MinSwap and MuesliSwap will support Cardano’s stablecoin Djed with token listings as well as liquidity pools to attract investors.
Crypto exchange Bitrue will also list the coin and its governance token Shen.
Developers expect to launch Djed sometime next week across over 40 Cardano-native DeFi protocols.
Cardano’s crypto-backed stablecoin Djed will receive backing from two decentralized exchanges – MinSwap and Muesliswap. Both DEXs disclosed support for the token ahead of its launch expected to happen next week.
The two exchanges plan to list Djed as well as the token’s governance crypto dubbed Shen. MinSwap which is currently the biggest dex on ADA’s chain promised to list pairs for both Djed and Shen. Both tokens will also be added to a liquidity pool to attract investors and field returns for liquidity providers.
Developers plan to support up to 25% APR on ADA/DJED and ADA/SHED pairs to propel the stablecoin, per reports.
DeFiLlama data showed that MinSwap boasts over $30 million worth of tokens in total value locked (TVL). MuesliSwap has around $6.5 million in TVL at press time. Another crypto exchange, Bitrue, also announced support for the Djed stablecoin. CoinMarketCap ranked Bitrue at 26 among crypto exchanges and the platform has over $1.7 billion in daily trading volume.
Cardano’s Crypto-Backed Stablecoin -Djed
Developers have touted Djed as one of the first crypto-backed stablecoins on Cardano. Teams from blockchain company Coti and Input Output collaborated to build the coin. Per reports, Djed was worked on for more than a year before developers announced plans to launch.
The token leverages an over-collateralization mechanism. In other words, issuing the token requires excess collateral of at least 400%. Djed’s collateral will be held in cryptocurrency in a similar fashion to Maker’s Dai stablecoin.
Upon launch, Djed will roll out across over 40 Cardano decentralized finance platforms and gain exposure to ADA’s $72 million ecosystem. Djed’s developers also promised a dashboard and a snapshot mechanism to allow Shen holders to track rewards.
As part of our effort to stake the ADA that is deposited to the Djed smart contract and generate extra rewards for $SHEN holders, we are developing a snapshot mechanism and UI that will be added to djed.xyz, where $SHEN holders will be able to track these extra rewards.