The launch of the stablecoin Djed on the Cardano main net is scheduled for January 2023. Djed is an over-collateralized algorithmic stablecoin developed by COTI. Djed is decentralized and it has an on-chain Proof-of-Reserve. Let’s explain the basic principles on which this stablecoin works.
TLDR
- Algorithmic stablecoin Djed works just like a central bank but without a central issuer.
- Djed has an on-chain Proof-of-Reserve and is decentralized. No middleman can misuse deposits.
- The SHEN reserve coin absorbs the volatility of ADA coins and ensures that there is enough ADA in reserve.
This article was prepared by Cardanians with support from Cexplorer.
Read the article: Are you ready for the algorithmic stablecoin Djed? | Cardano Explorer