Cardano’s [ADA] Stablecoin Djed took advantage of the gap left by…

ambcrypto.com:

Cardano’s [ADA] stablecoin Djed which launched on 31 January, has surpassed many projects in the ecosystem to become the fourth largest.

Created by the blockchain’s development group Input Output in collaboration with the COTI network, Djed serves as the algorithmic stablecoin for Decentralized Applications (dApps) in the Cardano ecosystem.

How much are 1,10,100 ADAs worth today ?

COTI, the blockchain enterprise provider revealed details of the development via a 2 March Medium post. It is significant to acknowledge that the Layer one (L1)- focused firm accrues fees into its treasury through the usage of the stablecoin.

According to the blog post, COTI admitted that it was glad about the milestone. And its next focus was to expand Djed’s adoption and establish more use cases for it and Shen, Djed’s reserve coin. The publication read,

“Now, our main focus is to establish DJED’s adoption and create more utility for it. In the coming weeks, we will present to you various use cases for DJED and SHEN”

In February, Djed boasted of a 600% reserves ratio with 27 million ADA backing the stablecoin. With the over-collateralization mechanism, Djed would be able to remain stable irrespective of the market condition. 

However, the stablecoin’s journey to the top would have been impossible if not for its input into the Cardano Total Value Locked (TVL). The TVL tells the number of unique deposits by protocols into an ecosystem.

Source: DeFi Llama

As of this writing, DeFiLlam showed that Djed’s addition to the TVL was around $10.49 million despite its decline in the last 30 days. Adverse, the Cardano and Ergo ecosystems tracker confirmed that the rise helped Djed gain 9% of the total Cardano TVL.