The much-anticipated release of Cardano’s stablecoin DJED is scheduled for the next week, and the company has provided some new information regarding the launch.
According to COTI, the process of chain index syncing has begun. COTI is the company that Cardano is launching DJED with.
This process could take up to 14 days, but given that they only began the sync a week ago, they anticipate finishing it the coming week and being ready to launch by then. As of this moment, this is the only technical obstacle that is preventing the launch from occurring.
To stake the ADA placed to the Djed smart contract and produce additional incentives for SHEN holders, Cardano and COTI are creating a snapshot mechanism and UI that will be added to djed.xyz. This will allow SHEN holders to monitor the creation of these additional rewards.
In addition to that, they have also included the option to back out of an order. It will be possible for users to cancel their transaction by clicking on a button labeled “refund,” provided that the transaction has not yet been processed.
DJED is an overcollateralized stablecoin that is native to the Cardano blockchain. It was created by Input Output Global (IOG) and is powered by COTI.
ADA serves as the backing for DJED, and SHEN is used as the reserve coin. The company states that it uses a collateral ratio for DJED and SHEN that falls between between 400% and 800% in order to assure the stability of the stablecoin.
The stablecoin has a variety of applications, such as an alternative to traditional banking, the facilitation of regular payments, lending, international money transfers, and so on.