Key Points:
- MuesliSwap and MinSwap, the stablecoin djed and its Shen governance token will list on Cardano-based DEXs after their issue the following week.
- Coti and Cardano code developer IOG have collaborated to create the eagerly awaited djed stablecoin. Before a user can receive Djed, more than 400% in collateral value must be provided.
- It would be possible for djed’s value to hold steadily during market stress thanks to this overcollateralized approach, which would also avoid a repeat of the disastrous May price drop of terraUSD, the infamous stablecoin related to luna.
According to tweets from the two decentralized exchanges (DEXs), MuesliSwap and MinSwap, the Djed stablecoin and its Shen governance token will list on Cardano-based DEXs after their issue the following week.
According to DeFiLlama, MuesliSwap locks up a relatively smaller $6.5 million in liquidity, whereas MinSwap locks up $30 million in tokens, making it the largest Cardano DEX at the moment.
The layer 1 blockchain Coti and Cardano code developer IOG have collaborated to create the eagerly awaited djed stablecoin. Before a user can receive Djed, more than 400% in collateral value must be provided. Djed will be backed by other tokens.
Smart contracts are used by DEXs to match deals between users anonymously and without the involvement of third parties. These users contribute liquidity to trading pools and are compensated with tokens.
It was unclear what yearly yield the impending Djed tokens will pay to liquidity providers. The tokens’ overcollaterized process, however, is expected to draw liquidity and investor interest.
When holders of Cardano’s ADA cryptocurrency stake their tokens to produce djed stablecoins, which might increase liquidity for the nascent ecosystem, Shen, the reserve token intended to support djed’s stability, would benefit from more incentives.
It would be possible for djed’s value to hold steadily during market stress thanks to this overcollateralized approach, which would also avoid a repeat of the disastrous May price drop of terraUSD, the infamous stablecoin related to luna.
Djed is anticipated to be available on more than 40 Cardano-based decentralized finance applications (dapps). In parallel, programmers created DjedPay, a djed-based payment system that enables users to transfer tokens to shops and companies.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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