Cardano’s Algorithmic Stablecoin Djed Relaunched on Testnet with Vasil Compatibility

Djed, the much-anticipated algorithmic stablecoin of the Cardano ecosystem, has been successfully reactivated on the testnet. It includes Vasil compatibility and new user capabilities.

Djed Relaunched with Vasil Compatibility

COTI, the issuer of Djed, an algorithmic stablecoin being built on the Cardano network, has announced its reactivation on the testnet version 1.1.1 featuring Vasil compatibility, among others. COTI tweeted;

According to COTI, the reactivation also integrates Djed into the Nami wallet, supporting the display of the logos of Djed and Shen, their names, and divisible units for both.

The reactivation also integrates user history. This means testnet users can now see details of their last transactions through their connected Nami wallets.

When will the Djed Stablecoin Launch on the Mainnet?

After a successful audit in November, COTI announced that the Djed stablecoin will go live on the mainnet in January 2023. COTI also notes that the team will perform maintenance on the testnet every few days, with the first happening in two days.

When it launches, the Djed stablecoin will be backed and overcollateralized using solely cryptocurrency, including ADA and SHEN – the smart contract’s reserve token.  

On the Flipside

• Ardana, another stablecoin being built on Cardano, has been forced to halt development due to funding deficiencies and project timeline uncertainty.

Why You Should Care

The launch of Djed, the first algorithmic stablecoin on Cardano, is predicted to significantly bolster Cardano’s DeFi ecosystem, making it more sustainable and accessible.

Read about Ardana in:
Ardana, a Decentralized Stablecoin Building on Cardano, Abruptly Halts Development

Read about other stablecoins built on Cardano in:
EMURGO will Launch Cardano’s First Regulated Stablecoin, USDA, in Q1 of 2023