Cardano’s Djed, an algorithmic stablecoin developed by Cardano’s IOG in collaboration with the COTI network, has scored another partnership – this time around, with WingRiders, a Cardano-based DEX. According to the COTI network, the partnership is aimed at exploring the possibilities of Djed integration on the WingRiders DEX.
— COTI (@COTInetwork) August 17, 2022
As reported by U.Today in late July, the COTI network shared information that Djed has seen numerous partnerships numbering over 35 ahead of its launch. In another update, COTI reported that an additional five new partnerships to use Djed on their platforms have been undertaken after U.Today reported on it.
This follows as Cardano’s Djed stablecoin is intended to eventually serve as the primary currency used to pay for all of Cardano’s network transaction fees.
Collaborations for Djed include those with Astarter, a DeFi infrastructure hub on Cardano, and Celestial City, a MusicFi platform that allows artists to conduct Initial Song Offerings, and several others.
The Cardano daily Twitter handle discusses depegged stablecoins and what led to their collapse. In May, the UST depegging event made headlines as the Terra ecosystem collapsed.
OUTSTANDING DE-PEGGED STABLECOIN
Our @Cardano ecosystem is also having our own stablecoin, known as $DJED – @DjedStablecoin. However, before deep diving into the $DJED, let’s take a first look at other stablecoins on the crypto market to have a lesson.
#stablecoin #depeg pic.twitter.com/Gg5MqAY3Gz
— Cardano Daily (@cardano_daily) August 17, 2022
COTI states, “The fact that Djed has a 400%-800% over-collateralization and is backed by ADA makes us confident that it will become the ultimate stablecoin for the Cardano network.”
In terms of Djed’s timeline, as announced by IOG, the Vasil hard fork mainnet event has been delayed by a few weeks. In line with the Vasil Hard fork, the deployment of Djed to the mainnet may occur only after the Vasil hard fork is completed.
The Vasil hard fork is supposed to dramatically improve the network’s efficiency and, with that, increase the number of transactions that can be made on top of Djed’s platform.