Barely two weeks after its mainnet launch, the overcollateralized Stablecoin Djed (DJED) based mostly on Cardano has garnered over 31 million Cardano (ADA) cash as backing. Djed now has 31,496,011 ADA in its base reserves.
In accordance with a screenshot posted by a Djed-focused Twitter account, the reserve ratio is 515%, implying that every Djed is backed by greater than 5 instances its worth in ADA. This permits customers to freely mint and burn Shen and DJED.
‼️⛽️ Reserve Ratio 515% ⛽️‼️
🔒 31,496,011 $Ada 🔒
𓊽 2,278,222 $Djed 𓊽
𓍶 23,583,443 $Shen 𓍶$Ada 0.37 $Coti 0.09 $Shen 0.40 pic.twitter.com/kmO9tMZnqo
— 𓊽 Djed 𓊽 (@DjedStablecoin) February 12, 2023
Moreover, Shen has a circulating provide of 23.58 million tokens and is valued at 1.09 ADA, whereas Djed has a circulating provide of two.27 million tokens.
DJED employs SHEN as its reserve coin and is pegged to USD. It is usually supported by impartial base coin ADA.
When the reserve ratio falls under 400%, the platform will cease SHEN from being burned and new DJED from being minted (since there’s not sufficient collateral in reserve). Customers won’t be able to mint any extra SHEN if the ratio exceeds 800%, however they may nonetheless have the ability to mint and burn DJED. Any scenario permits for the redemption of DJED.
2023 guarantees extra growth for Djed
Djed stablecoin, developed by the COTI community and Cardano builder Enter Output International (IOG) went dwell on the mainnet on Jan. 31 in model 1.1.1. The group claims that 2023 will carry two releases and extra growth for the overcollaterized stablecoin.
First, Vasil options, equivalent to a reference script, might be utilized in Model 1.2 to spice up scalability.
The second is Djed 1.3, an expanded model of Djed that can embrace dynamic charges and charges. Moreover, a extra progressive delegation scheme might be inspired, offering a large quantity of liquidity.