Cardano-based stablecoin and its reserve token are expanding their utility
The official Twitter handle of COTI Network, the emitter of Djed stablecoin developed on the Cardano chain by IOHK and COTI, has spread the word about Djed and its reserve token, SHEN, expanding their utility.
These two coins have been added by Aada Finance as borrowable assets and collateral as a result of governance voting. Aada Finance is a decentralized lending protocol on Cardano through the strategy of NFT bonds.
$DJED and $SHEN are now available as borrowable assets and collaterals on Aada finance.@AadaFinance https://t.co/OtOJB1WMub
— COTI (@COTInetwork) February 16, 2023
Aside from borrowing and lending, Aada Finance provides customers with services of trading, yield farming and hedging.
Djed was launched on the mainnet on Jan. 31 after more than a year of hard work for development and launch preparation. On the same day, the minting of reserve token SHEN ceased as the platform had reached the 800% level of collateral for Djed.
As reported by U.Today recently, Djed has reached the important milestone of having 31,496,011 ADA coins as its reserve asset.
Three days ago, a Djed-focused community account tweeted that the reserve ratio of the stablecoin totaled 515%. That included the aforementioned chunk of ADA, 23,583,443 SHEN. The overall circulating supply of Djed on that day was 2,278,222 tokens.
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