DJED vaults
About Djed
Djed is an overcollateralised stablecoin protocol on the Cardano blockchain. It uses a reserve coin (SHEN) to maintain its USD peg through an algorithmic mechanism. Djed was developed by IOG (Input Output Global) and deployed by COTI.
Djed is a formally verified, overcollateralised stablecoin protocol originally built on the Cardano blockchain. The protocol uses two tokens: DJED (the stablecoin) and SHEN (the reserve coin). SHEN holders absorb price volatility of the collateral asset (ADA) to keep DJED pegged to USD. The reserve ratio must remain between 400% and 800% for minting and burning to be permitted.
Djed was designed by researchers at IOG (Input Output Global) and deployed in collaboration with COTI on Cardano mainnet in January 2023. It was one of the first major stablecoins on Cardano. A separate DJED token also exists on EVM-compatible chains tracked by DeFiLlama.
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