Partnership is aimed at exploring possibilities of Djed integration
Cardano’s Djed, an algorithmic stablecoin developed by Cardano’s IOG COTI Network, has forged another partnership – this time with Cardano-based DEX Wingriders. According to COTI Network, the partnership aims to explore the possibilities of Djed integration on the Wingriders DEX.
As reported by U.Today in late July, the COTI network shared information that Djed has seen numerous partnerships numbering over 35 ahead of its launch. In another update, COTI reported that an additional five new partnerships to use Djed on their platforms have been undertaken after U.Today reported on it.
This follows because Cardano’s JZ stablecoin is intended to eventually serve as the primary currency used to pay for all of Cardano’s network transaction fees.
Collaborations for Djed include those with Astarter, a DeFi infrastructure hub on Cardano, and Celestial City, a MusicFi platform that allows artists to conduct Initial Song Offerings, and several others.
Djed ”overcollateralized”
cardano daily The Twitter handle discusses the defunct stablecoins and the reason for their downfall. In May, the UST depegging incident made headlines as the Terra ecosystem collapsed.
COTI states, “The fact that Djed has a 400%-800% over-collateralization and is backed by ADA makes us confident that it will become the ultimate stablecoin for the Cardano network.”
In terms of Djed’s timeline, as announced by IOG, the Vasil hard fork mainnet event has been delayed by a few weeks. Similar to the Vasil hard fork, DZ can be deployed to the mainnet only after the Vasil hard fork is completed.
The Vasil hard fork is supposed to dramatically improve the network’s efficiency and, with that, increase the number of transactions that can be made on top of Djed’s platform.
