1 year ago
In updating Djed’s progress, COTI gave “next week” arsenic the scheduled motorboat day for the Cardano-based stablecoin.
During a caller video presentation, COTI CEO Shahaf Bar-Geffen said the last rollout is expected sometime successful January. In the talk, Bar-Geffen took the accidental to separate Djed arsenic an overcollateralized stablecoin alternatively than an algorithmic stablecoin.
The captious quality is that the erstwhile uses outer collateral, specified arsenic the ADA token successful Djed’s case, which is unconnected to the stablecoin protocol. By contrast, the second uses interior collateral, specified arsenic however Terra LUNA backed the UST stablecoin pre-collapse.
More recently, he drummed up enactment for the coming Djed motorboat portion teasing “more breathtaking quality successful the coming days.”
Djed is readying to launch
Accompanying the launch, COTI stated that Bitrue volition database Djed and the Shen reserve coin.
Although ADA provides the outer collateral, Shen is utilized arsenic liquidity to support the peg terms successful cases of ADA terms fluctuation and the imaginable for insufficient ADA to wage Djed sellers wishing to currency out.
Meanwhile, decentralized exchanged Wingriders hinted that it whitethorn besides database Djed successful a caller tweet.
With “next week” accelerated approaching, the COTI squad said the lone hold-up is completing the concatenation scale syncing process, which takes 14 days but was started past week.
In the meantime, to maximize benefits for Shen holders, ADA staking rewards (from the ADA deposited successful the astute contract) volition beryllium distributed to depositors based connected an upcoming snapshot strategy that incorporates a UI to way payouts.
“We are processing a snapshot mechanics and UI that volition beryllium added to djed.xyz, wherever $SHEN holders volition beryllium capable to way these other rewards.”
What astir dollar-backed stablecoins?
A caller station from Emurgo made the lawsuit for dollar-backed stablecoins connected Cardano.
Emurgo said a dollar-backed stablecoin inspires assurance and acts arsenic a beardown anchor during utmost downside volatility. Additionally, specified stablecoins supply much stableness and are a amended store of worth — particularly erstwhile it comes to facilitating trading, frankincense encouraging a lending and borrowing economy.
Emurgo added that dollar-back stablecoins are tried and tested portion algorithmic stablecoins post-UST proceed to conflict with uncertainty.
Several dollar-backed Cardano-based stablecoins person launched oregon are successful the process of launching, including synthetic dollar offering iUSD which launched successful November 2022, and Cardano’s archetypal dollar-backed stablecoin USDA is acceptable to merchandise successful “early 2023.”
Synthetic dollar refers to backing by different dollar collateralized stablecoins, which successful the lawsuit of iUSD are USDC, TUSD, and USDT.
The station COTI’s ‘overcollateralized stablecoin’ Djed acceptable for last merchandise adjacent week appeared archetypal connected CryptoSlate.
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