It has been reported that a new stablecoin is soon to be debuted through the Cardano blockchain. The new stablecoin will facilitate the network as a tool that would help run operations on the decentralized finance (DeFi) network. The main reason behind the launch of the new stablecoin is to avoid any transaction fees.
It has been announced that the name of the new stablecoin will be Djed, which is a stablecoin focused on the decentralized finance space. The stablecoin will reportedly be launched for the benefit of the Cardano network. It has been confirmed in the reports that Coti will officially be the payment gateway provider for Cardano. The particular platform will be acting as Djed’s official issuer.
The announcement surrounding the launch of the new stablecoin “Djed” was made by Shahaf Bar-Gaffen and Charles Hoskinson. Shahaf Bar-Gaffen is the CEO at Coti while Charles Hoskinson is the founder of Cardano. Both personalities announced the launch of the stablecoin on Sunday, September 26, 2021, during the Cardano Summit.
The new stablecoin will be utilizing the smart contracts technology and algorithmic design would be the platform on where it will be based on. The stablecoin would ensure that their decentralized finance transactions are provided with an instrument and the price of the assets remain stable.
With the help of stablecoin, the users will be able to make payments on the Cardano network for the transaction fees. The stablecoin would allow users to avoid any volatility and excessive implementations of gas fees. This way, the users will no longer have to worry about the fluctuating costs of transactions. This way, the users will be able to predict the costs of processing transactions, as they will have a fixed price.
It was back in August of 2021 when the research paper for Djed was shared by the development team. In the research paper, it was suggested that the stablecoin will be behaving like a bank that would be autonomous in nature.
Hoskinson shared his thoughts about the launch of the new stablecoin “Djed” in the decentralized finance industry. He stated that in the entire cryptocurrency industry, the major and most alarming issue is the high fees that the investors have to pay for transactions.
However, the launch of the Djed and its mechanism would be one of the best things that could ever happen to the decentralized finance sector. It would literally be a game-changer for the decentralized finance sector and a lot of adoption will be witnessed on the particular platform.
It was just recently when Ardana and Coti announced that they had partnered to bring in more innovation and technology to the decentralized finance sector.
