COTI enhances its Djed stablecoin on Cardano with code upgrades, reduced fees, and improved user experience to solidify its position in the Cardano ecosystem.
- COTI upgrades Djed stablecoin on Cardano for improved stability and performance.
- Optimizations, lower operational fees, and reduced mint/burn requirements for DJED and SHEN tokens.
- Enhanced chain index for better price calculations and error reduction.
- Pub User app improved for responsiveness, scalability; introduces new fee and token amount conditions to incentivize user engagement.
In an exciting announcement, COTI, the issuer of the highly successful Djed stablecoin on Cardano, revealed that it has performed a significant upgrade to Djed’s code. This upgrade is part of COTI’s continuous improvement process aimed at optimizing and enhancing the stability and performance of the stablecoin.
An upgrade to the Djed protocol has just been implemented with improvements to the Chain Index and Pub User. We've also reduced the operator fees as well as the minimum amounts needed to mint $DJED and $SHEN.
Read more: https://t.co/xTJm4Phe9o$COTI @InputOutputHK @Cardano pic.twitter.com/tmYHDprWVH
— COTI (@COTInetwork) September 4, 2023
Optimizations and Lowered Requirements
The latest update brings several optimizations to the process flow of the Djed protocol, along with a reduction in operational fees. Additionally, the minimum mint and burn requirements for Djed’s native tokens, DJED and SHEN, have been lowered.
One of the key improvements is the upgrade to the Djed protocol’s chain index, which is responsible for computing prices and determining transaction costs. This upgrade enhances the robustness and scalability of the chain index, resulting in improved overall performance.
Furthermore, the upgrade tackles the issue of errors caused by invalid exchange rates, ensuring greater accuracy in price calculations and reducing potential problems.
Enhanced Application
The Pub User application, a critical tool for producing orders and reflecting the current state of wallets holding DJED or SHEN, has also undergone a significant upgrade. This improvement aims to increase responsiveness, performance, and scalability, offering users a seamless and efficient experience.
Since its launch in January, the Djed stablecoin has maintained its peg with remarkable success, demonstrating its resilience amidst various market fluctuations. To further incentivize user participation and drive adoption, COTI has introduced some changes to the operational fees and minimum token amounts required for minting and burning.
The updated conditions state that the new minimum minting and burning amounts for SHEN and DJED are now 200 each. Additionally, the operator fee has been reduced to five ADA, making it more cost-effective for users to engage with the protocol.
To Sum it All Up….
The recent upgrade to the Djed stablecoin on Cardano signifies COTI’s commitment to continuously improve and evolve its stablecoin offering. By optimizing the protocol’s code, reducing operational fees, and providing a more user-friendly application, COTI aims to attract a larger user base and solidify Djed’s position as a leading stablecoin on the Cardano network.
With these enhancements, Djed offers a stable and secure financial solution for users, ensuring a reliable and consistent peg in an ever-changing market environment. As the Cardano ecosystem continues to grow, the Djed stablecoin is poised to play a crucial role in enabling seamless and decentralized financial transactions.
