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.

The Cardano ecosystem is set to record an expansion as its long-awaited first-ever stablecoin dubbed Djed would go live this week. The COTI team affirmed this expected launch on January 13 in a Medium post.

But the development of Djed began back in 2021 when Charles Hoskinson, the founder of the Cardano blockchain and CEO of Input Output Global (IOG) announced that COTI will be powering the overcollateralized stablecoin.

Djed 1.1.1 is Set to Go Live: SHEN Holders To Earn Rewards

The soon-to-come launch of the first version of Cardano’s overcollateralized stablecoin Djed 1.1.1 will include delegation rewards for SHEN holders starting from day one, according to the development team, COTI. 

We are happy to share that Djed 1.1.1 will include delegation rewards for $SHEN holders starting from day one! In this update we explained Djed’s economics and delegation process.

Read all about it: https://t.co/Q9rNRCrxL4$DJED $COTI @Cardano pic.twitter.com/11LRFldr11

— COTI (@COTInetwork) January 29, 2023

“In the past few months, we worked on enabling the reserved ADA, on the Djed smart contract, to earn delegation rewards for SHEN holders. We are happy to announce that the hard work paid off and delegation rewards for SHEN holders will be included in Djed 1.1.1,” part of the update read.

While the COTI team further noted that the technical setup devised for the inclusion of delegation rewards for the reserve token holders is temporal, the conditions SHEN holders must meet to be eligible to receive delegation rewards, the distribution pattern, and the underlying techniques were carefully outlined in the update. 

However, it was said that a more robust multiple-pool staking technology will be onboarded alongside the launch of the planned advanced version of Djed stablecoin (v1.3). First, a SHEN holder must deposit ADA to the reserve. 

According to the update, “the ADA tokens that will be deposited to the reserve for minting SHEN will collide along with the collected mint/burn fees for SHEN and DJED and will also be delegated to a dedicated public staking pool operated by Wave Financial.” 

Although Wave Financial is categorized among the most reputable stake pool operators (SPOs) in the Cardano network, a certain Twitter user and many others called COTI’s SPO selection, “a bad stake pool choice.” 

Furthermore, the update revealed that at the end of each epoch, the rewards received by the staking pool would be calculated. And delegation rewards would be automatically sent to eligible SHEN holders directly to their wallets.

Notably, these rewards are designed to be distributed to qualified SHEN holders after every 20 days. The amount of delegation rewards allotted to each eligible SHEN holder can be checked on died.xyz, the team revealed.

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The post Cardano-based Token (SHEN) Holders Will Receive Rewards for ADA Deposits: Details appeared first on Times Tabloid.

Developed by the Charles Hoskinson-led Input Output Global (IOG), and issued by COTI, Djed is a decentralized algorithmic stablecoin built on the Cardano blockchain. 

The Djed algorithmic stablecoin is designed to maintain stability through a combination of collateral and a reserve token. Following the January launch of Djed, Shen will serve as Djed’s reserve token while ADA will be used by users as collateral to mint the stablecoin. 

Read Also: Cardano Contributor, Milkomeda Adopted for the Microsoft Startup Support Program

Djed Mainnet Launch

As disclosed by developers during the Cardano Summit 2022, Djed will hit Cardano mainnet in early 2023. DjedPay, a service developed to allow merchants and other businesses to accept Djed payments would be rolled out alongside the launch of the Cardano-based stablecoin. 

According to Shahaf Bar-Geffen, the CEO at COTI, “Djed takes what’s great with crypto as collateral, meaning no fiat in the system, but also takes over-collateralization very seriously.” Over-collateralization here means that the stablecoin will have surplus collateral held in a reserve. 

According to people familiar with the matter, over 400% in collateral value will be needed to mint one Djed. The COTI CEO added that at the launch of the Djed, the algorithmic stablecoin will be integrated into 40 Dapps in the Cardano ecosystem. 

Notably, Cardano, in partnership with COTI released the public Testnet version of Djed in May 2022. At the time, Djed was said to hit the Cardano mainnet in June but that didn’t happen due to several factors.

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The post First Cardano-Based Decentralized Stablecoin Djed To Go Live in January 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.

In a tweet on 15th July 2021, Hoskinson shared the screenshots of a paper titled “Djed: A Formally Verified Crypto-Backed Pegged Algorithmic Stablecoin.”

Read Also: Cardano Advances to Alonzo White, Brings the Network Closer To Smart Contracts Era

In the paper shared by the mathematician, Djed is described as “an algorithmic stablecoin protocol that behaves like an autonomous bank that buys and sells stablecoins for a price in a range that is pegged to a target price. It is crypto-backed in a sense that the bank keeps a volatile cryptocurrency in its reserve.”

In order to go deeper into the uniqueness of the stablecoin, Hoskinson conducted a live Ask Me Anything (AMA) session on 16th July 2021.

According to Hoskinson during the AMA, despite the fact that the full whitepaper has not been released, researchers have been busy verifying the new stablecoin using Isabelle code, a tool used by computer scientists to prove theorems and make them easily convertible into code.

The creator of Cardano further stated that Djed will eventually be implemented on Cardano’s smart contract platform, as a native application. He also said that the software company, IOG, already has a viable vendor for the new project.

Read Also: Cardano Foundation Partners With Rwanda-Based NGO to Launch ADA Charity Platform

Hoskinson noted:

“What makes this paper very unique is the Isabelle code associated with paper. So the Isabelle higher-order logical formalization, there’s actual prose here. You can see all the Isabelle code, pages and pages and pages and pages of it. So a lot verification was done here, and that is just a truly remarkable thing, and it’s very unique for papers of this nature.”

“One of the things we’re doing with this stablecoin paper – after we clean it up a little bit more, because it’s so involved and there are so many moving pieces to it that have to be carefully thought about – is actually implementing it into Plutus as a Plutus native application. So we have a vendor in mind that we think would be perfect for this work, and we’re going to work closely with them.”

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The post Charles Hoskinson Stresses the Uniqueness of Djed, Cardano’s Upcoming Algorithmic Stablecoin appeared first on Times Tabloid.

In a tweet on 15th July 2021, Hoskinson shared the screenshots of an article titled “Djed: A Formally Verified Crypto-Backed Pegged Algorithmic Stablecoin.”

Read Also: Cardano Foundation Partners With Rwanda-Based NGO to Launch ADA Charity Platform

Been Busy. pic.twitter.com/mmYGoBAsPO

— Charles Hoskinson (@IOHK_Charles) July 15, 2021

Abstract of the paper says:

“Djed, an algorithmic stablecoin protocol that behaves like an autonomous bank that buys and sells stablecoins for a price in a range that is pegged to a target price. It is crypto-backed in the sense that the bank keeps a volatile cryptocurrency in its reserve. The reserve is used to buy stablecoins from users that want to sell them. And revenue from sales of stablecoins to users are stored in the reserve.”

The paper further stated that aside from the stablecoins, the bank also trades digital currencies with the hope of maintaining a reserve ratio that is notably greater than one.

Read Also: Cardano Foundation Mints World’s First NFTA on Cardano to Celebrate Newly Launched Developer Portal

The Significance of Djed Protocol

According to the authors of the paper, this is the first stablecoin protocol where stability are precisely and mathematically stated and proven, stating that the claims and proofs are formally verified:

“…the claims and their proofs are formally verified using two different techniques: bounded model checking, to exhaustively search for counter-examples to the claims and interactive theorem proving, to build rigorous formal proofs using a proof assistant with automated theorem proving features.”

Does The Project Have Any Practical Value?

In response to the post that attracted thousands of reactions, a user asked about the practical value of the new Djed, the new stablecoin protocol.

In response, Charles Hoskinson said, “Algo Stablecoin done.”

Algo Stablecoin done

— Charles Hoskinson (@IOHK_Charles) July 15, 2021

Read Also: Charles Hoskinson: There Are Thousands of Assets and Over $10M of NFTs Have Been Sold On Cardano

In other news, the development of the Cardano blockchain received an exciting boost today after it was confirmed by IOG that Alonzo Blue has successfully advanced to White, bringing the Cardano network closer to the much-anticipated smart contracts era.

IOG tweeted, “HARD FORK SUCCESSFUL: Delighted to report around 19.44 UTC today we successfully forked the Alonzo testnet to the new Alonzo White node. The new network is happily making blocks already.”

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The post Cardano’s Charles Hoskinson Introduces Djed, an Algorithmic Stablecoin Protocol for DeFi Sector appeared first on Times Tabloid.