Ethereum (ETH) rival Cardano (ADA) has seen its first overcollateralized stablecoin Djed (DJED) go live on the mainnet.
DJED aims to be pegged with the US Dollar and is backed by Cardano’s native token ADA.
Last month, Djed-issuer COTI (COTI) announced that Djed had transitioned to a multi-chain network that now supports private payment networks.
It was also announced that Djed’s deposit fees will decrease by 50% as it switches from a fixed withdrawal price to a dynamic system.
COTI said the changes would assist with the widespread adoption of accepting crypto assets as payments for goods and services.
“This launch signifies a massive step for the crypto industry, as well as COTI, as the [upgrade] will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.”
Now, following a successful security audit, Djed has officially launched on Cardano. In a new announcement, the COTI team says the launch is a major milestone for decentralized finance (DeFi) as a whole.
“The much anticipated public mainnet launch of Djed heralds a new era for stablecoins. Launching Djed is a significant milestone for COTI, the Cardano ecosystem, and for the DeFi ecosystem as a whole. Being a decentralized open-source protocol, Djed is community-driven, as it brings an opportunity for users to hold, mint, and burn DJED and SHEN.”
DJED is available on Bitrue, Winswap, Wingriders, and Muesliswap, with more upcoming listings expected.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney