Djed (DJED) is an over-collateralized stablecoin on the Cardano network, backed by ADA. More
Fully Diluted Valuation | $4.00M |
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24H Trading Volume | $59,316 |
24H Low / High | $0.99 / $ 1.01 |
Circulating Supply | 4.02 M |
Total Supply | 4.02 M |
Max Supply | ∞ |
Categories | Stablecoins 4 more |
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Founder | Joachim Zahnentferner 3 more |
Website | djed.xyz Whitepaper |
Socials | |
Chains | Cardano Ecosystem |
Explorer | Cardanoscan |
Contracts |
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Name | Pair | OG Score |
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Djed (DJED) is a stablecoin on the Cardano blockchain, created by Input Output Global (IOG) and supported by Coti. It aims to provide a stable value, around $1, by being backed by ADA, Cardano’s native cryptocurrency.
How It Works
Djed maintains its stability by holding a reserve of ADA. To use Djed, people send ADA to a smart contract, which then mints DJED. Users can also redeem DJED for ADA through the same contract. This system helps keep DJED’s value close to $1.
Key Features
Formally Verified: Djed is the first stablecoin with a formally verified protocol, meaning its stability and design are proven through mathematical methods.
Stable Peg: It uses a reserve ratio between 400% and 800% to keep its value steady, even if ADA’s price changes.
No Insolvency Risk: Djed avoids risks like insolvency and bank runs because it doesn’t rely on traditional banking.
Incentives for Participation: Users who mint and hold $Shen reserve coins earn fees, helping to keep the system stable.
Conclusion
Djed (DJED) is an advanced stablecoin designed for stability and reliability. By using Cardano’s blockchain and a solid reserve system, it aims to offer a dependable digital currency for the DeFi world.
Djed (DJED) is unique for being the first formally verified stablecoin protocol, ensuring its stability through mathematical proofs and maintaining its peg with a reserve ratio between 400% and 800%.
Djed (DJED) was developed by the IOG team, including Joachim Zahnentferner, Dmytro Kaidalov, Jean-Frédéric Etienne, and Javier Roberto Diaz, and is powered by Coti.
Djed (DJED) is backed by Coti, a platform specializing in blockchain-based financial technology, in collaboration with Input Output Global (IOG).
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