The overcollateralized stablecoin from the Cardano team has been launched on the Cardano mainnet.
Djed is an algorithmic concept based stablecoin, which was initially introduced by the Cardano founder Charles Hoskinson in 2021. Despite the failure of the top-ranked algorithmic stablecoin TerraUSD, Hoskinson planned to make Djed stablecoin the best stablecoin in terms of collateral reserves & also functioning on behalf of smart contract abilities.
On 31 Jan 2023, Coti network, a layer-1 blockchain network developer team and also the developer of the Djed stablecoin, announced on Twitter that Djed is now live on the Cardano main network.
Just a few days ago, we reported that Djed stablecoin was expected to go live on 1 Feb 2023, as Djed was already executed under a process to go live.
To bring Djed’s stablecoin adoption rate fast, Djed established partnerships with 40 new teams. To this date, Djed stablecoin is available on Cardano’s Defi protocols MinSwap, Wing riders, and MuesliSwap.
So far to this date, Djed is not available on any centralized crypto exchange but Bitrure Crypto exchange announced that it will add support for Djed stablecoin soon in near future.
ADA price action
Ada is a native coin on the Cardano Blockchain network. The current trade price of the ADA coin is $0.3881 & this price is 2.16% high over the last 24 hours.
In the present time, Crypto Market is moving under a bullish moment and the current trade price is 55.85% high over the last 30 days of trade price.
Read also: The US SEC settles case with LBRY token team