Cardano’s Stablecoin Djed Reaches First Major Milestone: Details
The issuer of the first overcollateralized stablecoin on Cardano, COTI Network, has reported receiving its first bundle of transaction fees from Djed’s circulation.
As the stablecoin distribution scheme suggests, the fees received in ADA were converted into the COTI network’s native token of the same name and then deposited in the treasury. The funds will then be distributed to participants in the treasury with an interest rate of up to 118% per annum.
Launched only on Monday, Djed quickly filled its collateral vaults, managing to attract 29.9 million ADA and garnering a collateral ratio of 643% out of a possible 800%. According to the official portal, there are currently 1.86 million Djed in circulation at a price of 2.54 ADA per stablecoin, equivalent to $1.02. Thus, Djed is currently trading at a premium to the market.
Djed adoption
Despite the fact that Djed minting turned out to be rather costly, which caused outrage in the Cardano community, the stablecoin is now available for secondary market transactions and is listed on both the centralized Bitrue exchange and Cardano’s most dominant DeFi platform by total value locked, MinSwap.
Notably, Djed may also be implemented in the near future in the work of an artificial intelligence project on Cardano, SingularityNET (AGIX). COTI previously partnered with Cogito Protocol, a subsidiary of the project, to add Djed to its treasury pool.
