Djed, hotly anticipated algorithmic stablecoin on Cardano (ADA), now supports Vasil specifications on its test network
Z, the first ever algorithmic stablecoin on the Cardano (ADA) proof-of-stake (PoS) blockchain, is now available for testing with advanced functionality. Its mainnet is expected to launch in January 2023.
Cardano’s stablecoin Djed is being stress tested with Vasil support
According to the official announcement Djed team shared on its social media channels, its testnet version is reactivated with a number of new instruments added.
Most importantly, the new version of Jade’s testnet begins to support Wassyl, the latest hardfork of Cardano (ADA). As previously covered by U.Today, Wasil aims to make Cardano (ADA) more developer friendly and resource efficient.
Also, the Nami wallet used by Djed’s testers now displays the logos and the icons of both DJED and SHEN (as Djed Test USD and Shen Test USD), its main reserve cryptocurrency. Divisible units for the two cryptocurrencies are also supported now.
As explained by its team, to ensure smooth operation, the developers have set some maintenance periods. To start testing Djed with advanced functionality, users can acquire test Cardano (ADA) coins (tADA) through a purpose-built faucet.
Stablecoin season on Cardano (ADA)?
Djed is promoted as a pioneering over-collateralized stablecoin of the Cardano (ADA) ecosystem. It will supercharge its own payment system, DjedPay, suitable for merchants and nonprofits.
Charles Hoskinson, CEO of Input Output Global (IOG), is bullish about the role of algorithmic stablecoins in the Web3 segment and the adoption of cryptocurrencies overall. Recently he claimed that this type of stablecoin could end the state monopoly on fiat currencies.
COTI Network partnered with Cardano (ADA) to develop Djed and related solutions. Besides Djed, Cardano’s ecosystem is getting closer to the release of EMURGO’s centralized stablecoin, USDA.
