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.
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.
As far as the latest Cardano Djed updates are concerned, the new blog post issued by the card and team adds that they are waiting for the deployment of the Vasil Hard Fork to help scale the Djed stablecoin effectively.
The team added that after the deployment of the Vasil Hard fork, they will be deploying Djed to the mainnet.
This means that we can expect the Djed stablecoin to release soon after the Vasil Hard Fork Upgrade which was earlier scheduled to be conducted on June 29 but has been recently delayed citing that the team needs "more testing time to ensure smooth processing."
The platform has recently unveiled new details and a roadmap that outlines a new launch date for Cardano's Djed stablecoin. As per sources, the new Djed stablecoin will launch in 2022, however, a fixed date is yet to be announced.
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.