It is going to be a busy week for the Cardano ecosystem, with the Djed stablecoin and the Coti protocol both making their debut
Cardano, one of the most popular proof-of-stake projects, is on the cusp of a big week.Â
As reported by U.Today, Cardano-based decentralized exchanges (DEX) MinSwap and MuesliSwap as well as plenty of other decentralized finance apps will add support for the much-hyped Djed stablecoin Â
The overcollateralized stablecoin is the creation of lead Cardano developer Input Output and decentralized payment platform COTI. It was named after an ancient Â
The launch of the Djed (DJED) stablecoin is expected to be a boon for Cardano’s struggling DeFi ecosystem since it will likely bring much more liquidity.Â
The algorithm of the much-talked-about stablecoin is based on a collateral ratio that is in the range of 400%-800%. In layman’s terms, other tokens will back the stablecoin. It will be impossible to mint new DJED tokens if the reserve ratio drops below the 400% mark.Â
cardThe Djed stablecoin will be able to maintain its dollar peg with the help of a backup coin called Shen (SHEN).Â
On top of that, Liqwid Labs, an on-chain non-custodial interest rate protocol, is scheduled to have its mainnet launch next week. It acts as a decentralized marketplace for borrowers and lenders.Â
It remains to be seen whether Cardano (ADA) will react to the upcoming events. The cryptocurrency is currently trading at $0.39 on major spot exchanges, with its market cap sitting at $13.5 billion.Â
As reported by U.Today, Cardano founder Charles Hoskinson recently commented that tons of decentralized applications were coming online.Â
