Cardano Djed Algorithmic Stablecoin Relaunched on Testnet with DailyCoin Vasil Compatibility

Cardano Djed Algorithmic Stablecoin Relaunched on Testnet with Vasil Compatibility

Djed, the highly anticipated algorithmic stablecoin of the ecosystem, has been successfully reactivated on the testnet. It includes Vasil compatibility and new user capabilities.

Djed Relaunches With Vasil Compatibility

COTI, the publisher of Djed, an algorithmic stablecoin being built on the Cardano network, has announced its re-enabling on testnet version 1.1.1 with Vasil compatibility, among other things. COTI tweeted;

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According to COTI, the reactivation also integrates Djed into the Nami wallet, which supports the display of Djed and Shen’s logos, their names, and units divided by both.

Re-enabling also integrates user history. This means that testnet users can now view the details of their last transactions through the connected Nami wallet.

When will Djed Stablecoin launch on Mainnet?

After a successful audit in November, COTI announced that the Djed stablecoin will be live on the mainnet in January 2023. COTI also noted that the team will perform maintenance on the test network every few days, with the first time in two days.

At launch, the Djed stablecoin will be over-backed and collateralized using only cryptocurrencies, including ADA and SHEN – the reserve token of the smart contract.

On Flipside

  • Ardana, another stablecoin being built on Cardano, was forced to halt development due to lack of capital and uncertain project timeline.

Why should you care?

The launch of Djed, the first algorithmic stablecoin on Cardano, is anticipated to significantly strengthen Cardano’s DeFi ecosystem, making it more sustainable and accessible.

Read about Ardana in:

Ardana, a Decentralized Stablecoin Building on Cardano, Suddenly Stopped Development

Read about other stablecoins built on Cardano at:

EMURGO Will Launch Cardano’s First Regulated Stablecoin, USDA, in Q1 2023

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