BlocksInform
The reserve ratio of the recently launched Cardano-powered algorithmic stablecoin Djed ($DJED) has now surpassed 600% after investors moved over 28.3 million $ADA to its base reserves to mint over 11.4 million DJED.
Based on project information, currently has a reserve ratio of 628%, while the price of his $SHEN spare piece is $1.106 ADA, It has a circulation reserve of 21.8 million chips.
By buying and selling SHEN, users can contribute to the stability of Djed's USD ankle currency, and win a share of the transaction costs in the reserve pool. Shen holders can also potentially take advantage of price fluctuations in the short and medium term.
Djed itself is an algorithmic stablecoin formally verified for cardano which is supported by crypto-currency, iog, the business behind cardano's development, designed the bedside table, The Coti Group shall be responsible for its deliverance. The stablecoin was announced back in September 2021, and launched last week.
According to Djed's website, $DJED is supported by "400-800% over-teaming and is guaranteed by its spare piece, $SHEN." Being over-collateralized, the site adds, meaning that the protocol "eliminates the need for trust in a governance token as seen in stablecoins algorithms."
Stablecoin was rapidly supported by a number of decentralized exchanges powered by Cardano (DEXes), such as MuesliSwap, Minswap, and WingRiders, as well as several large exchanges, including Bitrue.
As CryptoGlobe reported, popular and respected Cardano influencer “ADA whale” has recently said there is “an insane amount of cool stuff” coming to Cardano and its ecosystem. Some of the ongoing cardano projects include algorithmic stablecoin $djed, fit-backed stablecoin $usda, and stablecoin exchange decentralised teddyswap, among others.
Earlier this month, Cardano’s market cap surpassed that of popular meme-inspired cryptocurrency Dogecoin ($DOGE), at a time in which $ADA has been recovering from its second-largest drawdown ever.
