Sunday, May 26, 2024
HomeCryptocurrencyNew Cardano-Based Stablecoin Djed Sees 14,587% Increase in Unique Addresses in Seven...

New Cardano-Based Stablecoin Djed Sees 14,587% Increase in Unique Addresses in Seven Days

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%.

Read Also: Cardano-based Token (SHEN) Holders Will Receive Rewards for ADA Deposits: Details

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!”

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.

Read Also: Cardano Developers Launch New Toolkit Supporting Ethereum-Compatible Sidechains

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles