Rick McCracken has estimated a close launch date for the Djed mainnet based on information from a recent Cardano stablecoin test. The proprietor of the ADA staking pool DIGI and a proponent of Cardano, Rick McCracken, did not hold back while sharing his conclusions and forecast on Twitter.
Remember that on January 14, Djed made a statement on its official Twitter account confirming that the stablecoin’s debut this month is still on schedule. Additionally, Yepple Incorporated has joined forces with the soon-to-launch stablecoin, according to a January 5 release from COTI Network.
The collaboration seeks to guarantee Djed’s best possible use within the Cardano ecosystem. Additionally, it would support the adoption of Djed for NFT transaction payments.
The first COTI Network-powered stablecoin for Cardano is called Djed. According to the description on adapulse.io, it is an excessively centralized stablecoin with a collateral rate of between 400 and 800 percent.
Shahaf Bar-Geffen, CEO of the COTI Network, claims that Djed will have another token in addition to ADA backing as insurance against exposure to ADA’s volatility.
In order to maintain the 400–800% collateral guarantee against price swings, SHEN would function as the stablecoin’s reserve currency.
The testnet version of the stablecoin was first introduced in December 2022. According to the Djed official website, it is now worth 2.94 ADA and has a supply of 676,496 tokens.
McCracken’s forecast for the launch of the mainnet is consistent with the developers’ first statement. They stated that Djed will launch on the mainnet at a later date in January. McCracken also disclosed that the price of the fresh Djed stablecoin on the test network is at $1.019.
A payment system for Djed dubbed DjedPay would launch concurrently with the mainnet launch. According to the official Twitter release, DjedPay is a platform that will allow businesses and dealers to make payments using Djed.
COTI is still working to expand its relationships in order to increase the adoption of stablecoins algorithm.
Meanwhile, during the past several days, ADA prices have increased because to news of this and other developments. TradingView statistics show that ADA has increased by more than 38% over the previous 14 days and by 11.1% over the past week. The price of the cryptocurrency is $0.035235, up 1.3% over the past 24 hours.
Another recent development is the release of Daedalus 5.2.0, an update to Cardano’s Daedalus wallet. On January 16, Input Output Global (IOG), the organization that created Cardano, tweeted about the release of Daedalus 5.2.0.
The official desktop wallet for ADA was created by IOG and is called Daedalus wallet. Cardano node version 1.35.4 and wallet version 2022.12.14 are both compatible with the new wallet version.
The ProjectCatalyst API URL is automatically updated to a new URL with the release of Daedalus 5.2.0. Additionally, the patch included Bryon Wallet tracking functionality and aggregates of RAM modules with comparable sizes to facilitate quick data analysis.
The Daedalus wallet and Yoroi wallet were both sent to Cardano’s Bryon period, the first stage on the Cardano Roadmap. Yoroi is a thin wallet created by Emurgo, a sister business of IOG, that enables users to conduct simple everyday transactions using ADA on their mobile devices.