• Djed, a Cardano-based overcollateralized stablecoin, has achieved massive success since its launch two days ago.
• It has minted 1.85 million coins and burned 40,000 tokens thus far.
• Djed and SHEN are now listed on major exchanges including Minswap, Wingriders, Bitrue and CoinMarketCap.
Djed Stablecoin Launch
Cardano IOG and COTI have recently launched Djed, an overcollateralized stablecoin on the Cardano network. The launch of Djed was highly successful as it attracted 27 million Cardano (ADA) tokens as backing and achieved an 800% reserve ratio within two days of its release to the market. A total of 1.85 million coins have been minted while 40,000 tokens were burned in this billion-dollar market.
Listings on Major Exchanges
Both Djed and SHEN (the Reserve Coin) have gained wide coverage across many media publications since their launch and are now listed on major exchanges like Minswap, Wingriders, Bitrue and CoinMarketCap. 21M SHEN were also minted with 73K being burnt for a reserve ratio of 623%. These listings will help to increase accessibility to crypto users globally as well as mainstream adoption of both assets.
Fundamental Analysis Platforms Integrating Djed
Djed is also receiving attention from fundamental analysis platforms like CoinGecko and DeFi TVL aggregator DefiLlama which have unrolled them for millions of users respectively. This further highlights the immense potential that these stablecoins possess in terms of usage and value growth in the near future.
Upcoming Upgrades
COTI has mentioned upcoming upgrades in their blog post concerning Djed’s launch which may further improve accessiblity to users worldwide as well as bring more features such as easier liquidity solutions for investors who wish to invest in the platform’s native token DJED or SHEN token through different exchanges or platforms.
Conclusion
In conclusion, it can be said that Cardano’s overcollateralized stablecoin Djed is gaining significant traction only two days after its launch due to its innovative features such as minting 1.85 million token supply with a burn rate of 40 000 tokens so far in this billion-dollar market coupled with widespread listing across multiple exchanges; making it one of the most sought after investments among crypto traders globally