Since the collapse of terra in mid-2022, many users in the crypto space have developed a reluctance for algorithmic Stablecoins. This has led to a drop in the market for this asset class of as much as 90% from pre-incident highs. Despite that, a new algorithmic Stablecoin has now been successfully launched on the Cardano mainnet.
Djed has been successfully launched
On January 31, COTI, a Defi solution developer, launched Djed on the Cardano mainnet. The coin is linked to the USD and backed by the ADA token. In addition, it uses the SHEN token as a reserve currency. With this new launch, COTI introduces a number of new features for DEFI and payments.
In the blog post, whose link was published with the tweet, the COTI team said final preparations for the highly anticipated Cardano-based Stablecoin launch were successfully completed last night.
More exciting things are coming for Cardano
On January 12, co-founder Charles Hoskinson announced that the Cardano network will expand using custom sidechains. This is the latest in a series of announcements made recently as part of this update.