• Cardano (ADA) has seen a 45% price increase over the past month and a 7.7% increase over the past week.
• The launch of the DJED stablecoin on the mainnet is planned for this month and is helping to support the bullish Cardano sentiment.
• Bitrue plans to list the DJED stablecoin together with its reserve coin, SHEN.
The Cardano (ADA) market has seen an exciting surge in the past month, with its price increasing by 45% and 7.7% in the last week alone. This surge has been supported by the ongoing recovery of the broader cryptocurrency market, as well as the much-anticipated launch of the DJED stablecoin on the mainnet, which is scheduled for this month.
In light of this launch, the well-known Singaporean cryptocurrency exchange Bitrue has announced its plans to list the DJED stablecoin together with its reserve coin, SHEN. The ADA token, the native currency of Cardano, is being utilized to finance the Djed cryptocurrency. Users can transfer ADA to the platform’s smart contract in order to earn Djed in return.
DJED will be backed by other tokens and more than 400% in collateral value must be provided before a user can receive Djed. By doing this, it will be possible to replace the volatile gas fees with a transaction cost that is consistent and predictable. Furthermore, Bitrue is developing a snapshot mechanism and UI that will be added to djed.xyz. This will enable SHEN holders to track the extra rewards they receive for staking ADA deposited to the Djed smart contract.
The launch of DJED is an important milestone for the Cardano network as it aims to replace all other cryptocurrencies as the preferred currency for covering transaction costs. As the launch draws closer and more exchanges list the token, the bullish sentiment for Cardano is expected to continue.