“Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network,” said Shahaf Bar-Geffen, CEO of COTI
According to the release, Djed is set to go live on the mainnet in Jan. 2023, pending a successful audit and a series of rigorous stress testing. According to the developers, Djed will be pegged to the US Dollar, backed by Cardano , and will use $SHEN as its reserve coin.
The algorithmic stablecoin will be integrated with selected partners and Decentralized Exchanges , who will reward users for providing liquidity using Djed. In a bid to grow at a sustainably healthy pace, the developers plan to adopt a gradual and slow approach to providing $ADA liquidity to the Djed smart contract.“Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network.
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