As just announced by Shahaf Bar-Geffen on the main stage at the Cardano Summit, we are thrilled to share that Djed, Cardano’s over-collateralized algorithmic stablecoin, will be live on mainnet this January, 2023 following a successful full audit.

“Djed going to public mainnet is a great achievement, following a lot of hard work from IOG and COTI. Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized, and has on chain proof of reserves. Djed is just that and I see it becoming the top stablecoin on the Cardano network, considering all of the integration partnerships already signed for it.” said Shahaf Bar-Geffen, COTI’s CEO.

As security and stability remain everyone’s top priority, especially in times like this, we have been very prudent in the release approach, making sure a thorough audit takes place and other rigorous stress tests prior to launching on Mainnet. We will also adopt a gradual and slow approach to providing $ADA liquidity to the Djed smart contract, to make sure we pace ourselves and carefully grow.

Following the release of Djed on mainnet, Djed will be integrated with selected top partners and DEXs out of the 40 partnerships signed, to enable its proper utilization. These DEXs will offer increased rewards to those who will provide liquidity using Djed.

We will continue to roll out integrations and partnerships throughout 2023, as part of our efforts to make Djed the top stablecoin on the Cardano network.

We also announced the development of Djed Pay, a payment app and crypto gateway that allows merchants, e-commerce platforms and nonprofit organizations to accept Djed as a form of payment.

In terms of development, we have set the following milestones for 2023:

  • Djed 1.1.1 version (minimal Djed) will be launched in January, and will include Vasil hard fork compatibility, and the upgrade of the oracle to support 6 external sources for the $ADA price. This version will be launched as a beta version with a limited amount of liquidity that will be increased in future versions.

  • Version 1.2 will be released after, by then, Djed will be using the Vasil features including a reference script which will increase its scalability.

  • Djed 1.3 is the extended Djed version that will introduce dynamic fees and prices. In addition, staking will be supported, resulting in significant liquidity provision.

The teams will keep working relentlessly as we have a lot of new improvements and developments planned for Djed in the future.

As a reminder, Djed is an over-collateralized algorithmic stablecoin, built on Cardano and powered by COTI. $DJED is Pegged to USD, backed by the base coin $ADA, and uses $SHEN as its reserve coin.

$DJED’s algorithm is based on a collateral ratio within the range of 400%-800% for $DJED and $SHEN in order to ensure there’s enough $ADA in the pool.

For better understanding on how the Djed mechanism works, watch the video below:

https://www.youtube.com/watch?v=Dq_1DOrsXGU or read the Djed whitepaper.

COTI ecosystem participants will have the chance to share in the operating fees from Djed’s mint and burn transactions, which will be sent to COTI’s Treasury and distributed to the Treasury participants.

It’s an exciting time for us at COTI, for the Cardano community and for the entire DeFi world. We want to thank you all for your continual feedback, engagements and support.

Stay COTI!