• Cardano (ADA) has increased by 45% over the past month and 7.7% over the past week due to the broader cryptocurrency market recovery.
• The launch of the DJED stablecoin on the mainnet is planned for this month, with the Singaporean cryptocurrency exchange Bitrue set to list the DJED stablecoin together with SHEN, its reserve coin.
• Djed will be backed by other tokens and it aims to replace all other cryptocurrencies as the preferred currency for covering transaction costs on the Cardano network.
The cryptocurrency market has been on the rise over the past month and Cardano (ADA) has been no exception. The price of Cardano has increased by 45% over the past month and 7.7% over the past week. The general market rebound is likely to have been a factor in the uptrend, however, the much-anticipated launch of the DJED stablecoin on the mainnet is also likely to have had an impact.
The DJED stablecoin is a cryptocurrency pegged to the US dollar and aims to replace all other cryptocurrencies as the preferred currency for covering transaction costs on the Cardano network. Before a user can receive Djed, more than 400% in collateral value must be provided. Djed will be backed by other tokens, making it possible to replace the volatile gas fees with a transaction cost that is consistent and predictable.
In preparation for the launch, the Singaporean cryptocurrency exchange Bitrue has revealed plans to list the DJED stablecoin together with SHEN, its reserve coin. Through an official blog post on its website and a subsequent tweet from COTI Network, Bitrue announced its intentions to list DJED. Additionally, developers are developing a snapshot mechanism and user interface (UI) which will be added to djed.xyz. This mechanism will allow SHEN holders to track extra rewards when ADA is deposited to the Djed smart contract.
Overall, Cardano bulls are all charged up ahead of the launch of its stablecoin DJED, which is set to go live this month. The launch of the DJED stablecoin is likely to have a big impact on the Cardano network, as it is set to replace all other cryptocurrencies as the preferred currency for covering transaction costs. This could have a big impact on the price of Cardano, as the increase in demand for ADA could cause the price to surge.