- Cardano-backed stablecoin Djed recently recorded its circulating supply of over 4 Million.
- Djed stablecoin is developed by IOG and powered by COTI while backed by Cardano’s native token, ADA.
- Djed stablecoin showed massive price fluctuation in its 7-day price analysis.
Djed, the next-generation stablecoin built to support the Cardano ecosystem, shares about its new milestone. According to its recent tweet, Djed stablecoin has an “ATH circulating supply of $4.2 Million.”
Djed Stablecoin’s Price Analysis
At press time, the ADA-backed stablecoin trades at $1.02 with a 24-hour trading volume of $271,731. Djed is down 0.36% in the last 24 hours. As per the data shown on CoinMarketCap, Djed has reported a nearly $4.2 Million circulating supply.
Source: DJED/USD by CoinMarketCap
The above chart shows the 1-day price performance of Djed stablecoin. In the recent 24h, the stablecoin has recorded its low at $0.9969 and high at $1.0506. It further noted a nearly 37% increase in its 24h trading volume. Additionally, a 7days low of Djed was noted at $0.9732 while the high was at $1.1275.
Djed Stablecoin- Powered by COTI
According to a Medium post by COTI published on January 31st, “the main net launch of Djed heralds a new era for stables coins.” It also noted that Djed is a decentralized open-source protocol. It is community-driven, allowing users to hold, mint, and burn DJED and SHEN. Here, SHEN is Djed’s Reserve Coin.
COTI also explained that the unique mechanism of Djed ensures its over-collateralization. DJED is an over-collateralized stablecoin backed by ADA, an independent asset with its utility. “As a reserve coin, SHEN guarantees the protocol’s collateralization rate to ensure there’s enough ADA in the pool even in cases where ADA’s value fluctuates.”
DJED is over-collateralized by 400% to 800%, while its unique mechanism guarantees over-collateralization. The users of Djed are subject to operating fees paid in ADA. The fees are then converted into $COTI and streamed into the COTI Treasury to be distributed as rewards to the Treasury’s users.
For this year, COTI will continue building and improving the product. Version 1.2 will use the Vasil features that will increase its scalability. The extended Djed version, Djed 1.3, will introduce dynamic fees and prices. Also, a more progressive delegation program will be supported, resulting in significant liquidity provision.
Source: COTI’s Medium Post
As a part of its plans, COTI, a DAG-based Layer 1, has noted that it has “a plan to add other coins such as wrapped BTC (WBTC) and wrapped ETH (ETH) as collateral to mint Djed on the Cardano network.”
Moreover, in a recent Tweet, the CEO of COTI, Shahaf Bar-Geffen, “revealed some exciting new partnerships and business opportunities that are currently in discussion.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/04/19/ada-backed-stablecoin-djed-records-4-2m-circulating-supply/