Rick McCracken Predicts Mainnet Launch For Djed, A Cardano Stablecoin

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Based on the discovery of a new Cardano stablecoin testbed, Rick McCracken predicts a near launch date for the Z mainnet. Rick McCracken, owner of ADA staking pool DIGI and Cardano supporter, didn’t hesitate to make his findings and prediction known via his twitter handle.

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remember there was a announcement Earlier on January 14, Djed’s official Twitter handle confirmed that the launch of the stablecoin is on track for this month. In addition, according to COTI Network announcement On January 5th, the soon-to-be-launched stablecoin secured a new partnership with Apple Incorporated.

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The partnership aims to ensure the optimal use of Jade in the Cardano ecosystem. It will also facilitate the integration of payments for NFT transactions using Djed.

Djed Goes Live With New Stablecoin Payment App, DjedPay

Jade is Cardano’s first ADA-backed stablecoin powered by the COTI network. According to the description, it is a hyper-centralized stablecoin with collateralization rates between 400-800% adapulse.io,

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According to Shahaf Bar-Geffen, CEO of COTI Network, in addition to ADA support, Djed will also have another token to hedge against the risk of ADA volatility.

SHEN will act as a reserve currency of the stablecoin, while maintaining its price stability to ensure 400-800% collateral guarantee against price fluctuations.

The testnet version of the stablecoin was initially slated to launch in December 2022. Jade’s official website revealed that it is currently priced at 2.94 ADA, with a supply of 676,496 tokens.

McCracken’s prediction of the mainnet launch is in line with the initial announcement from the developers. According to him, Jade will go live on mainnet later in January. McCracken also revealed that the new Z stablecoin is now worth $1.019 on the testnet.

In addition to the mainnet launch, a payment platform for Djed called DjedPay will also launch at the same time. according to official twitter announcementDjedPay is a platform that will offer Djed-powered payments by merchants and organizations.

However, COTI is still trying to secure more partnerships in order to expand the adoption of the stablecoin algorithm.

Meanwhile, news of this development, among other things, pushed ADA price up over the past few days. According to TradingView data, ADA has gained more than 38% over the past 14 days and 11.1% over the past seven days. The cryptocurrency trades at $0.035235, with a 24-hour price gain of 1.3%.

ADA price is trading at $0.3525 l ADAUSDT is Tradingview.com

Cardano releases new ADA wallet update

In another development, the ADA community recently saw a new upgrade to Cardano’s Daedalus wallet, Daedalus 5.2.0. Input Output Global (IOG), the company behind Cardano, announced Daedalus 5.2.0 was launched via a tweet on 16 January.

daedalus wallet Is the official desktop wallet for ADA developed by IOG. The new wallet version is compatible with Cardano node version 1.35.4 and wallet version 2022.12.14.

The release of Daedalus 5.2.0 automatically updates the ProjectCatalyst API URL to a new URL. In addition, the upgrade includes BRYON wallet tracking capability and identical RAM size aggregates to allow for faster data analysis.

In addition, Cardano’s Brian Yuga (the first phase on the Cardano roadmap) received the delivery of Daedalus Wallet and Yoroi Wallet. yoroi ADA is a lightweight wallet designed by Emurgo, a subsidiary of IOG, that enables users to make instant daily transactions with ADA on their mobile phones.

Featured images from Pixabay/ AnTa_ranga, charts from Tradingview

Credit : newsbtc.com

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