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Blockchain company COTI announced that $DJED, a Cardano-based decentralized stablecoin developed in collaboration with Cardano's core developer Input Output, is live on mainnet.
$DJED is backed by $ADA, and uses $SHEN as its reserve token. It has a collateral ratio in the range of 400%-800%. When the collateral ratio drops below 400%, the platform will prevent the burning of $SHEN, and the minting of new $DJED. When the ratio goes over 800%, users will not be able to mint $SHEN, but will still be able to mint and burn $DJED.
$DJED has established partnerships with over 40 Cardano-based projects. In addition, $DJED and $SHEN will be listed on Bitrue.
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