Based on a discovery of a new test stablecoin from Cardano, Rick McCracken predicted an early launch date for Djed mainnet. Rick McCracken, the owner of the ADA staking pool, DIGI, and also a supporter of Cardano, did not hesitate to publicize his findings and prediction via his Twitter account.
Remember that there was a announcement earlier on Djed’s official Twitter handle on January 14, saying the stablecoin’s launch this month remains on track. Additionally, according to the COTI Network announcement On January 5, the soon-to-be-launched stablecoin entered into a new partnership with Yepple Incorporated.
The partnership aims to ensure optimal use of Djed in the Cardano ecosystem. It would also promote the integration of payment for NFT transactions using Djed.
Djed will launch the new stablecoin payment application, DjedPay
Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network. It is an overly centralized stablecoin with a collateral rate between 400 and 800%, according to the description on adapulse.io.
According to COTI Network CEO Shahaf Bar-Geffen, in addition to ADA backing, Djed will also have another token to protect him against ADA volatility exposure.
SHEN would act as the reserve currency of the stablecoin, maintaining its price stability to provide the 400-800% collateral guarantee against price fluctuations.
The testnet version of the stablecoin was initially launched in December 2022. Djed’s official website revealed that its value is currently at 2.94 ADA, with a supply of 676,496 tokens.
McCracken’s prediction for the mainnet launch is in line with the developers’ initial announcement. According to them, Djed would go live on mainnet later in January. McCracken also revealed that the new stablecoin Djed is now worth $1.019 on the testnet.
In addition to the mainnet launch, a payment platform for Djed called DjedPay would be launched at the same time. According to the official Twitter adDjedPay is a platform that would offer Djed-powered payments by merchants and organizations.
However, COTI is still trying to get more partnerships to scale the algorithmic adoption of stablecoins.
Meanwhile, news of this development, among others, has driven ADA prices higher over the past few days. According to data from TradingView, ADA has added over 38% in the past 14 days and 11.1% in the past seven days. The cryptocurrency is trading at $0.035235, with a 24-hour price gain of 1.3%.
Cardano Releases New ADA Wallet Update
In another development, the ADA community recently saw a new update to Cardano’s Daedalus wallet, Daedalus 5.2.0. Input Output Global (IOG), the company behind Cardano, announcement the launch of Daedalus 5.2.0 via a tweet on January 16.
Daedalus Wallet is the official desktop wallet for ADA developed by IOG. The new version of the wallet is compatible with version 1.35.4 of the Cardano node and version 2022.12.14 of the wallet.
The Daedalus 5.2.0 release automatically updates the ProjectCatalyst API URL to a new URL. Additionally, the upgrade included the ability to track Bryon Wallet and aggregates of similar RAM sizes to enable rapid data analysis.
Additionally, the Bryon era of Cardano (the first phase of the Cardano roadmap) received delivery from Daedalus Wallet and Yoroi Wallet. Yoroi is a lightweight wallet designed by Emurgo, IOG’s sister company, which provides users with quick access to daily ADA transactions on their mobile phones.
Featured image from Pixabay/AnTa_ranga, Charts from Tradingview