04 Oct 2021 8:40 AM +00:00

Cardano Djed Release Date: When Will The Cardano Stablecoin Launch?

Shown off at the Cardano Summit 2021, Cardano Djed is a new stablecoin for Cardano, but when is its release date?

Cardano went through some dramatic changes last month with the Alonzo hard fork introducing smart contract functionality to the network. Alongside the Hydra L2 protocol, the Djed stablecoin is among the next projects set for launch.

Here's what we know about its release.

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Cardano Djed Release Date

Neither COTI, IOG, or IOHK gave a definitive release date or launch window for the Cardano Djed stablecoin, although it could be a matter of weeks away.

Cardano's development is a rigorous, research-driven approach. This means the Djed stablecoin will need to undergo several rounds of this testing and research before its release.

However, speaking at the Cardano Summit 2021, Shahaf Bar-Geffen, chief executive of the COTI group said:

We want to welcome everybody to log in, even right now, to Djed.xyz and start minting in the coming weeks or so.

Djed is more than just a mere concept at this stage. As explained in its research paper, Minimal Djed - a simpler version of Djed - was implemented on several testnets. These include the Binance Smart Chain testnet and Ethereum's Rinkeby testnet. A version of Minimal Djed is also available in Cardano's Plutus language.

We'll keep this page updated as more news comes out about Cardano Djed's release.

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What Is Cardano Djed?

Cardano Djed is a new stablecoin for Cardano, developed by IOG and issued by COTI.

It will use smart contracts to ensure price stability, maintaining a base coin reserve, which should allow users to use the stablecoin for DeFi transactions.

According to IOHK's blog post, this will make transaction costs more predictable, helping Cardano avoid the gas fee issues that currently impact Ethereum transactions.

Read More: Cardano Basho Upgrade: What To Expect From The Next Cardano Era After Goguen

[Image by Executium via Unsplash]