Djed, the Cardano-based stablecoin built by the COTI network in collaboration with Cardano developer Input Output Global (IOG), has displayed magnificent growth among Cardano decentralized applications (Dapps) in terms of unique addresses in the last seven days.
According to the data shared by Cardano Daily, Djed stablecoin saw a massive growth of over 14,587%.
Cardano Daily tweeted, “UNIQUE ACCOUNT GROWTH ON CARDANO DAPPS The chart below showed the growth of the unique accounts in terms of Dapps on Cardano. According to the statistics, @DjedStablecoin is having the most significant growth, 14587% growth. What a start!”
UNIQUE ACCOUNT GROWTH ON CARDANO DAPPS
The chart below showed the growth of the unique accounts in terms of Dapps on Cardano. According to the statistics, @DjedStablecoin is having the most significant growth, 14587% growth. What a start!#cardano #account #growth pic.twitter.com/V8RdKJK7H6
— Cardano Daily (@cardano_daily) February 6, 2023
On the 31st of January 2023, as reported by Times Tabloid, Djed stablecoin was released on the mainnet after a year of development. So, within just days of launch, the much-anticipated stablecoin has started to attain unimaginable heights.
As reported by COTI network about two days ago, after the launch of Djed on the mainnet, a total of 28 million ADA were made available on the platform. Some hours later, it was reported that the stablecoin has attained a reserve ratio of 800%, which implies that no additional SHEN token could be minted until the ratio was reduced.
Howbeit, users will still be able to mint and burn DJED. Also at the time, 1.85 million DJED were minted, and 40,000 were burned.
On the 3rd of February, COTI’s Treasury received the first batch of Djed operational fees. A conversion of ADA to COTI was done on the open market, and the COTI was funneled to the treasury as a reward to its participants.