"I hope it's not destroyed like Terra Luna."
COTI's layer-1 protocol launched a stablecoin for the Cardano (ADA) network called DJED that can provide a lucrative reward to its holders including increasing the total value locked (TVL).
The ADA-backed stablecoin including the backup on the value of the United States (US) dollar will be live on the mainnet* followed by a technical process that has been implemented for the past week and will take around 14 days to complete.
*Term used to describe a fully functional and operational blockchain
DJED's latest update is found to have order cancellations, where users have to click on the refund button if they want to cancel their pending transactions.
However, most investors began to lose interest in stablecoins since TerraUSD (UST) suddenly faced destruction last May 2022.
Despite this, the developers working on the ADA network are still working to research the vulnerabilities of UST, FEI and MIM so that their DJED stablecoin launch does not have any errors like the previous events.
While Djed functions as a decentralized bank including ADA gas payments and not forgetting COTI is currently in the process of developing Djed Pay which allows users to pay merchants with stablecoins.
In the meantime, DJED will also be listed on the centralized exchange company Bitrue and decentralized exchanger (DEX) Wingriders.
