Coti Network has shared what might be next for much-awaited stablecoin deployment
Cardano’s algorithmic stablecoin, JediDeveloped in collaboration with Coty Network, is now in its final stages of completion. As U.Today reports, the Djed team had previously said that it was waiting for the Vasil upgrade as the hard fork would allow the scalability needed to securely run Djed on the mainnet.
Now that Vasil has successfully launched with full capabilities deployed, the Coti Network has shared what might be next for the much-awaited stablecoin deployment.
As stated in a blog post, COTI says that the off-chain code and specific libraries are currently being updated to properly handle Cardano Vassil Node 1.35.x in a private testnet environment.
It says that after implementing all the updates, a test run will be carried out to be sure that everything works as expected. Once the test run is completed, the changes will be deployed to the public testnet.
According to the COTI network, the one key thing that remains is the final audit results, which will see if any significant issues are discovered. If there are no problems, it says it will go ahead and deploy JZ to the mainnet. However, no specific date has been given on the mainnet deployment yet.
COTI shares breakdown of developments
The Djed stablecoin continues to see new developments, among which are extensive script optimizations to help increase throughput, which has also assisted in slashing more than 60% of the execution budget (fees).
In addition, for redundancy and security reasons, the ADA exchange rate acquisition module was updated to consider at least six external sources. COTI also says that Djed capabilities have been improved for testing and deploying new versions. It says that 80% of the testing objectives are implemented to automatically test Djed smart contracts and Plutus backend applications (PABs).
Cardano says it is taking its time on the Djed stablecoin owing to the catastrophic Terra collapse in May. The Terra ecosystem crumbled after Terra UST Stablecoin lost parity with the dollar, thus depegging.
