Cardano (ADA)Crypto News

Cardano’s (ADA) first algorithmic stablecoin goes live on the public testnet

Ethereum The competitor Cardano (ADA) has with the Blockchain-Payment ecosystem COTI teamed up to create a new algorithmic stablecoin to bring to market.
In a new blog post, COTI says that Djed, the first-ever algorithmic stablecoin built on the smart contract platform, has gone live on its public testnet.

“We are happy to announce that after months of hard work together with the Cardano team, the public testnet version of Djed is now released!

Djed is a decentralized, algorithmic stablecoin built on top of Cardano. An algorithmic stablecoin maintains stability through a combination of security and a reserve token.

In this case, Shen Djeds is a reserve coin and has the task of ensuring price stability – specifically, it guarantees the collateralization rate and the stablecoin’s peg.”

According to COTI, the testnet will serve to ensure that Djed and Shen are both technically sound, stable, secure and redeemable after protocol upgrades. According to COTI, the Djed mainnet is scheduled to launch sometime in June this year.

Cardano creator and CEO of Input Output Hong Kong (IOHK), Charles Hoskinson, first announced Djed as a project last July. He said there are plans to eventually integrate the stablecoin with Plutus, ADA’s smart contract protocol.

“One of the things we’re doing with this stablecoin [project] – after we cleaned it up a bit more because it’s so complicated and there are so many moving parts to think about carefully – actually implement it in Plutus as a native Plutus application.”

Cardano is changing hands at $0.783 as of this writing, down 13% from its seven-day high of $0.897.
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Source: Crypto News Deutsch

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