The Algorithmic Stablecoin Djed is Launched on the Cardano Network

COTI Network has released in collaboration with Input Output the algorithmic stablecoin Djed on the Cardano network.

According to the project developers, the asset was originally created to be used in the decentralized finance protocols of the Cardano ecosystem as a “stable alternative to volatile cryptocurrencies.”

The stablecoin is super-collateralized (400-800% native asset ADA) as well as SHEN as a reserve coin.

As a result, Djed is similar to MakerDAO’s DAI. At the same time, the asset has a mechanism for issuing and burning coins, similar to that of algostablecoins.

The new coin will be integrated into 40 applications of the Cardano ecosystem in the future.