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The firm behind a US dollar-pegged stablecoin built on Cardano (ADA) plans for it to be available on blockchains like Ethereum (ETH), Binance Smart Chain, and more.
In a new video posted to the Djed (DJED) stablecoin Twitter page, COTI CEO Shahaf Bar-Geffen says DJED will migrate to other blockchains because all decentralized finance (DeFi) ecosystems could use a reliable stablecoin.

Bar-Geffen explains why DJED didn’t lose its peg during this month’s market turbulence.
“Last week’s events caused some market turbulence. We’ve seen major stablecoins losing their peg… DJED did not lose its peg. Why is that so? Because DJED employs three major properties of stablecoins. DJED is decentralized – it does not rely on fiat or someone messing with the peg. DJED is overcollateralized – so it can be backed with crypto. And hence, it’s also verifiable – you can see the collateral on-chain. This is why trust remains. This is why DJED did not lose their peg even though much bigger stablecoins lost their peg.”
The Coti CEO says other blockchain communities have expressed interest in DJED because of the stablecoin’s reliability, but that COTI always planned to expand to other chains.
“DJED will be on other chains, as well. Obviously, on Ethereum. And Binance Smart Chain, just to name a few. It will probably be on other smart chains, as well. Because DeFi ecosystems need a stablecoin that is stable and reliable.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/gg_tsukahara/Mingirov Yuriy
The post Cardano (ADA)-Based Stablecoin To Migrate to Ethereum (ETH), Binance Smart Chain and More, Says COTI CEO appeared first on The Daily Hodl.


The firm behind a US dollar-pegged stablecoin built on Cardano (ADA) plans for it to be available on blockchains like Ethereum (ETH), Binance Smart Chain, and more. In a new video posted to the Djed (DJED) stablecoin Twitter page, COTI CEO Shahaf Bar-Geffen says DJED will migrate to other blockch...

dailyhodl.com

Cardano (ADA)-Based Stablecoin To Migrate to Ethereum (ETH), Binance Smart Chain and More, Says COTI CEO

Ethereum (ETH) rival Cardano (ADA) has seen its first overcollateralized stablecoin Djed (DJED) go live on the mainnet.
DJED aims to be pegged with the US Dollar and is backed by Cardano’s native token ADA.

Last month, Djed-issuer COTI (COTI) announced that Djed had transitioned to a multi-chain network that now supports private payment networks.
It was also announced that Djed’s deposit fees will decrease by 50% as it switches from a fixed withdrawal price to a dynamic system.
COTI said the changes would assist with the widespread adoption of accepting crypto assets as payments for goods and services.
“This launch signifies a massive step for the crypto industry, as well as COTI, as the [upgrade] will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.”
Now, following a successful security audit, Djed has officially launched on Cardano. In a new announcement, the COTI team says the launch is a major milestone for decentralized finance (DeFi) as a whole.
“The much anticipated public mainnet launch of Djed heralds a new era for stablecoins. Launching Djed is a significant milestone for COTI, the Cardano ecosystem, and for the DeFi ecosystem as a whole. Being a decentralized open-source protocol, Djed is community-driven, as it brings an opportunity for users to hold, mint, and burn DJED and SHEN.”
DJED is available on Bitrue, Winswap, Wingriders, and Muesliswap, with more upcoming listings expected.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post ‘New Era’ As Cardano (ADA) Based Stablecoin Djed Goes Live on Mainnet appeared first on The Daily Hodl.


Ethereum (ETH) rival Cardano (ADA) has seen its first overcollateralized stablecoin Djed (DJED) go live on the mainnet. DJED aims to be pegged with the US Dollar and is backed by Cardano&#8217;s native token ADA. Last month, Djed-issuer COTI (COTI) announced that Djed had transitioned to a multi-...

‘New Era’ As Cardano (ADA) Based Stablecoin Djed Goes Live on Mainnet

The developers of Cardano’s (ADA) new stablecoin have revealed when the dollar-pegged crypto asset is slated to launch.
In a new blog post, payments firm COTI says that Djed, Cardano’s new stablecoin, is scheduled to launch sometime next week.

According to the developers, the only thing standing in the way of Djed’s launch is the chain index syncing process, which they say is about halfway done.
“We started the chain index syncing process. This process may take 14 days, and as we started the sync a week ago, we expect to complete it next week and be ready to launch. As of right now, this is the only technical bottleneck holding up the launch.” 
However, no specific date for the launch was given.
Last month, COTI announced that Djed had transitioned to a multi-chain network that now supports private payment networks. It was also announced that Djed’s deposit fees will decrease by 50% as it switches from a fixed withdrawal price to a dynamic system.
COTI said the changes would assist with the widespread adoption of accepting crypto assets as payments for goods and services.
“This launch signifies a massive step for the crypto industry, as well as COTI, as the [upgrade] will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.” 
Djed’s approximate launch date was revealed as Cardano developers Input Output Hong Kong (IOHK) acknowledge a slew of new projects on its blockchain, such as NFT (non-fungible token) marketplaces, metaverse realms, crypto wallets, and decentralized exchange (DEX) platforms.
Cardano is changing hands for $0.358 at time of writing, a 5.35% decrease over the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/gg_tsukahara/Mingirov Yuriy
The post New Cardano (ADA) Stablecoin Launch Revealed – Here’s When Djed Comes Out appeared first on The Daily Hodl.


The developers of Cardano’s (ADA) new stablecoin have revealed when the dollar-pegged crypto asset is slated to launch. In a new blog post, payments firm COTI says that Djed, Cardano&#8217;s new stablecoin, is scheduled to launch sometime next week. According to the developers, the only thing sta...

New Cardano (ADA) Stablecoin Launch Revealed – Here’s When Djed Comes Out

The stablecoin Djed is expected to drive new growth and new use cases in the burgeoning decentralized finance (DeFi) space of the Cardano ecosystem. In recent weeks, the Djed developer, COTI Network, has stated that the stablecoin will definitely be released in January.
In the Cardano community, however, there has been some speculation recently as to how far the preparations for the launch of the stablecoin, which was announced back in November, have progressed. To dispel the speculation, COTI has now published a new blog post confirming the launch within the next week. However, an exact date is still pending.
“We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week,” the announcement reads.
In addition, COTI announced that cryptocurrency exchange Bitrue will list Djed and SHEN. Djed’s DEX partner Wingriders also hinted on Twitter that an announcement will be made soon.
As for Djed’s technological developments, the COTI team says it has begun the process of syncing the chain index.

“This process may take 14 days, and as we started the sync a week ago, we expect to complete it next week and be ready to launch. As of right now, this is the only technical bottleneck holding up the launch,” COTI says.
In addition, the company is still working on a snapshot mechanism and user interface that will allow tracking of the additional rewards for SHEN holders who deposit and stack ADA into the Djed smart contract.
Will Djed Awaken The Cardano DeFi Ecosystem?
The launch of Djed is accompanied by high expectations because a stablecoin has been missing in the Cardano ecosystem so far. Stablecoins are of tremendous importance to implement strategies at low fees, especially in the field of DeFi.
Djed also enters a crypto market where stablecoins have become increasingly important in recent years. Within the top 10 cryptocurrencies by market cap, there are no less than three stablecoins, Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), which are pegged 1:1 to the US dollar and backed by various forms of fiat money reserves.
The Cardano-based stablecoin, on the other hand, is designed to ensure its price stability through reserves in ADA. Initially, the team had referred to it as an algorithmic stablecoin but had dropped that wording – presumably given the terrible memories of Terra Luna and its algorithmic stablecoin UST, which was backed by BTC.

COTI calls Djed an overcollateralized stablecoin, whose coverage in ADA is at least four times that of Djed issued. Hereby, the Cardano stablecoin shows certain similarities to the ecosystem of Tron (TRX), where the overcollateralized stablecoin USDD is based.
However, USDD has also been struggling to defend its peg to USD lately. Nevertheless, USDD enjoys great popularity. The stablecoin of the Tron ecosystem has a market capitalization of $716 million. Possibly because of this, Tron’s DeFi ecosystem is much larger ($5.1 billion TVL) than Cardano’s ($73 million TVL), according to DeFiLlama data.
Can ADA Reach $1 Following Djed’s Release?
If Djed’s concept works out, the stablecoin can massively boost Cardano’s DeFi ecosystem. However, Djed must first pass the field test. Besides the massive potential, there is also the risk of failure similar to Terra’s UST. This could severely damage the Cardano ecosystem and the ADA price.
But if Djed succeeds, it could give a big boost to ADA. A look at the 1-day chart of Cardano shows that the price has broken out of an eight-month downtrend and has successfully handled a retest in mid-January.
The next major price target is the resistance zone around $0.41, which has served as support for a long time. Should this resistance fall, $0.75 would be the next target before $1 could be on the cards.




The stablecoin Djed is expected to drive new growth and new use cases in the burgeoning decentralized finance (DeFi) space of the Cardano ecosystem. In recent weeks, the Djed developer, COTI Network, has stated that the stablecoin will definitely be released in January. In the Cardano community, ...

bitcoinist.com

Cardano Stablecoin Djed Launch Confirmed, ADA Poised For $1?

The decentralized finance (DeFi) protocol behind Cardano’s (ADA) new stablecoin says that it has successfully updated its network.
According to a recent blog post by COTI Network, the scalable layer-1 behind ADA’s upcoming Djed stablecoin, the update transitioned the blockchain to a multi-token network that now supports the creation of private payment networks.

 “The launch of the MultiDAG 2.0 protocol heralds the full transition of COTI from a single currency infrastructure to a multi-token network… 
We believe COTI is uniquely positioned to serve enterprises, enabling them to launch their own Private Payment Network (PPN) which includes the issuance of CMD [COTI MultiDAG] branded payment tokens, issuance of CMD branded loyalty tokens, and more.” 
COTI is also announcing an adjustment to its user fees. According to the firm, its deposit fee will be decreased by 50%, and its withdrawal fee will switch from a set price to a dynamic one but the early withdrawal fee will remain intact.
Other fees mentioned include a fixed multiplier charge which only applies to multiplied deposits and a 1-5% liquidation fee, which also only applies to multiplied deposits.
The new fee model will go into effect on January 15th.
COTI says that its transition will spark the widespread adoption of accepting crypto assets as payments for goods and services.
 “This launch signifies a massive step for the crypto industry, as well as COTI, as the MultiDAG 2.0 will increase the growth of the widespread adoption of crypto payments for enterprises that are yet to adopt crypto payment solutions.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post DeFi Blockchain Behind Cardano’s New Djed Stablecoin Announces Successful Hard Fork and Updated Fees appeared first on The Daily Hodl.


The decentralized finance (DeFi) protocol behind Cardano’s (ADA) new stablecoin says that it has successfully updated its network. According to a recent blog post by COTI Network, the scalable layer-1 behind ADA’s upcoming Djed stablecoin, the update transitioned the blockchain to a multi-token n...

COTI price	$0.070797
Low - High 24H	$0.068555 - $0.075003
Market cap	$83.15M
Volume 24H	$11.45M
All time high	$0.668634 -89.44% September 29th 2021
All time low	$0.005563 1169.00% November 7th 2019
Genesis date	N/A

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