Cardano’s First-Ever Algo Stablecoin Djed Goes Live in Testnet

Djed, a flagship decentralized stablecoin of the Cardano (ADA) scene, is now live in the public testnet. Developers from COTI Network shared some details of the next phase of its technical progress.

Djed stablecoin is ready for public testing

As stated by the joint official statement released by COTI Network and Cardano’s (ADA) developers Input-Output Global (IOG), COTI’s pioneering stablecoin product Djed goes live in the public testnet.

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Djed is a decentralized algorithmic stablecoin integrated with the on-chain ecosystem with the core reserve token Shen. Shen is set to guarantee the collateralization rate and the USD-peg of the stablecoin.

IOG and COTI Network will collaborate on the next Djed releases designed to address UX/UI issues, interface design, configuration management, and integration of the Nami wallet.

To commence operating with Cardano’s stablecoin Djed in testnet, crypto enthusiasts should claim test ADA tokens from a purpose-made faucet. Once connecting the Nami wallet to a testing mechanism, users should switch to the “Testnet” module.

On the road to mainnet launch: codebase audit, smart contracts upgrade

In public testnet, Djed stablecoins can be tested with mainnet configurations, so all features can be stress-tested before migration toward mainnet release.

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“This will also allow everyone to understand the dynamics of our protocol without incurring any risks.”

The first DeFi protocols on Cardano (ADA), including the likes of SundaeSwap, Minswap, and WingRiders, started experimenting with test liquidity pools.

In the subsequent months, Djed is going to start the full-stack codebase audit necessary to be sure that the tokenomics of Djed-Shen equilibrium is immutable and balanced