- Djed, an algorithmic stablecoin on Cardano whose value is pegged to the Shen token has announced the launch of its public testnet and is seeking public input.
- The testnet will allow the team to assess the main functionalities of the protocol in a fictitious and safe space before eventually rolling it out to the public.
An algorithmic stablecoin is coming to Cardano. Djed will become Cardano’s answer to UST on the Terra blockchain and the upcoming Decentralized USD on TRON. In its latest announcement, the team behind Djed has revealed that the project has launched a public testnet to assess the functionalities of the stablecoin before its eventual rollout to the public.
“We are thrilled to announce that after months of intense work along with the Cardano team, the public Testnet version of Djed is now released!” the team announced in a press release shared with CNF.
Djed will be an algorithmic stablecoin, meaning that, unlike Tether or Circle’s USD Coin where there’s a central entity that mints the stablecoin, its price stability will be pegged through smart contracts to a reserve asset, in this case, the Shen token.
Djed was announced in September last year jointly by COTI and Charles Hoskinson and since then, both teams have been working tirelessly to make the dream a reality. As the COTI team announced at the time, it projects that Djed will rise to become the ultimate coin with which Cardano’s network transaction fees are paid since it’s not volatile like the ADA.
The testnet will give the COTI team a safe environment within which they can assess just how stable and durable the stablecoin and its underlying network are. Users who test Djed will also get to understand the protocol without being exposed to any risk. In addition, Cardano-based protocols such as SundaeSwap and WingRiders have already started to test the stablecoin.
To test the stablecoin, all a user has to do is:
- Go to the Cardano test faucet and get test ADA:
https://testnets.cardano.org/en/testnets/cardano/tools/faucet/ - Go to Djed.xyz
- Connect with your Nami wallet
- Change the Network to “Testnet”
- Check the “custom node” box and insert the URL: XXXXXXXXXXX
- Start minting and burning Djed on its testnet version.
The team is inviting all its users to share their feedback at [email protected].
In the near future, the Djed team will perform an on-chain code Level 2 audit certification to curb any potential security flaws; introduce a configuration management contract to facilitate the upgrade of the Djed contracts without altering the minting policy; extensively perform property-based testing; and restrict the invocation of the PAB endpoints responsible for deploying, upgrading, and terminating a Djed instance only to a list of known public key hash.
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