First Decentralized Stablecoin on Cardano to Launch in January 1

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First Decentralized Stablecoin on Cardano to Launch in January 1

Djed – Cardano’s first decentralized stablecoin – will launch mainnet in January 1.

The developers of Djed announced this information at the Cardano Summit event in Lausanne, Switzerland.

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As originally revealed, Djed is a stablecoin Decentralized is soft pegged to the US dollar and it is developed on the layer-1 blockchain of Cardano.

In addition, Djed is backed by crypto assets instead of fiat money. Djed is developed by a company called Coti in partnership with the developer Cardano Input Output.

“Djed has been in development for over a year. Upon launch, Cardano users will be able to take ADA — the native cryptocurrency of the Cardano network — and use it as collateral to mint Djed,” the developers said.

According to some industry experts, “Cardano’s stablecoin Djed is developed under the framework of DAI, the most popular decentralized stablecoin in the Ethereum ecosystem.”

Each Djed will require more than 400% of the collateral value to be minted.

Coti CEO Shahaf Bar-Geffen said: “Djed considers the great things of cryptocurrencies as collateral, meaning no fiat in the system, but also attaches great importance to collateralization. level out".

At launch, Djed will be integrated into 40 apps in the Cardano ecosystem, Bar-Geffen said. 

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