Cardano Stablecoin Gets Exchange Listing Ahead Of Launch
Major Singaporean crypto exchange Bitrue has announced the listing of Djed, a decentralized algorithmic stablecoin built on Cardano by COTI. This is a significant development for the growing Cardano ecosystem, as Djed has been receiving a lot of attention for its unique approach to stablecoin design. In addition to Djed itself, SHEN, the protocol's backup token, will also be available for trading on the exchange. This is particularly interesting as SHEN is collateral for the stablecoin, and in return is itself collateralized by Cardano's native token, ADA.
Bitrue's decision to list SHEN is exclusive and a sign of support for Cardano, which the exchange has been providing and expanding since 2018. Both Djed and SHEN tokens are currently operating on the test network, so trading them on Bitrue is not yet available. However, judging by the various activities around the network, it seems that the long-awaited launch on the main network should take place in the near future. In fact, there is a possibility that this could happen by the end of January.
At the moment, the price of 1 Djed is holding above the $1 level by 18 cents, and the price per SHEN is 3.33 ADA, which equals $1.25 at the current rate. According to the stablecoin's official website, its offer is almost 800,000 Djed, and SHEN has almost two million coins. Djed's reserve ratio is currently at 400%, with a base reserve of 8.5 million ADA. This is a clear indication of the growing strength and stability of the Djed and SHEN ecosystem.
Overall, Bitrue's decision to list Djed and SHEN is a major step forward for the Cardano ecosystem, and we can expect to see more developments and progress in the near future. For those who are interested in Cardano and its price predictions, this is a significant development that is worth keeping an eye on.
#Cardano #Cardano News #Cardano Price Prediction
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