The ‘Djed’ Cardano stablecoin’s long-awaited debut date has been revealed. Additionally, the COTI Network revealed on January 25 that the Cardano stablecoin would go live the following week. Although a date was not given, earlier blog posts suggested that it might happen before the end of January.
We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week!
— COTI (@COTInetwork) January 24, 2023
The chain index syncing procedure, it said, was the sole thing delaying the launch. The debut date may be around February 1 because this was begun a week ago and is expected to take 14 days.
DJED and its balancer currency, SHEN, would be listed on the Bitrue market, according to COTI’s announcement.
Cardano Stablecoin Incoming & Price Tanks
The Djed stablecoin has been developed by COTI, a layer-1 scalable corporate network. It further mentioned that an interface and snapshot mechanism had been created to keep track of awards.
As part of our effort to stake the ADA that is deposited to the Djed smart contract and generate extra rewards for $SHEN holders, we are developing a snapshot mechanism and UI that will be added to djed.xyz, where $SHEN holders will be able to track these extra rewards.
In exchange for DJED, ADA is paid to the stablecoin smart contract. When ADA prices change, a third token called SHEN serves as a buffer. As a result, ADA will be used as too much collateral for the stablecoin.
Coti indicated last week that Djed is 400% to 800% overcollateralized. This indicates that it has 4 to 8 times more underlying value than the whole amount of Djed ever produced, it continued.
Cardano’s top DEX, Minswap, has also published a few pools for the new coins. Cardano enthusiasts and ADA owners have been eagerly awaiting their debut.
— Minswap Labs (@MinswapDEX) January 24, 2023
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But during the Wednesday am Asian trading session, ADA fell. However, ADA prices are now going through a significant decline, according to data from CoinMarketcap. On one day chart, ADA is down 6.4% as it approaches support levels.
On January 22, ADA achieved an eleven-week high of $0.384 but has since fallen along with the rest of the cryptocurrency market. After seeing a significant decline, at the time of writing, it is trading at $0.3563.
In the lead-up to the Djed launch, the pullback may present another purchasing opportunity, which might drive ADA prices further higher.