Cardano-Powered Algorithmic Stablecoin Djed Reserve Ratio Hits 630% With 29 Million $ADA Backing
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The reserve ratio of the recently launched Cardano-powered algorithmic stablecoin Djed ($DJED) has now surpassed 600% after investors moved over 28.3 million $ADA to its base reserves to mint over 11.4 million DJED. According to data from the project’s website, its reserve ratio is currently sitting at 628%, while its $SHEN reserve coin’s price is at 1.106 $ADA, with a circulating supply of 21.8 million tokens. By buying and selling SHEN, users can contribute to the stability of the USD currency peg of Djed, and earn a share of transaction fees in the reserve pool. Holders of SHEN can also
During the Rare Evo event, COTI presented the next evolution of DJED, the algorithmic stablecoin built on Cardano. Born from the collaboration between COTI and IOG in 2023, DJED quickly established itself as one of the most resilient and reliable stablecoins in the sector. Today, its transformation marks a turning…