Following COTI’s pledge to start in January, Djed, Cardano’s stablecoin, will go live the following week.
Only one more technological challenge remains. Djed, a stablecoin by Cardano, is expected to go live the following week.
The stablecoin issuer, COTI, announced this in a tweet on Tuesday.
The chain index syncing procedure, which began last week, is the last obstacle, according to COTI in the related blog post.
The stablecoin issuer anticipates a 14-day turnaround time. Hence, the Djed launch has been scheduled for the next week.
The company also disclosed that it is developing an interface on djed.xyz to allow holders to follow their rewards as part of its announced plans to enable staking for ADA in the Djed smart contract as an extra incentive for SHEN holders.
A refund button has also been introduced to allow users to cancel orders before processing.
Cardano Community Response
Several members of the Cardano community have expressed excitement in response to the most recent developments because they think the stablecoin would increase the network’s decentralized finance (DeFi) activities.
Others are eager to see the smart contract audit that COTI agreed to make available before launch.
Significantly, the audit is not mentioned in the most recent blog post. COTI does promise to provide additional updates as the launch date approaches.
Djed, which will operate on the Cardano network, is an over-collateralized algorithmic stablecoin that COTI released.
According to information provided by COTI, the stablecoin will keep its peg through a 400% to 800% collateralization ratio with its reserve coin, SHEN.
The Cardano network will start taking fees in the stablecoin after launch. Additionally, COTI’s alliances have made sure that it will be helpful for payments.
According to yesterday’s article, prominent Singaporean cryptocurrency exchange Bitrue has already committed to listing Djed and SHEN when it first launches.