In a not too long ago revealed tweet, COTI account shared that every one the exams of Djed stablecoin have been accomplished efficiently, and all different preparations have been achieved. The overcollateralized algorithmic Cardano-based stablecoin is prepared for launch.

“Buckle up! Final Djed replace earlier than we launch!”

Within the weblog put up, whose hyperlink was revealed with the tweet, the COTI crew boasted that the ultimate preparations for the launch of the long-anticipated Cardano-based stablecoin had been efficiently accomplished final evening.

Other than finishing all of the exams and bootstrapping liquidity, the crew deployed the Djed contract to the mainnet and registered the DJED and SHEN tokens on the Cardano scan.

Buckle up! Final Djed replace earlier than we launch!

Assessments had been efficiently accomplished, tokens have been registered and liquidity has been bootstrapped, are we prepared?https://t.co/Az0nDyHo21$DJED $SHEN $COTI @Cardano @InputOutputHK pic.twitter.com/dmYVv7txuz

— COTI (@COTInetwork) January 31, 2023

SHEN reserve token will assist DJED preserve its peg to the U.S. Greenback. The liquidity was boosted because of main ADA holders, who the COTI crew had contacted prematurely previous to the launch. Now, after arduous work final evening, the Djed reserve stands at 600% — that’s an optimum one for launch, in accordance with the devs, since it would allow customers to mine each DJED and SHEN tokens as quickly because the launch takes place.

Djed and its reserve coin, SHEN

The devs defined that these ADA holders who had been the primary to assist present liquidity needed to pay the identical charges that will be paid by everybody on the platform with no most popular situations for them.

The subsequent wave of liquidity suppliers who mint SHEN tokens will be capable of profit from charges collected earlier than their arrival. SHEN is presently value greater than ADA; that is why minting this reserve token at a better value may be in comparison with shopping for a stake in a worthwhile asset.

CEO of COTI Shahaf Bar-Geffen commented on the above-mentioned tweet, jokingly asking if the stablecoin goes to be nonetheless launched in January as as we speak is the final day of this month.

In keeping with the COTI crew, the names Djed and SHEN had been taken from historical Egyptian tradition. Djed is an emblem that stands for stability and power, also referred to as “The Spine of Osiris.”

SHEN is an emblem of royalty and symmetry. It additionally refers to such notions as infinity, eternity, safety and completeness. SHEN is tradable, and by shopping for and promoting it, customers will help Djed preserve its stability to the USD it’s backed with. Moreover, whereas buying and selling, they are going to be capable of earn a portion of the transaction charges within the reserve pool.

Djed is anticipated to turn out to be the gasoline that may assist the struggling DeFi system of Cardano, including way more liquidity to it.