23 February, 2024

Do We Want a Stablecoin on Cardano?

1 year ago

22 Nov, 2023

COTI Network CEO asks if a stablecoin is required on the Cardano blockchain. He has officially introduced the Cardano-built DJED stablecoin. The DJED stablecoin and DJED Pay are coming to Cardano in January 2023.

Shahaf Bar-Geffen, CEO, COTI Network, tabled an intriguing question while officially introducing the DJED stablecoin. Bar-Geffen asks if we need a stablecoin on Cardano. He tweeted:

DJED is a COTI-issued new stablecoin. Developed by IOG (Input-Output Hong Kong), the DJED stablecoin is coming to the Cardano blockchain in 2023. Ironically, IOG also developed the Cardano chain.

An algorithmically designed stablecoin that essentially uses smart contracts for price stabilization, DJED mints and burns stablecoins and reserve coins. Whilst doing so, DJED also maintains a reserve of base coins.

DJED acts as a bank that is autonomously buying and selling stablecoins, per a target price-determined price range.

COTI Network’s CEO also tweeted about launching DJED Pay in January 2023. DJED Pay is a mobile phone app that would facilitate receiving DJED in the form of payment.

Being the official issuer of the DJED stablecoin may well be a paradigm shift for the COTI Network. DJED is poised to be the sole stablecoin that would be used to pay the Cardano chain’s transaction fees.

With DJED, you can say goodbye to volatile gas fees. DJED is home to predictable blockchain transaction costs.

Enterprises and merchants on COTI Trustchain stand to reap real benefits as they resort to using the DJED stablecoin. They would be exposed to DJED’s low-risk investment avenue, harmonizing their finances.

DJED’s algorithmic design would enable smart contracts to make price stability a reality in Decentralized Finance (DeFi) transactions.

The mathematically-verifiable DJED protocol removes price instability. It can operate in a bankless manner, with desired predictability. Now that’s a fine start of a truly ambitious decentralization journey.

It is a no-brainer that DJED’s marketability, as a high-potential DeFi currency, is set to skyrocket in near future, given its robust features. How investors, cryptocurrency users, and the entire Cryptoverse receive the DJED stablecoin will be an exhilarating spectacle.