Rick McCracken Predicts Mainnet Launch For Djed, A Cardano Stablecoin

Based on a discovery from a new stablecoin test of Cardano, Rick McCracken has predicted a close launch date for Djed mainnet. Rick McCracken, the owner of the ADA staking pool, DIGI, and also a Cardano supporter, did not hesitate to make his findings and prediction known via his Twitter handle.

Recall there was an announcement earlier on Djed’s official Twitter handle on January 14, affirming that the stablecoin’s launch this month remains on track. Furthermore, as per COTI Network’s announcement on January 5, the soon-to-launch stablecoin bagged a new partnership with Yepple Incorporated.

The partnership aims to ensure optimal usage of Djed in the Cardano ecosystem. It would also promote the integration of the payment for NFT transactions using Djed.

Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network. It is an over-centralized stablecoin with a collateral rate between 400-800%, according to the description on adapulse.io.

According to the CEO of the COTI Network, Shahaf Bar-Geffen, in addition to ADA backing, Djed will also have another token to protect it against exposure to ADA’s volatility.

SHEN would act as the stablecoin’s reserve currency, maintaining its price stability to ensure the 400-800% collateral guarantee against price fluctuations.

The stablecoin’s testnet version was initially launched in December 2022. Djed’s official website revealed that its value is currently 2.94 ADA, with a supply of 676,496 tokens.

McCracken’s prediction of the mainnet launch goes in line with the developers’ initial announcement. According to them, Djed would go live on the mainnet later in January. McCracken also revealed the new Djed stablecoin is now worth $1.019 on the test network.

In addition to the mainnet launch, a payment platform for Djed called DjedPay would launch at the same time. According to the official Twitter announcement, DjedPay is a platform that would offer Djed-powered payments by traders and organizations.

However, COTI is still trying to secure more partnerships to scale the stablecoins algorithmic adoption.

Meanwhile, news of this development, among others, pushed ADA prices over the past few days. According to data from TradingView, ADA has added over 38% in the last 14 days and 11.1% in the past seven days. The cryptocurrency trades at $0.035235, with a 24-hour price gain of 1.3%.

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

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. Also, the upgrade included Bryon Wallet tracking capability and aggregates of similar RAM sizes to allow for swift data analysis.

Furthermore, Cardano’s Bryon era (the first phase on the Cardano Roadmap) received a delivery of the Daedalus wallet and Yoroi wallet. Yoroi is a light wallet designed by Emurgo, IOG’s sister company, that offers users access to ADA quick day-to-day transactions on their mobile phones.