The launch date of the Cardano stablecoin has been determined; What will be the market reaction?
After a long wait, the approximate release date of Cardano’s stablecoin – Djed – has been announced. However, the price of Cardano fell today, January 25, however, this news may cause it to recover next week.
According to Valx and quoted by Beincrypto, the COTI network announced the launch of the Djed stablecoin on January 25. A specific day for this has not been announced, but the previous posts of this blog confirm that this event will take place before the end of January.
In this post, the only reason for the failure to start is the Chain Index Syncing process. This process started last week and will last for almost 14 days. So we can expect the launch around February 1st.
COTI Network also announced that the Djed stablecoin and its balancing token, SHEN, will be listed on the Bitrue exchange.
The COTI network is a scalable and commercial layer one network responsible for the development of the Djed stablecoin. Users can receive Djed in return by sending Cardano (ADA) to a smart contract. A third token called SHEN will play the role of stabilizing the price during Cardano price fluctuations. This stablecoin is over-collateralized and users must deposit 4 to 8 times the received dollar equivalent to Cardano.
Meanwhile, the decentralized exchange Minswap announced the formation of several liquidity pools for this new stablecoin.
Cardano price is currently experiencing a large pullback. The price of ADA fell by 6.4% in the past day and reached support levels.
Cardano reached a price of $0.384 on January 22, which was the highest price in the last 11 weeks, but along with other market members, experienced a drop in value today. Currently, the price of this currency is around $0.35. Cardano’s analysis shows that the current correction could be a good opportunity to buy before the creation of the first stablecoin of the network’s DeFi ecosystem.
The release date of stablecoin Cardano has been determined; What will be the market reaction? The first time in the blog Valx. appeared.
