COTI team has released final update before launch of Djed algorithmic stablecoin
In a recently published tweet, COTI account shared that all the tests of Djed stablecoin have been completed successfully, and all other preparations have been done. The overcollateralized algorithmic Cardano-based stablecoin is ready for launch.
“Buckle up! Last Djed update before we launch!”
In the blog post, whose link was published with the tweet, the COTI team boasted that the final preparations for the launch of the long-anticipated Cardano-based stablecoin were successfully completed last night.
Aside from completing all the tests and bootstrapping liquidity, the team deployed the Djed contract to the mainnet and registered the DJED and SHEN tokens on the Cardano scan.
Buckle up! Last Djed update before we launch!
Tests were successfully completed, tokens have been registered and liquidity has been bootstrapped, are we ready?https://t.co/Az0nDyHo21$DJED $SHEN $COTI @Cardano @InputOutputHK pic.twitter.com/dmYVv7txuz
— COTI (@COTInetwork) January 31, 2023
SHEN reserve token will help DJED maintain its peg to the U.S. Dollar. The liquidity was boosted thanks to major ADA holders, who the COTI team had contacted in advance prior to the launch. Now, after hard work last night, the Djed reserve stands at 600% — that is an optimal one for launch, according to the devs, since it will enable users to mine both DJED and SHEN tokens as soon as the launch takes place.
Djed and its reserve coin, SHEN
The devs explained that those ADA holders who were the first to help provide liquidity had to pay the same fees that would be paid by everyone on the platform with no preferred conditions for them.
The next wave of liquidity providers who mint SHEN tokens will be able to benefit from fees collected before their arrival. SHEN is currently worth more than ADA; this is why minting this reserve token at a higher price can be compared to buying a stake in a valuable asset.
CEO of COTI Shahaf Bar-Geffen commented on the above-mentioned tweet, jokingly asking if the stablecoin is going to be still launched in January as today is the last day of this month.
According to the COTI team, the names Djed and SHEN were taken from ancient Egyptian culture. Djed is a symbol that stands for stability and strength, also known as “The Backbone of Osiris.”
SHEN is a symbol of royalty and symmetry. It also refers to such notions as infinity, eternity, protection and completeness. SHEN is tradable, and by buying and selling it, users can help Djed maintain its stability to the USD it is backed with. Besides, while trading, they will be able to earn a portion of the transaction fees in the reserve pool.
Djed is expected to become the fuel that will help the struggling DeFi system of Cardano, adding much more liquidity to it.