DJED is a decentralised stable coin that will be pegged to the USD using ADA as collateral with SHEN as the smart contract reserve token making it stable. There are mechanisms in place that prevent the price from tanking as the DJED token can only be minted or burned under certain circumstances controlled by the code. There is thankfully no human involvement and having anywhere between 400% and 800% as collateral will determine the minting and burn rates.
The wen "investors" were bitching again today as they were hoping for the DJED announcement to coincide with their plans. The Cardano Summit has been on the go with the final day being held In Lausanne, Switzerland. The launch is set for January which is only 6 weeks away and was kind of expected considering we are in late November.
I know we tease about the 'wen' in crypto, but the development has to coincide at the appropriate timing for launch. I just don't get the rush as the final audit is being completed on DJED and everything is set for January.
The launch is not going to make a huge difference as DJED has a road map of 3 stages as the COTI team want to get this right the first time. Too many projects fail as they rush into things not thinking of all the scenarios that can play out.
Another announcement was the launching of the mobile app for DJEDPay which will open up more use cases besides on the Cardano chain.
We also announced the development of Djed Pay, a payment app and crypto gateway that allows merchants, e-commerce platforms and nonprofit organizations to accept Djed as a form of payment.
I do think the COTI and Cardano team have gone about this the right way as having a proven stable coin that holds it's peg that is decentralised backed via crypto is what crypto has been trying to do for so long.
The other big use for DJED besides as a stable coin is the wrapping of Bitcoin and Eth which will roll out later next year. Baby steps for now as the first phase needs to be completed and ticked off before that becomes a reality.
There will be DJED staking within the COTI Treasury which would require investors converting ADA into DJED and something I will get involved with telling me I need to buy some more ADA in order to take advantage of these prices. Not something I had planned, but who doesn't like earning form a stablecoin?
DJED will outperform other stables like USDA which is also launching on Cardano due to the fact it is run by a smart contract and no human.
The hope for myself is that one day I have enough invested in the likes of COTI/ADA/DJED which I see as one project now plus HIVE and a few other Projects that the future is taken care of financially. These projects through their staking mechanisms will allow for a decent passive income to be earned if you have sufficient stake. How much is enough we will not now until that point arrives, but at least giving it the best shot is all you can do.
The time frame I am looking at these days is this cycle along with the next so 2030 or thereabouts for this to mature enough hopefully. That is basically 7 years which should be a long enough period to build what I am hoping to be life changing. I am not bothered about "wen" as what is 6 weeks when you are thinking more of 364 weeks plus. It is actually good fun when you get involved with these projects as you learn so much along the way.