Payment platform COTI has launched a public Testnet of Djed stablecoin in partnership with Cardano Chain ahead of June’s mainnet launch.
The company says that it expects to receive feedback on any technical shortcomings of the project that can be corrected before the launch.
The testnet will reportedly use ADA tokens and operate on the Nami wallet. The team has invited the public to take part in the test.
Stablecoins have gained acceptance in the cryptocurrency space as important digital assets controlling the volatility of cryptocurrencies. The project’s team notes that with the growing Cardano network, there is a need for Cardano-based stablecoins.
Djed is a decentralized algorithmic stablecoin on the Cardano network that enhances price stability and a circulating supply balance by pegging to a reserve asset.
The stability of Djed is enhanced through the Shen token, where the fluctuations in ADA are leveled out.