After being introduced to the main network, the Djed algorithmic stablecoin based on the Cardano blockchain saw a daily increase in reserves of $ 10.4 million. The asset’s reserve token SHEN is 20.8 million, while its current offer is 1.7 million coins. The stablecoin reserve ratio reached an all-time high of 800% just a few hours after debut, according to Shahaf Bar-Geffen, the CEO of the business that developed Jad, the COTI payment platform.
Decentralized exchanges (DAX) on Cardano, such as Wingriders, MuesliSwap, and Min swap, have previously been handled through Djed listing. Djed has been implemented into the FluidTokens lending protocol as well. Users will be able to borrow an item utilizing the project and put up their non-exchangeable tokens (NFT) as security.
The Cardano network saw a high surge in user and developer activity in the first half of January, and TVL jumped by 36.88%. Santiment researchers claim that in terms of developer activity in 2022, the Cardano network came out on top.