Djed, Cardano’s Algorithm Stablecoin To Be Release On The Mainnet After Vasil Hark Fork Deployment

Cardano had to go a lot last month with the Alonzo hard fork to introduce the smart contract operability to the network. The next set of projects to be launched includes the Hydra L2 protocol, and the Djed stablecoin but the date for the lunch is not revealed yet.

The date was not revealed by the COTI and IOG precisely but since the project was waiting for the release of the Vasil hard fork before it was postponed for weeks for Engineers to carry out a further test on it.

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Djed has to wait for Cardano’s development to be fully done, for the Djed not to go through the same rigorous development before its release.

In this premise, Shahaf Bar-Geffen, chief executive of the COTI group said at the Cardano Summit 2021:

Djed is more than just a concept at this level. According to its research paper, Minima Djed, a simpler version of Djed was implemented on many testnets such as the Binance Smart Chain testnet and Ethereum’s Rinkeby testnet. A version of Minimal Djed is also available in Cardano’s Plutus language.

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As stated in the new blog post by the Cardano and its team, the released date of the latest Cardano Djed updates will be after the Vasil hard fork has been deployed on the mainnet. As stated earlier, the Vasil hard fork will enhance the workings of the Djed stablecoin.

As the Vasil Hard Fork is fast approaching as well as the Djed is moving towards the mainnet, the Cardano’s algorithm stablecoin, Djed has seen several new partnerships. The completion of the Vasil Hard Fork and the end of the final audit may be an indication of the deployment of Djed on the mainnet says the Djed team.

According to a tweet on 19^th July, the partnership of the Djed and Astarter, a DeFi infrastructure hub on Cardano was made known. This implies that Astarter will be using Djed to add native Cardano stable market pairs for highly liquid asset trading on the Astarter Decentralized Exchange (ADEX)

Djed is a new stablecoin in Cardano developed by IOG or IOHK and issued by COTI. It will use smart contracts to ensure price stability, maintaining a base coin reserve, which should allow users to use the stablecoin for DeFi transactions.