- Djed didn’t lose its USD peg through the latest turmoil within the stablecoin market,
- Djed’s TVL noticed beneficial properties of 17% because the USDC depegging saga,
Cardano’s [ADA] stablecoin Djed, which launched earlier this yr, might quickly increase to different layer-1 networks like BNB Chain [BNB] and Ethereum [ETH].
Learn Cardano’s [ADA] Value Prediction 2023-24
The CEO of COTI, the agency which developed Djed in collaboration with Enter Output HK (IOHK), mentioned that the growth was at all times a part of the mission scope however they may work in the direction of it with higher focus.
The CEO added that they obtained a number of requests from non-Cardano DeFi protocols to have the stablecoin launched on their blockchains.
“Djed will likely be on different chains as properly. Clearly on Ethereum and Binance Sensible Chain simply to call just a few…as a result of defi ecosystems want a stablecoin that’s secure and dependable.@shahafbg $Djed $Shen $Ada $Coti @COTInetwork pic.twitter.com/eS8j3bxHNJ
— 𓊽 Djed 𓊽 (@DjedStablecoin) March 20, 2023
Likelihood to thrive?
The latest developments within the stablecoin ecosystem put the main focus in the direction of entities which remained dependable all through the chaos. One among them was Djed, which didn’t lose its USD peg.
Infact at one time limit, it traded at a premium in opposition to the USD, per date from CoinMarketCap. During times of excessive demand, stablecoins are likely to go above their pegged worth.
Then again, cash like USD Coin [USDC], DAI, and FRAX misplaced their greenback peg through the turmoil.
Djed had a 487% reserve ratio, implying that every Djed was backed by greater than 4 occasions its worth in ADA. There have been greater than 33 million ADA cash in reserves.
The over-collateralization mechanism was meant to offer safety to Djed in opposition to fluctuating market circumstances, much like the one which led to a downfall of TerraClassicUSD [USTC] final yr.
Nevertheless, it needs to be famous that Djed was nonetheless a newcomer on the horizon. Its buying and selling quantity was a fraction of that of different established cash like USDC and DAI, which performed a giant half in making it resistant to macroeconomic triggers.
How a lot are 1,10,100 ADAs price at the moment?
Djed’s contribution to ADA
Djed’s complete worth locked (TVL) noticed beneficial properties of 17% because the USDC depegging saga, information from DeFiLlama revealed. On the time of writing, it accounted for 8% of the overall TVL on the Cardano blockchain.
At press time, ADA traded at $0.3449, a marginal enhance of 0.15% from yesterday. Bullish sentiments for the coin had been again because the variety of lengthy positions vis-à-vis the brief positions elevated.