COTI reveals the addition of three new listings for the Djed stablecoin and its accompanying reserve token.
Hours after going live on Cardano’s mainnet, the Cardano-based stablecoin DJED and its reserve token SHEN are on the decentralized exchange WingRiders. This news was made public by COTI Network yesterday via Twitter. COTI Network also announced that users who provide liquidity for these assets would be able to earn rewards in return.
“We are glad to share that $DJED and $SHEN are now listed on @wingriderscom. Users can now provide liquidity and benefit from farming rewards!” said COTI.
The listing of DJED and SHEN on WingRiders follows an announcement teaser released by the DEX two weeks prior – one which called upon their followers to guess what “something big” they had been patiently waiting for.
WingRider users speculated that this big announcement was related to COTI’s Cardano stablecoin since the exchange had partnered with COTI to add DJED into their DEX at release.
As anticipated, users were correct in their guesses, as DJED and SHEN have now been listed and are available for trading on WingRiders.
DJED and SHEN are Now Trading on MuesliSwap
COTI announced that DJED and SHEN are now on MuesliSwap, a Cardano-based decentralized exchange. This listing gives MuesliSwap users access to the ADA/DJED and ADA/SHEN staking pools and the ability to earn rewards through yield farming.
DJED and SHEN Now on MinSwap
In addition to WingRiders and MuesliSwap, DJED and SHEN are now available for trading on MinSwap, another Cardano-based decentralized exchange.
“Following today’s successful launch, we are pleased to share that DJED and SHEN are now listed on Minswap’s DEX platform!” said COTI.
DJED Stablecoin Finally Goes Live
In a long-awaited announcement, COTI announced yesterday that the launch of its Djed stablecoin on the mainnet is now official. As part of their initiative to bolster the mainstream adoption of the stablecoin, COTI will also be listing both DJED and SHEN on decentralized exchanges.
The introduction of Djed is seen by many as a much-needed addition to the growing crypto landscape, given that there are currently only a handful of algorithmic stablecoins in existence. Like Dai, launched in 2017, Djed is an over-collateralized algorithmic stablecoin whose value is maintained via a mint and burn mechanism of its reserve coin, SHEN. The collateral ratio for Djed will be between 400% to 800%, with a proof of Reserve set up to protect its value from different market scenarios.
The successful audits for Djed have been in process for a year. Thus, the launch was much anticipated within the community. The project has already attracted considerable attention due to its innovative features and design, such as using blockchain technology to create an immutable and verifiable record of reserve assets. This can be used as a future model for other algorithmic stablecoins.
