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In a piece of vital news related to Cardano, its first algorithmic stablecoin DJED will ultimately be launched on the network’s mainnet in January 2023, according to COTI — the stablecoin’s issuer.
Shahaf Bar-Geffen, CEO of COTI, made the announcement on Monday during the Cardano Summit of 2022, and was later acknowledged by their official Twitter account. This news comes after it was revealed that the earlier Vasil Hard Fork postponement had caused a delay in the mainnet debut.
DJED Makes Way For DJED Pay
As per the announcement, the launch date has been set for January 2023 as a result of the comprehensive audit of the over-collateralized algorithmic stablecoin being successful.
A payment platform and cryptocurrency payment gateway called Djed Pay have also been introduced by the Cardano Foundation and COTI, enabling businesses to accept Djed as payment.
As announced by @shahafbg on the main stage at the #CardanoSummit2022, we are excited to share that, $Djed, Cardano’s over-collateralized stablecoin will go live on Mainnet in January 2023!
Read the full announcement: https://t.co/IQpSklfuGP@InputOutputHK @Cardano $COTI pic.twitter.com/K7NnsIli9x
— COTI (@COTInetwork) November 21, 2022
Only two months have passed since COTI last provided the community with an update on the Djed development efforts, which included steps to improve the off-chain code to more effectively accommodate Cardano node version 1.35.x on the private test environment.
Bar-Geffen emphasized the importance of Djed’s launch while pointing out the effort put forth to ensure the stablecoin’s success, with joint efforts from COTI and Input Output Global (IOG) contributing to its creation.
He further went on to state,
“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’s New Partnerships
According to the statement, out of the 40 collaborations that have already been formed, the stablecoin will be merged with a few special partners and decentralized exchanges (DEXs) when it launches. Customers that use the stablecoin and contribute to its liquidity will receive incentives in the form of rewards from the DEXs with which Djed will be connected.
Among the numerous partnerships undertaken by the organizations, cooperation with market maker Cardano DEX WingRiders was established in August. Additionally, a collaboration with the on-chain RPG game Cardano Warriors will enable players to use Djed as means of payment rather than ADA. Additionally, Empowa and Axo have also indicated their intention to integrate the stablecoin.
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The COTI team also disclosed that the stablecoin would get all the required updates and enhancements. To ensure that customers and partners benefit the most from it, they will be utilizing all their manpower available to drive utility towards the stablecoin.
Market Reaction On Cardano News
The news hasn’t much impacted the price of Cardano’s native token, ADA. However, the price has held strong amidst the FTX turmoil in the crypto market. XRP’s price jumped 1.2% in the past 24 hours and currently sits at $0.30, at the time of writing.
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