Cardano DEX's Prepare For DJED Stablecoin Launch

The highly anticipated djed stablecoin and its companion governance token, Shen, are set to be listed on two popular Cardano-based decentralized exchanges, MuesliSwap and MinSwap, after their issuance next week. This news comes as a result of tweets from the two DEXs, who are looking forward to the launch of these tokens.

MinSwap is currently the largest Cardano DEX, with over $30 million worth of tokens locked up in its liquidity pools, while MuesliSwap has a relatively smaller locked up value of $6.5 million. The djed stablecoin has been jointly developed by the Cardano code maintainer, IOG, and Coti, a layer 1 blockchain. This stablecoin is unique in its overcollateralized mechanism, where users must post over 400% in collateral value before they can be issued the token. This is an important feature that helps djed's value to hold stably during market stress and prevents a repeat of the infamous terraUSD stablecoin, which was linked to luna and fell over 99% in May.

The djed tokens, alongside the annualized yield rewards offered by the DEXs, are expected to attract a lot of liquidity and interest from investors. This is due to their overcollateralized mechanism, which helps to ensure stability and overall benefits Cardano's $72 million decentralized finance (DeFi) market. MuesliSwap developer also said that they are going to launch concentrated liquidity pools similar to UniSwap v3 next week with the Djed launch so they expect that the trading APR itself will already be above 10% as capital can be used more efficiently. They are aiming for at least a 10-15% farming APR for both the pairs ADA/$DJED and ADA/$SHEN, so in total, they are aiming to be above 20-25% APR in the first month to attract liquidity.

Djed is also expected to go live on over 40 Cardano-based decentralized finance applications (dapps) on launch. Developers have also simultaneously developed DjedPay, a payments application that uses djed, that would allow users to transfer the tokens to merchants and businesses. Additionally, Shen, the reserve token meant to support djed's stability, would receive extra rewards when holders of Cardano's ADA cryptocurrency stake their coins to mint djed stablecoins, which may fuel liquidity for the upstart ecosystem. Overall, the listing of djed and Shen on these two popular DEXs is a significant step for the Cardano ecosystem, and we can expect to see a lot of activity and interest in these tokens in the coming weeks.

#cardano #djed #stablecoin #minswap #muesliswap #defi

https://www.coindesk.com/tech/2023/01/27/cardano-dexs-will-support-djed-stablecoin-liquidity-pools-starting-next-week/

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