Cardano’s stablecoin Djed ready to launch on Bitrue; what does this mean for ADA?

The COTI Network has sent ripples through the crypto community with the recent announcement of the highly anticipated Cardano stablecoin, Djed, set to launch next week.

Though the exact launch date remains a mystery, previous statements from the company suggest it will be before the month’s end.

Only one thing stands in the way of the launch: the chain index syncing process. This process was initiated a week ago and is expected to take 14 days, hinting at a possible launch date of February 1, 2023.

More is in the works for COTI

COTI also made waves with the news that both Djed and its balancer coin, SHEN, will be listed on the Bitrue exchange. A move that is sure to bring even more attention to the ‘Djed’ stablecoin and create more liquidity for its holders.

Djed stablecoin is the latest addition to the portfolio of COTI, a layer-1, highly-scalable enterprise network.

Additionally, they have also been innovating the tracking process, creating a snapshot mechanism and user-friendly interface to keep tabs on rewards. 

“As we strive to stake ADA deposits to ‘Djed’ and provide extra rewards for $SHEN holders, a new system is taking shape. We’re excited to unveil a snapshot mechanism and accompanying user interface, which will allow $SHEN holders to track these bonuses in real-time via djed.xyz. It’s all part of our ongoing mission to maximize returns for our community.” – COTI Network.

How the new system will work: ADA x DJED x SHEN

ADA, the native token of the Cardano blockchain, serves as the backbone of the Djed stablecoin. 

When sent to the stablecoin smart contract, it is exchanged for DJED, the stablecoin itself. Acting as the stabilizing force is a third token, SHEN, which maintains a balance when ADA prices fluctuate.

This ensures that the stablecoin remains overcollateralized with ADA, providing added security for holders.

In a recent statement, COTI emphasized the robustness of the Djed stablecoin, highlighting that it is over-collateralized by a staggering 400% to 800%. Hence, for every 1 DJED minted, there is 4 to 8 times more underlying value supporting it.

This level of over-collateralization provides unparalleled security and stability for holders of the Djed stablecoin.

ADA price flops

ADA is currently experiencing a substantial retrenchment, with the coin dropping 6.4% as it returns to its support levels.

ADA soared to an eleven-week peak of $0.384 on January 22, but like the rest of the crypto market, it has since retreated. Presently, it is trading at $0.354, having taken a significant dip over the last six hours.

The recent dip may be a prime opportunity to buy, as the upcoming launch of Djed could potentially send ADA prices soaring even higher.