Cardano’s Algorithmic Stablecoin Djed Relaunched on Testnet and Vasil Compatibility
Djed, the highly anticipated algorithmic stablecoin of the ecosystem, has been successfully reactivated on the testnet. It includes Vasil compatibility and new user capabilities.
Djed Resets Vasil Compatibility
COTI, the developer of Djed, an algorithmic stablecoin that is being built on the Cardano network, has announced its update on testnet version 1.1.1 with Vasil coordinating, among others. COTI tweeted;
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We are happy to share that Testnet version 1.1.1 of Djed has been refreshed with new capabilities such as Vasil hard fork integration, event history and more. You can try using $tADA here: https://t.co/uzOhIxYcUL https://t.co/RoHcYIRei8 $COTI $DJED pic.twitter.com/VJjWYDbFyi
— COTI (@COTInetwork) December 5, 2022
According to COTI, the restoration also includes Djed in Nami’s bag, supporting the presentation of the logos of Djed and Shen, their names, and distribution points of both.
Reloading also includes user profiles. This means that testnet users can now view their last transaction details through their connected Nami wallets.
When Will Djed Stablecoin Be Launched On The Mainnet?
After a thorough investigation in November, COTI announced that the Djed stablecoin will go to the mainnet in January 2023. COTI also says that the team will conduct maintenance on the testnet in a few days, and it will start happening in two days.
When it starts, Djed stablecoin will be supported and replenished using only cryptocurrency, including ADA and SHEN – a secret token of the smart contract.
On the flipside
- Ardana, another stablecoin being built on top of Cardano, has been forced to halt development due to funding constraints and project timeline uncertainty.
Why You Should Care
The launch of Djed, the first algorithmic stablecoin on Cardano, is expected to significantly strengthen Cardano’s DeFi ecosystem, making it more stable and accessible.
Read about Ardana in:
Ardana, the Decentralized Stablecoin Building on Cardano, Abruptly Halts Development
Read about other stablecoins built on Cardano in:
EMURGO Launches First Stablecoin Powered by Cardano, USDA, in Q1 of 2023
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