COTI Network announced via a blog post that Djed is now live on Mainnet, following a comprehensive security audit and over a year of planning and development. This milestone introduces a new era of stablecoins for the Cardano ecosystem. Djed, a community-driven stablecoin, allows users to hold, mint, and burn DJED and SHEN. It is available on the official Djed platform and Bitrue, the first platform to list DJED alongside SHEN.

Users can also access Djed on decentralized exchanges such as Wingriders, MinSwap, and MuesliSwap, with more platforms to follow. Holders of DJED can earn delegation rewards, LP rewards, and farming rewards through these exchanges. Djed ensures liquidity within the ecosystem and is backed by ADA, using SHEN as a reserve coin. The mechanism, safeguarded by Proof of Reserves, operates within a 400% to 800% reserve ratio to maintain stability in various market conditions.

If the reserve ratio falls below 400%, the burning of SHEN and minting of DJED are halted. Conversely, if it exceeds 800%, the minting of SHEN stops. Users can mint and burn DJED except when the reserve ratio drops below 400%.

Operating fees, to be paid in ADA, will be introduced later and distributed among the Treasury’s users, with fees converted to $COTI before being streamlined to the treasury. COTI Network's 2023 roadmap includes two key updates: Version 1.2, enhancing scalability with Vasil features, and Djed 1.3, introducing dynamic fees and prices along with an advanced delegation program.

Supported by COTI, Djed has enhanced its functionality through business development, over 40 partnerships, and smart contract positioning. Each transaction incurs an operational fee of 0.5%. COTI Network also plans to add more coins, including wrapped ETH and wrapped BTC, as collateral for minting DJED.