According to DeFillama data, Cardano-based overcollateralized stablecoin Djed’s total locked assets (TVL) exceeded $10 million in its first 24 hours after launch.
According to data available on the Djed website, the stablecoin has a circulation of 1.7 million and the reserve token SHEN has a supply of 20.8 million.
Coti CEO Shahaf Bar-Geffen murmured Djed’s reserve margin peaked at 800% a few hours after launch. Dropped Up to 596% at press time.
When the reserve percentage is below 400%, the user can only burn Jed and Mint Shen, but when the balance is above 800%, the events are reversed. This mechanism is designed to prevent another Terra-like collapse in tough market conditions.
Shen holders are incentivized to wager their coins to mint Jed as they can earn additional rewards.
The new stablecoin has been highly anticipated by the Cardano community after being in development for over a year.
Cardano project integrates Djed
Several of Cardano’s decentralized exchanges (DEXs) such as Wingriders, MuesliSwap and Minswap were among the earliest platforms. list stablecoin.
In addition to that, Cardano projects like Fluid have Integrated Stablecoins as a liquidity option for loans. Fluid allows users to borrow her Djed with her NFT as collateral.
Centralized exchange Bitrue will also list DJED and its reserve asset SHEN. Trading is expected to start on the platform on February 1st.
ADA up 4%
Cardano’s ADA is up 4% in the last 24 hours to $0.38 at the time of writing. crypto slate data. Layer 1 (L1) blockchain network tokens have surged over 50% over the past 30 days.
Meanwhile, Cardano’s DeFi efforts have also benefited from Djed’s launch.Total value of assets trapped within the ecosystem Rose $91.4 million, up 22% in the last 24 hours.
