Djed is designed to be the first stablecoin in the Cardano ecosystem and has been in development for over a year. Djed stablecoin will be available on liquidity pools on MinSwap and MuesliSwap, which are both decentralized exchanges based on the Cardano blockchain. MinSwap is the largest decentralized exchange on Cardano with over $30 million in liquid tokens locked on the exchange. MuesliSwap, on the other hand, has roughly $6.6 million in value locked.
Djed and its accompanying governance token, Shen, will be paired against the ADA cryptocurrency in a liquidity pool on MinSwap. This presents a significant opportunity for Djed to gain traction in the Cardano ecosystem. MuesliSwap also announced its support for the upcoming stablecoin. Djed was developed by Coti which is DAG-based Layer 1, specifically designed for Enterprises. COTI’s Protocol is scalable, fast, private, inclusive, low cost and is optimized for finance.
Cardano users will be able to take ADA, the native cryptocurrency of the Cardano network, and use it as collateral to mint Djed. The stablecoin will be overcollateralized, meaning it is backed by excess collateral in the form of cryptocurrency held in a reserve. Each Djed will require more than 400% in collateral value to be minted.
The support of MinSwap and MuesliSwap for the Djed stablecoin and Shen governance token will provide a strong foundation for the stablecoin’s success in the Cardano ecosystem. The ability to use ADA as collateral to mint Djed and the overcollateralization design make it a reliable and secure stablecoin option for Cardano users.
Cardano is a Layer one blockchain, that aims to provide a more secure, scalable, and sustainable infrastructure for the development and deployment of decentralized applications. Its unique two-layer design and proof-of-stake consensus algorithm make it a promising option for the future of blockchain technology. Cardano ADA is one of the top cryptocurrencies in the crypto market and is one of the leading Layer1 blockchains in crypto-industry.
Minswap is the multi-pool decentralized exchange on the Cardano blockchain and it is one of the largest DEXs with over $30 million in liquid tokens locked on the exchange, also it’s the leading decentralized exchange in the Cardano ecosystem.
MinSwap provides a secure and decentralized trading platform for users to buy, sell and trade various digital assets, including the ADA cryptocurrency. Users can provide liquidity to a pool by depositing a combination of two assets and earn trading fees as well as liquidity provider tokens. This allows for a more efficient and decentralized trading experience, as it eliminates the need for order books and reduces slippage.
MinSwap also has a strong focus on community engagement and decentralization, it’s open-source and has a dedicated team of developers working to improve and enhance the platform. MinSwap has a native token MIN, which allows holders to vote on proposals for the development and future direction of the platform. leading decentralized exchange in the Cardano ecosystem that provides a secure and efficient trading experience for users while also promoting community engagement and decentralization.
MuesliSwap is a decentralized exchange (DEX) built on the Cardano blockchain. It is a relatively new platform but has already gained significant traction among Cardano users, with over $6.6 million in value locked on the exchange. MuesliSwap provides a secure and decentralized trading platform for users to buy, sell and trade various digital assets, including the ADA cryptocurrency.
Like MinSwap, MuesliSwap also operates on a liquidity pool system. Users can provide liquidity to a pool by depositing a combination of two assets and earn trading fees as well as liquidity provider tokens. This allows for a more efficient and decentralized trading experience, as it eliminates the need for order books and reduces slippage.
MuesliSwap has a unique approach to its liquidity pools, they provide liquidity providers with a wide range of assets to provide liquidity to, from small market cap coins to large cap ones, which makes it a more diverse and inclusive platform. MuesliSwap unique approach to liquidity pools provide liquidity providers with more options, and its user-friendly interface makes it accessible to a wide range of users.