Cardano DeFi TVL Doubled Fueled By the Newly Launched Stablecoin $DJED

Cardano's DeFi TVL has more than doubled this year, reaching over $100 million on DeFi protocols on the network. According to DefiLlama, TVL started the year at $49 million and has risen close to $104 million. This increase is partly due to the appreciation of Cardano's price, but is largely due to the launch of Cardano's algorithmic stablecoin, Djed ($DJED).

After the stablecoin launched on January 31, the amount of $ADA locked in Cardano DeFi applications has increased from 200 million to over 270 million within a week. The Djed protocol alone attracted 30 million $ADA to mint around 12 million $DJED, with a reserve ratio of 606%.

$DJED is backed by $ADA, and uses $SHEN as its reserve token. It has a collateral ratio in the range of 400%-800%.