- Cardano’s overcollateralized stablecoin Djed’s is making waves only two days after it’s launch
- Djed has achieved many milestones in a short period, including massive burn and nearly 2 million token mints.
Djed, the Cardano-based overcollateralized stablecoin, is seeing immense success since its release to the market. In a blogpost recapping the launch of Djed, it was said that Djed has minted 1.85 million coins. A total of 40,000 Djed has also been burnt thus far.
It has been only two days since we successfully launched Djed on Mainnet, and we are very pleased with the massive responses and participation that we have seen so far!
COTI wrote in the medium blog post.
Notably, Djed has launched only two days ago. The stablecoin was created with the joint effort of Cardano IOG and COTI. Not long after Djed’s launch, it attracted 27 million Cardano (ADA) tokens as backing.
In addition, Djed has also received an 800% reserve ratio. 21M SHEN (Djed’s Reserve Coin) have also been minted, and 73K SHEN was burnt. Reserve ratio as at when the blogpost was made, was 623%.
DJED and SHEN lands on major platforms, COTI reveals upcoming upgrades
Both Djed and SHEN are receiving wide coverage across many media publications, since their launch. Listings on many platforms have additionally reached a sizable number.
Djed and SHEN are now listed on major Cardano DEXs like Minswap, Wingriders, and MuesliSwap. Trading volume for both Djed/ADA and SHEN/ADA pairs is increasing on these platforms.
CoinMarketCap also listed both assets. Bitrue, a major centralized cryptocurrency exchange has picked up both Djed and SHEN and listed them on its platform.
The listing, as Bitrue explained, will help to increase Djed’s accessibility to crypto users globally. It is also going to increase mainstream adoption of both assets
Fundamental analysis platform CoinGecko and DeFi TVL aggregator DefiLlama have already unrolled Djed and SHEN to millions of users on their sites. COTI explains.
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In the coming days, we will improve the user interface, and we plan to integrate the Eternal wallet as well. In the coming weeks, we plan to progress with the roadmap, including Plutus V2, extended Djed, and multi-pool delegation which will allow delegation in multiple pools in the Cardano ecosystem.
In the months ahead, ADA fees will be converted to COTI and moved to the treasury. COTI also details that it expects Djed and SHEN to make it to top platforms in the Cardano DeFi ecosystem. In the future, COTI says its main focus is on building and improving the product in a variety of versions.