In January of next year, DJED, the first-ever algorithmic stablecoin based on Cardano, will be released. In a recent podcast aired by the crypto-focused channel big pey, Shahaf Bar-Geffen, CTO of the COTI network, made this statement.
— Shahaf Bar-Geffen (@shahafbg) December 13, 2022
Earlier, Bar-Geffen said Djed would be introduced to the mainnet following the Vasil Hard fork and last-minute checks.
Djed is an algorithmic stablecoin that uses ADA to run an autonomous bank, and its testnet went live on May 4. The money was created and delivered through Cardano’s IOG. It is backed by ADA and employs SHEN as a reserve coin.
Following the introduction of the stablecoin testnet, a level 2 audit verification of the on-chain code was done in order to avoid any potential security holes and confirm that the design and code are of high quality in terms of knowledge and reliability.
On the platform, more than 514k Djeds have been created. Additional SHEN reserve coins totaling 6,688,918 were also produced, resulting in a reserve ratio of 653%.
The Djed team said last week that its testnet version had been reactivated, and a number of new tools had been added.
As a result, the asset has improved functionality and is now ready for testing before going live on the mainnet.
The algorithmic stablecoin will be integrated with a few select partners and Decentralized Exchanges [DEXs].
The DJED For Cardano Will Cut Transaction Cost By 60%
Further, the developers plan to slowly and steadily give Cardano liquidity to the Djed smart contract in order to grow at a healthy and acceptable rate.
COTI’s CEO, Bar-Geffen, discussed the upcoming audit as well as what users should anticipate from the launch. In the Q&A session, he stated deploying on the mainnet by 2023.
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These are the exact words he used to describe massive script improvement. Since the transaction’s sending cost will be lower by around 60%, money will be saved.
The Exchange Rate Acquisition Module has been updated to provide at least six resources in order to improve user safety.
In addition, 80% of test objectives are already implemented to automatically test legit smart contracts and Plutus backhand applications [BAP].