• Rick McCracken, owner of the ADA staking pool DIGI, predicted a close launch date for Djed mainnet.
• Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network with a collateral rate between 400-800%.
• Djed is protected against exposure to ADA’s volatility by having another token, SHEN, as the stablecoin’s reserve currency.
Rick McCracken, the owner of the ADA staking pool, DIGI, and also a Cardano supporter, predicted a close launch date for the Djed mainnet based on a discovery from a new stablecoin test. Earlier this month, Djed’s official Twitter handle confirmed that the stablecoin’s launch this month remains on track. The COTI Network also announced a new partnership with Yepple Incorporated on January 5, which aims to ensure optimal usage of Djed in the Cardano ecosystem and promote the integration of the payment for NFT transactions using Djed.
Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network. It is an over-centralized stablecoin with a collateral rate between 400-800%, which is described on adapulse.io. The CEO of the COTI Network, Shahaf Bar-Geffen, stated that Djed would have another token, SHEN, to protect it against exposure to ADA’s volatility. SHEN would act as the stablecoin’s reserve currency, maintaining its price stability and ensuring the 400-800% collateral guarantee against price fluctuations.
The testnet version of the stablecoin was initially launched in December 2022. The Djed official website reveals that the mainnet version is set to launch in the first quarter of 2021. The DjedPay payment app is also scheduled to launch alongside the mainnet, enabling users to make payments with Djed.
Overall, the launch of Djed mainnet is an exciting event to look forward to in the Cardano ecosystem. It will introduce a much-needed stablecoin and payment app to the Cardano blockchain, as well as promote the integration of the payment for NFT transactions using Djed. With Rick McCracken’s prediction, we can only hope that the launch of Djed mainnet will be soon.