After more than a year of development, Djed, a decentralized stablecoin intended to track the US dollar, was finally released on the Cardano blockchain. Input Output, a main developer for Cardano, and Coti, a blockchain company, jointly created Djed.
In the Cardano ecosystem, Djed is intended to be used on DeFi protocols as a reliable substitute for volatile coins.
With Cardano's native asset, ADA, each stablecoin will be over-collateralized by 400–800% while utilizing SHEN as a reserve coin. It is comparable to the Ethereum ecosystem's dai stablecoin because to its excessive collateralization, but it also contains a minting and burning process like other algorithmic stablecoins.
Within the Cardano ecosystem, Djed is anticipated to be included into 40 applications. Decentralized exchanges Wingriders, MuesliSwap, and MinSwap have already endorsed it. The Coti team revealed their plans to provide DjedPay, a service that would enable retailers and other crypto players to accept payments in the stablecoin, to The Block in November.
