Djed has recorded some noteworthy feats. It has over 4.24 million coins circulating, an increased trading volume and boosted COTI number.
It has a reserve ratio of 400%, which denotes a higher amount of circulating coins than outstanding ones. This also means that an extra level of security is guaranteed – providing a more stable option for users.
Its circulating supply is backed by 16.89 million Djed, worth 38.7 million ADA.
Backed by Cardano's native token, ADA, Djed was developed by IOG and is issued by COTI. It is a crypto-backed algorithmic stablecoin that utilizes smart contracts to certify price stability and other DeFi activities.
This stability is achieved by conserving base coins while minting and burning other reserve coins.
It was made for settling transaction fees on the Cardano network because it makes these costs more probable. This prevents unstable or expensive gas fees for users.
Released in 2021, Djed has grown in leaps and bounds. Its minting led to two other notable accomplishments.
First, its trading volume surged by almost 40% within 24 hours. Such increments were also witnessed earlier in April.
Secondly, there was an increase in COTI quotations by more than 30% within the past week. COTI (Group) is a fintech startup that issues Djed because "adding the Djed stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform."
COTI, the native token of the COTI group, has had its price rise recently. HODLers and stakers received gains from the sterling performance of Djed.
The impact of Djed's milestones is far-reaching. Moreover, it has come at an auspicious time.
Cardano has been in the news for a good reason too. It can now enable non-custodial BTC mints on its network.
The founder, Charles Hoskinson, reacted humorously to the tweet
Bitcoin has a new home. Minting cBTC on Cardano," by a crypto insider. It is a historic achievement for the blockchain network.
CBTC (Cross-Chain Bitcoin) is a token for enabling efficient and cheaper transactions between different blockchain networks, majorly Bitcoin and Ethereum. It is now a BTC asset on Cardano, just like wrapped BTC (wBTC) on ETH, but it lacks a centralized custodian.
All of these would facilitate higher interoperability between blockchain networks and generate more application scenarios for Bitcoin on Cardano's network.
Furthermore, Djed's increasing circulation outlines the increasing demand for stablecoins. Regardless of the controversy between USDT, USDC and BUSD, they represent the most stable option for users to hedge against market instability.
Now that Cardano is backing Djed, it is well-positioned to be a secure and reliable stablecoin option for crypto users.
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