COTI CTO Shahaf Bar-Geffen introduced immediately that the minting of the Shen (SHEN) coin has come to an finish because the platform has reached 800% over collateral for the Djed (DJED) stablecoin.
DJED is a decentralized, community-driven stablecoin that makes use of exogenous collateral within the type of ADA to keep up stability.
The soundness of DJED is maintained by way of its 400-800% overcollateralization, eliminating the necessity for a governance token as seen in algorithmic stablecoins.
SHEN acts as an incentive to maintain the system overcollateralized by encouraging customers to usher in ADA to the platform.
This helps keep a wholesome reserve ratio and ensures the soundness of the contract.
Now that the minting of SHEN has ended, those that maintain it can reap the advantages of charges, delegation rewards, LP, and farming rewards.
Bar-Geffen defined that it’s now potential to acquire SHEN solely by way of decentralized exchanges (DEXs).
As reported by U.Right now, the much-hyped stablecoin, which makes use of ADA as its base coin, made its debut on the mainnet earlier immediately.
It’s now obtainable on MinSwap, Wingriders, and MuesliSwap, with different listings anticipated within the Cardano ecosystem. Bitrue has develop into the primary trade to listing DJED and SHEN.
Over the course of 2023, the product will proceed to be improved, with plans so as to add different property as collateral to mint DJED, together with wrapped BTC and ETH.