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COINCU on Binance Feed: Djed stablecoin liquidity pools will be supported by Cardano DEXs starting next week

Important points:

  • MuesliSwap and MinSwap, stablecoin Djed and its Shen governance token will be listed on Cardano-based DEXs following their issuance next week.

  • Coti and Cardano code developer IOG have collaborated to create the highly anticipated Djed stablecoin. Before a user can get Djed, a security score greater than 400% must be provided.

  • Thanks to this over-collateralized approach, djed’s value could remain stable even during market stress, which would also avoid a repeat of May’s catastrophic price drop of terraUSD, the infamous Luna-related stablecoin.

According to tweets from the two decentralized exchanges (DEXs), MuesliSwap and MinSwap, the Djed stablecoin and its Shen governance token will be listed on the Cardano-based DEXs after their issuance next week.

According to DeFiLlama, MuesliSwap is tying up a comparatively lower liquidity of $6.5 million, while MinSwap is tying up $30 million in tokens, making it the largest Cardano DEX currently.

Layer 1 blockchain Coti and Cardano code developer IOG have collaborated to create the highly anticipated Djed stablecoin. Before a user can receive Djed, more than A security value of 400% must be provided. Djed is backed by other tokens.

Smart contracts are used by DEXs to match trades between users anonymously and without third-party involvement. These users contribute liquidity to trading pools and are compensated with tokens.

It was unclear what annual yield the forthcoming Djed tokens will pay to liquidity providers. However, the over-collateralised process of the tokens is expected to generate liquidity and investor interest.

If owner of Cardano’s ADA cryptocurrency is using its tokens to produce Djed stablecoins, which could increase liquidity for the nascent ecosystemShen, the reserve token designed to support Djed’s stability, would benefit from more stimulus.

Thanks to this over-collateralized approach, djed’s value could remain stable even during market stress, which would also avoid a repeat of May’s catastrophic price drop of terraUSD, the infamous Luna-related stablecoin.

Djed is expected to be available on more than 40 Cardano-based decentralized finance applications (dapps). In parallel, programmers DjedPay, a djed-based payment system that allows users to transfer tokens to shops and companies.

DISCLAIMER: The information on this website is intended as general market commentary and does not constitute investment advice. We encourage you to do thorough research before investing.

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