpass the 4 million mark, with 4.2 million now in circulation. Djed is an overcollateralized stablecoin that depends on Cardano’s native blockchain token, ADA, and employs SHEN as a reserve coin.
With a reserve ratio of 380%, Djed gives an enhanced layer of safety, as its present circulating provide is supported by almost 4 instances the quantity of its excellent cash. The circulating provide is presently backed by round 38.9 million ADA tokens.
The mission’s $SHEN reserve coin is in the meantime presently priced at 1.13 $ADA and has a circulating provide of 25.7 million tokens. By shopping for and promoting SHEN, customers can contribute to the soundness of the USD forex peg of Djed, and earn a share of transaction charges within the reserve pool. Holders of SHEN may doubtlessly revenue from its short-mid time period worth fluctuations.
Djed itself is a formally verified algorithmic stablecoin for Cardano that’s backed by cryptocurrency, IOG, the corporate behind the event of Cardano, designed the stablecoin, whereas COTI Group is answerable for issuing it. The stablecoin was introduced again in September 2021, and launched earlier this yr.
In keeping with Djed’s website, $DJED is supposed to be backed by “400-800% overcollateralization and is assured by its reserve coin, $SHEN.” Being overcollateralized, the web site provides, means the protocol “eliminates the necessity for belief in a governance token as seen in algorithmic stablecoins.”
After launch, the stablecoin was shortly supported by various Cardano-powered decentralized exchanges (DEXes), reminiscent of MuesliSwap, Minswap, and WingRiders, in addition to a number of main exchanges together with Bitrue.
Djed’s development comes as the entire worth locked on the decentralized finance (DeFi) ecosystem of the Cardano community surges. 12 months-to-date, it has grown by over 250%, as CryptoGlobe just lately reported.
Notably, the newest Cardano community statistics have revealed that 124 tasks have been launched on Cardano, and that 8.1 million native tokens have been launched as effectively throughout 71,500 token insurance policies.
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