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!”

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.

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.

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The post New Cardano-Based Stablecoin Djed Sees 14,587% Increase in Unique Addresses in Seven Days appeared first on Times Tabloid.

A blockchain firm, Coti, in collaboration with Cardano’s core developer Input Output Global (IOG) developed the newly launched stablecoin.

Djed aims to be used on decentralized finance (DeFi) protocols in the Cardano ecosystem as a stable alternative to volatile digital currencies.

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

Each stablecoin will be over-collateralized by 400-800% with Cardano’s native asset ADA — while using SHEN as a reserve coin. This over-collateralization makes it similar to the dai stablecoin in the Ethereum ecosystem, but it has a minting and burning mechanism like other algorithmic stablecoins.

Djed is expected to be integrated into 40 applications within the Cardano ecosystem. It already received support from decentralized exchanges, including MinSwap, Wingriders, and MuesliSwap.

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The post Cardano-based Stablecoin Djed Launched on the Mainnet appeared first on Times Tabloid.

ADA Pay Plugins are Now Available For Odoo

Crypto firm COTI recently rolled out the Project Catalyst challenge where different competitors were tasked to develop an ADA Pay plug-in solution fit to be integrated into various e-commerce platforms.

Particularly, the goal of the Project Catalyst initiative was to develop and deliver an application for the On-Demand Open Object (Odoo) platform.

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More so, this application was to be built such that it functions as a payment gateway that accepts Cardano (ADA) using the ADA Pay API. 

To note, Odoo is an open-source solution for business applications that have achieved an adoption rate of over 7 million merchants. 

As announced by COTI on June 11, Rodolfo Miranda, one of the winners of Catalyst fund 7, completed an ADA Pay plug-in on Odoo for mid-size businesses.

Interestingly, this novel ADA Pay gateway solution for businesses, built on the Cardano blockchain, enables startups and big enterprises to accept ADA as a payment method with instant settlement.

Therefore, merchants who own e-Commerce shops and wish to receive ADA as a payment method, can now easily add the plug-in, COTI tweeted. 

We are happy to announce that an ADA Pay Plugin is now live on @Odoo!

Thanks to @elpincha, merchants who own ecommerce shops and wish to receive $ADA as a payment method, can now easily add the plug-in.

Read all about it here: https://t.co/7rxP5zUj88$COTI pic.twitter.com/hLLnKYNGfI

— COTI (@COTInetwork) July 11, 2022

Read Also: Cardano Shark Addresses Buying the Dip; Over 79 Million ADA Amassed in 30 Days

Big Plus For Cardano

This invention is a massive addition to the Cardano blockchain and a win for the entire community. It is believed that the ADA Pay payment solution will foster the adoption of Cardano (ADA) by the masses as a payment tool. 

Additionally, there has been a massive accumulation of ADA tokens by Cardano shark addresses while the whales have stopped dumping the tokens. According to on-chain data from Santiment, addresses holding between 10,000 to 100,000 ADA collectively added about 80 million ADA to their holdings in a one-month interval.  

This huge accumulation could be signaling investors’ bullish expectations on the upcoming Vasil upgrade on Cardano mainnet.

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The post E-commerce Platforms Can Now Receive Cardano Payments Using the ADA Pay Solution appeared first on Times Tabloid.

The new development was announced by the team behind the project via Twitter on 30th January.

Read Also: Number of Plutus-Based Smart Contracts on Cardano Surpasses 1000 Milestone

ADAX team tweeted, “ADAX crossed the finish line. We’re making meaningful contributions to the Cardano ecosystem and delivering on long-held promises – ADAX DEX v1.0 is now LIVE on the MAIN-NET!”

#ADAX crossed the finish line
We’re making meaningful contributions to the #Cardano ecosystem and delivering on long-held promises –

ADAX #DEX v1.0 is now LIVE on the MAIN-NET!

Check it out: https://t.co/30otBVwZ7b#ADA #cardanocommunity#cryptocurrencynews #DeFi pic.twitter.com/XHSqwcte5n

— ADAX PRO (@adax_pro) January 30, 2022

Regarding the congestion on the Cardano network, the team says 90 nodes have been deployed so far to help reduce delays.

On the official website, the team wrote, “Cardano network is experiencing congestion. We have deployed 90 nodes so far to help reduce delays to best of our ability. Thank you for your patience and welcome to ADAX.”

We are pleased to announce a partnership with @COTInetwork.
Integrating #Djed into the #ADAX #DEX and #CEX platforms will enable increased liquidity and Djed's participation in trading assets through liquidity pools, $ADAX pairs, and more.#Cardano #ADA #cardanocommunity pic.twitter.com/yjLUsAzhdb

— ADAX PRO (@adax_pro) January 30, 2022

Read Also: CryptoCompare: Number of Addresses Holding Cardano (ADA) Hit All-Time High of 4 Million in December

ADAX and COTI Seals Partnership to Integrate Djed Stablecoin

A few minutes into ADAX mainnet launch announcement, COTI and ADAX announced a partnership that will integrate Djed, an algorithmic stablecoin for Cardano that is issued by COTI, into the decentralized exchange ADAX and CEX platforms.

This development is expected to bring about a boost in liquidity. Djed stablecoin will also be able to participate in trading assets via liquidity pools, ADAX pairs, and lots more.

ADAX team tweeted, “We are pleased to announce a partnership with COTI. Integrating Djed into the ADAX DEX and CEX platforms will enable increased liquidity and Djed’s participation in trading assets through liquidity pools, ADAX pairs, and more.”

Read Also: Kraken Exchange: Research-Driven Approach Makes Cardano Stand Out Among Competitors

In a blog post, it’s said that it would be “COTI’s responsibility to publish the smart contracts for the stablecoin as well as engage with funds, enterprises, developers, and others who wish to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.”

Mr. Dovydas, ADAX.PRO CMO, also said:

“The partnership between ADAX and COTI, Djed’s issuer, was long overdue but is very well timed. Having a stable coin introduced for the Cardano ecosystem is a fundamental part of any blockchain. We are delighted to be part of this journey and to have the opportunity to implement DJED on our platforms, both the DEX and the CEX. Our collaboration will potentially go beyond these initial steps and we look forward to what lies ahead.”

It’s further stated in the blog post that the partnership is seen as a necessary step in ensuring that Djed stablecoin is adequately utilized once it goes live.

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The post Cardano-Based DEX ADAX Goes Live On the Mainnet, Plans Djed Stablecoin Integration appeared first on Times Tabloid.

On 24th December, COTI shared a development update in relation to the launch of the much-awaited stablecoin, Djed. According to the update, the launch of the stablecoin is around the corner.

Read Also: Charles Hoskinson Questions BitPay’s Choice of Listing Shiba Inu Ahead of Cardano after a Poll

COTI tweeted, “As we are getting closer to the launch of Djed stablecoin, we are pleased to share some updates on the development and progress of: *The current Djed Plutus Implementation *Next Milestones.”

Charles Hoskinson Reacts to COTI’s Progress

Reacting to the update, Charles Hoskinson, the creator of Cardano (ADA), said he’s glad to see the progress of COTI in the quest to make the launch of Djed stablecoin a reality.

Charles Hoskinson tweeted, “Glad to see Coti making great progress with Djed.”

Glad to see Coti making great progress with Djed https://t.co/0LefQmCe0y

— Charles Hoskinson (@IOHK_Charles) December 24, 2021

The article is based on the details of the current Djed Plutus implementation and the next milestone. It’s said that they are working on main contracts that will help provide oracle exchange rates, enable users to submit multiple orders at the same time, cancel orders, among others. The implementation is currently in the test phase.

According to the update, a pre-released version will be delivered in the next few days for UI integration.

Read Also: Cardano Rolls out New Peer-to-Peer (p2p) Testnet to Enhance Network Decentralization

COTI devs added that the pre-released version will provide endpoints for: “Querying the stablecoin bank reserve, Querying buying and selling prices for stablecoins /reserve coins, Querying list of pending orders, Submitting orders and canceling pending orders, and Implementation of configuration management contact responsible for version control and contract upgrades.”

Djed is designed to leverage smart contracts to maintain a base coin reserve in an autonomous bank, which will also operate using smart contracts. This will give users the ability to trade stablecoins and use them for decentralized finance (DeFi)-based transactions.

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The post Charles Hoskinson Shares the Development update Of Djed as the Cardano-Based Stablecoin Closer to Launch appeared first on Times Tabloid.