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Source: Article by The Daily Hodl
A decentralized finance (DeFi) stablecoin project is gearing up for its debut on the Cardano (ADA) blockchain early next year.
In a new interview with Learn Cardano Podcast host Peter Bui, head of COTI (COTI) Shahaf Bar-Geffen lays out what’s ahead for the Djed stablecoin project starting in January.
“We kind of like lay the groundwork for Djed by signing over 40 partnerships with everything from all major DEXs [decentralized exchanges] to trading protocols, NFT [non-fungible token] marketplaces, launch pads, you name it. Now we’re going to execute on all of these partnerships.
So we’re going to start with selected DEXs. I think there’s going to be like three of them that we’re launching with. And they’ll be part of the launch process. They’ll give users substantial farming rewards for building liquidity. And we’re going to start there and then gradually roll out to all of these platforms.”
He says Djed Pay will also launch after the launch of the stablecoin, bringing more DeFi activity to the Ethereum (ETH) rival blockchain.
“Djed is essential for DeFi in Cardano, but I think there’s more actually: Payments. And we’re going to release Djed Pay… and we’re going to roll that out to get extra demand for the usage of Djed.”
Bar-Geffen says Djed will continue to advance its technology and capabilities on Cardano.
“Then there is the technical roadmap. The version that we launch in January is already compatible with Vasil. But it still doesn’t use Plutus V2 and all the benefits that come with Vasil. This is version 1.2. And that will be rolled out as well early next year.
The next version will actually use something that is called an extended Djed that is a bit more dynamic and has extra benefits to it and in between these times we are going to solve how staking is done through the smart contract and get all that benefit.”
Source: Article by The Daily Hodl
Cardano Djed Stablecoin Explained w/ COTI CEO, Shahaf Bar-Geffen
"The Djed stablecoin is a highly talked about algorithmic stablecoin built on Cardano.
COTI CEO, Shahaf Bar-Geffen joins me on this episode to talk about the algorithmic stablecoin on Cardano called Djed and its reserve currency Shen.
We talk about the mechanics behind the system, how it all works, and the stigma around algorithmic stablecoins since the fall of Terra Luna's algorithmic stablecoin, UST stablecoin.
How does Cardano's algorithmic Djed stablecoin compare to other algorithmic stablecoins and other stablecoins?"
Timestamp
00:00 Intro
01:27 About Shahaf
03:20 Overview of Djed stablecoin
06:29 Mechanics of when to mint & burn what?
13:17 Rewards & incentives for SHEN holders
16:00 Excess ADA equity
17:50 Bear market launch
19:04 How Djed stablecoin compares to other algorithmic stablecoins & UST?
25:00 Supply shock?
26:55 The stigma around algorithmic stablecoins
30:02 Rollout plan?
33:21 Security audits
34:51 Testnet practise
35:38 What does success look like for Djed stablecoin?
37:50 Closing remarks around Djed stablecoin
Source: Article by The Daily Hodl
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
