Cardano Stablecoin Djed Launch Confirmed, ADA Poised For $1?
Latest -The stablecoin Djed is expected to drive new growth and new use cases in the burgeoning decentralized finance (DeFi) space of the Cardano ecosystem. In recent weeks, the Djed developer, COTI Network, has stated that the stablecoin will definitely be released in January.
In the Cardano community, however, there has been some speculation recently as to how far the preparations for the launch of the stablecoin, which was announced back in November, have progressed. To dispel the speculation, COTI has now published a new blog post confirming the launch within the next week. However, an exact date is still pending.
“We are pleased to share another update about Djed’s progress and to inform you that the launch is scheduled for next week,” the announcement reads.
In addition, COTI announced that cryptocurrency exchange Bitrue will list Djed and SHEN. Djed’s DEX partner Wingriders also hinted on Twitter that an announcement will be made soon.
As for Djed’s technological developments, the COTI team says it has begun the process of syncing the chain index.
“This process may take 14 days, and as we started the sync a week ago, we expect to complete it next week and be ready to launch. As of right now, this is the only technical bottleneck holding up the launch,” COTI says.
In addition, the company is still working on a snapshot mechanism and user interface that will allow tracking of the additional rewards for SHEN holders who deposit and stack ADA into the Djed smart contract.
Will Djed Awaken The Cardano DeFi Ecosystem?
The launch of Djed is accompanied through excessive expectations due to the fact a stablecoin has been lacking in the Cardano ecosystem so far. Stablecoins are of splendid significance to put into effect techniques at low fees, mainly in the discipline of DeFi.
Djed additionally enters a crypto market the place stablecoins have emerge as an increasing number of essential in latest years. Within the pinnacle 10 cryptocurrencies with the aid of market cap, there are no much less than three stablecoins, Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), which are pegged 1:1 to the US greenback and backed by using quite a number varieties of fiat cash reserves.
The Cardano-based stablecoin, on the different hand, is designed to make sure its fee balance thru reserves in ADA. Initially, the group had referred to it as an algorithmic stablecoin however had dropped that wording – possibly given the horrible reminiscences of Terra Luna and its algorithmic stablecoin UST, which used to be backed by way of BTC.
Can ADA Reach $1 Following Djed’s Release?
If Djed’s thought works out, the stablecoin can hugely improve Cardano’s DeFi ecosystem. However, Djed have to first bypass the discipline test. Besides the big potential, there is additionally the chance of failure comparable to Terra’s UST. This ought to severely injury the Cardano ecosystem and the ADA price.
But if Djed succeeds, it ought to provide a large raise to ADA. A seem to be at the 1-day chart of Cardano suggests that the rate has damaged out of an eight-month downtrend and has efficaciously treated a retest in mid-January.
The subsequent fundamental fee goal is the resistance region round $0.41, which has served as help for a lengthy time. Should this resistance fall, $0.75 would be the subsequent goal earlier than $1 should be on the cards.
Users took turns trying to guess what big announcement it is
WingRiders, an automated market maker (AMM) and decentralized exchange (DEX) built on top of Cardano using the eUTxO model, has hinted at a major announcement with COTI, the Djed stablecoin builder.
“Something BIG is coming to WingRidersDEX. Something you have been waiting for quite some time. WingRiders and COTI network announcement soon.” WingRiders announced the news in a Twitter post, asking users to guess what the announcement could be.
In excitement, several users took turns trying to guess what the upcoming big announcement could be, with some saying it might be the launch of the Djed stablecoin.
COTI, the native asset of the COTI network, was up 12% in the last 24 hours at $0.077. In August 2022, COTI announced the partnership between the Djed stablecoin and WingRiders. The partnership aims to explore the possibilities of Djed stablecoin integration into the WingRiders DEX.
This could be a key reason for the assumptions pointing to the Djed announcement.
Djed refers to the overcollateralized stablecoin built to power the Cardano ecosystem. Since the introduction of Djed in 2021, COTI has worked with the Cardano IOG team on Djed’s development. Already, over 40 partnerships have been established to enable Djed’s proper utilization.
According to a post made by the Djed stablecoin team on Twitter, the overcollateralized stablecoin is expected to launch this month, January.
The COTI network announced that one of its goals for 2023 is to push Djed to become the dominant stablecoin on the Cardano network. It says that technical improvements for Djed will continue to roll out, including full Vasil support and staking through the smart contract.
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Cardano (ADA) Might Become 10x More Resource-efficient With This Release #No prediction
Cardano (ADA) staking enthusiasts shared details of an upcoming development in the Cardano (ADA) ecosystem. Its new programming language might change the narrative in the way Cardano (ADA) leverages its resources. New programming language for cheaper, smaller and resource-efficient smart contracts The Cardano (ADA) staking team Cardano Fans (pool ticker CRFA) took to Twitter to share stress-testing details of a new programming language that could replace Plutus in the ecosystem.
According to its statement, Cardano (ADA) enthusiast Alessandro Konrad (@berry_ales on Twitter), CEO and co-founder of the SpaceBudz collection, creator of Nami Wallet and operator of Berry Pool, just rewrote the Nebula app in the Aiken language and tested its resource-efficiency. When it comes to memory usage, CPU resources consumption and network fees, all operations with Aiken (token buying, token selling, order cancellation and so on) were up to 10x more effective than with Plutus.
Cardano (ADA) enthusiasts cannot hide their excitement and are sure that this release will be a game changer in the Cardano (ADA) ecosystem in the coming months: Numbers are shocking. This is not even funny. When we say that Aiken is one of Cardano’s dark horse for 2023
Cardano Founder Shows Interest in Buying CoinDesk News Service
Hoskinson said the business is offered for about $200 million
CoinDesk confirmed Wednesday that it’s exploring a sale
Charles Hoskinson, co-founder of the Cardano blockchain, said that he is considering buying crypto news service CoinDesk to revamp it into a mix of a news and community site.
CoinDesk said Wednesday that it engaged Lazard as a financial adviser to explore options including a partial or full sale. The site is owned by Digital Currency Group, a conglomerate whose lending subsidiary Genesis Global Capital is expected to file for bankruptcy soon.
Hoskinson, who is also one of the co-founders of Ethereum, said on a video posted on Twitter that he heard the site is for sale for about $200 million, but said he hadn’t seen CoinDesk’s financials.
“At $200 million, I believe it’s a bit overpriced,” he said. “I could afford it if I really wanted to.”
CoinDesk, which also runs a popular industry conference, didn’t immediately return a request for comment.
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