Total Value of Assets Locked (TVL) on Cardano overcollateralized The Djed stablecoin crossed $10 million within the first 24 hours of its launch, according to data from DeFillama.
Data available on the Djed website shows that the stablecoin has a circulating supply of 1.7 million, while its reserve token, the SHEN supply, is 20.8 million.
Coti CEO Shahaf Bar-Geffen tweeted that Djed’s booking rating peaked at 800% a few hours after its launch; the percentage has it fell at 596% as of the time of publication.
When the reserve rate falls below 400%, users can only burn Djed and mint Shen, while the events are reversed when the balance exceeds 800%. This mechanism is designed to prevent another Terra-like collapse in challenging market conditions.
Shen holders have incentives to stake their coins to mint Djed as they can earn additional rewards.
The new stablecoin had generated significant anticipation from the Cardano community after being in development for over a year.
Cardano projects integrate Djed
Several decentralized exchanges (DEXs) on Cardano, such as Wingriders, MuesliSwap, and Minswap, were among the first platforms to ready the stablecoin.
On top of that, Cardano projects like Fluid have integrated the stablecoin as a liquidity option against loans. Fluid would allow its users to borrow from Djed using their NFTs as collateral.
The Bitrue centralized exchange would also list DJED and its reserve asset SHEN. Trading is expected to start on the platform on February 1.
ADA is up 4%
from Cardano ADA is up 4% in the past 24 hours to $0.38 at press time, according to CryptoSlate data. The Layer 1 (L1) blockchain network token has risen more than 50% in the last 30 days.
Meanwhile, Cardano’s DeFi activity has also benefited from the launch of Djed. The total value of assets locked within the ecosystem. pink by 22% to $91.4 million in the last 24 hours.
