The overcollateralized stablecoin on Cardano, Djed, has undergone a significant update. The Djed stablecoin’s creator, COTI, said in a tweet that as part of its ongoing development process, Djed’s code has undergone an upgrade.
This version has a number of process flow improvements, reduced minimum mint and burn requirements for DJED and SHEN, and lower operational costs.
The chain index utilised by the Djed protocol to calculate pricing and estimate transaction costs while accounting for its present status and any outstanding orders has been improved.
The chain index’s stability and scalability have improved in the updated version. Additionally, mistakes brought on by incorrect exchange rates will be diminished, boosting performance.
A new version of Pub User, a tool for creating orders and seeing the state of each participating wallet that holds DJED or Shen, has also been released. Improved responsiveness, speed, and scalability are now available for the application.
Djed protocol to incentivize more users
At the end of January, the Djed stablecoin was introduced, and it is now functioning just as anticipated. Despite multiple instances when certain stablecoins lost their peg, Djed’s protocol has never lost its peg in the over eight months since its launch.
In addition to the aforementioned changes, which improved the platform’s performance, COTI noted that the final upgrade intends to encourage more users to take part in the protocol.
It announces certain adjustments to operating costs as well as the minimum quantities of DJED or SHEN that may be minted or burnt in order to do this.
The revised terms are as follows: 200 SHEN and 200 DJED, respectively, are the new minimum minting and burning quantities. The new, lower operator cost is 5 ADA.
