New Algorithmic Stablecoin DJED on the Rise
The algorithmic stablecoin, DJED, powered by Cardano, is gaining momentum as it continues to be adopted by a growing number of users. With over 31.5 million $ADA tokens backing the stablecoin, its reserve ratio remains high at 488%.
Stability through Buying and Selling SHEN
Users can help maintain the stability of the USD currency peg of DJED by buying and selling SHEN. This not only contributes to the stability of the stablecoin, but also allows users to earn a share of transaction fees from the reserve pool.
Formal Verification and Issuance by COTI Group
DJED was designed by IOG, the company behind the development of Cardano, and is now being issued by COTI Group. The stablecoin is a formally verified algorithmic stablecoin for Cardano, backed by cryptocurrency.
Support from Major Exchanges and DEXes
The stablecoin has received widespread support from various decentralized exchanges (DEXes) powered by Cardano, including MuesliSwap, Minswap, and WingRiders. Additionally, several major exchanges, such as Bitrue, have also added DJED to their platform.
Cardano Surpasses Dogecoin’s Market Capitalization
In recent news, Cardano’s market capitalization surpassed that of the popular meme-based cryptocurrency, Dogecoin ($DOGE), earlier this month. This comes as $ADA was recovering from its second-largest dip in value.
In addition to DJED, Cardano also supports other innovative stablecoins, such as the fitness-backed $USDA and the decentralized exchange TeddySwap, which operates on a stablecoin.