Coti is closer to launch Cardano backed Djed Stabelcoin

Coti gives an update about the most anticipated stablecoin project on the Cardano blockchain network. 

In the middle of this year, Cardano founder shared his mathematical formulation-based idea to create a new Stablecoin for this crypto industry.  He named the coin Djed Stablecoin. Cardano founder Charles Hoskinson shared full details on the Djed project. 

During the Cardano summit 2021, the Cardano team decided to give Djed work in the hands of the Coti Network. The developer team of Coti is working on the Djed coin fastly.

On 24 December, Coti published a post on the current development status of Djed Stabelcoin project. Through the medium post, Coti noted that they are much closer to launching the Djed Stabelcoin. 

” We are getting closer to the launch of Djed stablecoin, we are pleased to share some updates on the development and progress”

Coti confirmed that they successfully created the smart contract for the oracle exchange rates, for submitting multiple orders simultaneously, for cancelling pending orders for the successful Djed coin. 

However, alongside this development work, the development team confirmed that they are still retesting to ensure the functionality with better potential. 

Coti claimed that they will release the pre-released version of their Djed development work for the UI integration. 

The pre-released version will provide endpoints to perform the functionality of Querying the stablecoin bank reserve, buying and selling prices, Submitting orders, and cancelling pending orders. 

The success of Cardano with Alonzo Hardfork 

Alonzo Hardfork on the Cardano mainnet was a most anticipated task for the core developer team of the Cardano project. After the completion of Alonzo Hardfork, Cardano blockchain-enabled all smart Contracts features for the Defi and Dapps. 

Recently Cardano developer team was informed about the successful launch of the ERC-20 calculator on the Cardano testnet and also they successfully tested the transaction of the ERC-20 based token in between the Ethereum- Cardano blockchain network. 

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