Stablecoin

Cardano

Djed

DeFi

COTI

<ul> 
 <li dir="ltr" style="line-height: 1.38;">Coti, the issuer of Djed stablecoin on Cardano, has undergone a significant protocol upgrade, with Djed 1.2 now live.</li> 
 <li dir="ltr" style="line-height: 1.38;">Djed 1.2 is ushering in new improvements, including increased accessibility, which will solidify Djed’s position within the Cardano DeFi ecosystem.</li> 
</ul> 
<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Cardano-backed Stablecoin Djed has undergone a significant upgrade. COTI has announced the successful launch of the long-awaited version 1.2, which was confirmed via a <a href="https://x.com/COTInetwork/status/1821571076956066080" target="_blank" rel="nofollow noopener">post </a>on X (formerly Twitter) by the stablecoin issuer COTI. According to the team, this significant improvement ushers enhanced functionality and accessibility. 
<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Launched one year ago in January, the stablecoin has operated seamlessly amidst huge regulatory and technical concerns around stablecoins. Notably, the stablecoin has not lost its peg for the one year of operation. The release of version 1.2 is a <a href="https://www.crypto-news-flash.com/cardanos-explosive-ecosystem-1240-projects-66-3m-transactions-and-djed-leading-the-defi-revolution/" target="_blank" rel="noopener">continuation </a>of the improvement roadmap, the most recent being in <a href="https://www.crypto-news-flash.com/cardanos-djed-stablecoin-gets-a-turbocharged-upgrade-can-it-drive-ada-price-to-0-30/" target="_blank" rel="noopener">September last year</a>. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Big news for Cardano DeFi! The most significant upgrade to Djed since launch is now live <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ab.png" alt="💫" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 These updates take Cardano's overcollateralized stablecoin to new heights in stability, accessibility, and efficiency 
 Let's explore the key improvements <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/InputOutputHK?ref_src=twsrc%5Etfw">@InputOutputHK</a> 
 1/7 <a href="https://t.co/nhPsdhcENE">pic.twitter.com/nhPsdhcENE</a> 
 — COTI Foundation (@COTInetwork) <a href="https://twitter.com/COTInetwork/status/1821571076956066080?ref_src=twsrc%5Etfw">August 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Also, Djed 1.2 introduces several improvements, some of which are scheduled for version 1.3. 
&nbsp;<span style="font-size: 13.999999999999998pt; font-family: Arial,sans-serif; color: #434343; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Djed 1.2 New Features 
<ul> 
 <li><span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Dynamic Fees<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">: This feature was originally scheduled for version 1.3, but the team implemented it earlier than expected. According to the team, the dynamic fee system replaces the current fee structure. In essence, the protocol dynamically adjusts base fees between 0% and 5% according to the reserve ratio. <span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">It is worth noting that these fee ranges change according to the ratio.</li> 
</ul> 
<ul> 
 <li><span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Lower Minimums for Minting and Burning:<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> Djed 1.2 has significantly reduced the minimum ADA required for minting and burning DJED and SHEN from 200 ADA to just 50 ADA. Reducing this fee bolsters small investor engagement, fostering greater participation within the Djed ecosystem.</li> 
 <li dir="ltr" style="line-height: 1.38;"><span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Increased SHEN Stability with Additional Reserves:<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> The upgrade allocates more ADA reserves within the smart contract, further strengthening SHEN’s backing. This reinforces stability while encouraging active participation in the protocol.</li> 
 <li dir="ltr" style="line-height: 1.38;"><span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Percentage-Based Operator Fees:<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> Djed 1.2 has an adaptable fee structure. This means that version 1.2 is replacing fixed fees with a percentage-based system. “Users will benefit from this more adaptive fee structure, making transactions more cost-effective across different order sizes and reducing the likelihood of completely failed transactions.”&nbsp;</li> 
</ul> 
&nbsp;<span style="font-size: 12pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Additionally, Djed 1.2 also enhances the user experience by allowing partial transactions. If users don’t have enough fees to complete a full transaction, it won’t be canceled entirely. 
<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">Also, according to the official&nbsp;blog post, Djed 1.2 will migrate to Plutus V2&nbsp;“to increase the latest advancements in Cardano‘s smart contract capabilities.” This migration will bring several advantages, including reduced transaction sizes and costs and&nbsp;a streamlined development process.<span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> <span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"> <span style="font-size: 11pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">At the time of writing, ADA is <a href="https://www.crypto-news-flash.com/marketcap/" target="_blank" rel="noopener">swapping hands</a> with <span style="font-size: 11pt; font-family: Roboto,sans-serif; color: #0d1421; background-color: #ffffff; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">$0.3396<span style="font-size: 11pt; font-family: Roboto,sans-serif; color: #0d1421; background-color: #ffffff; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">, marking a 0.89% and 9.36% decline in the last 24 hours and past week, respectively, leading to a 12.6 billion<span style="font-size: 10.5pt; font-family: Roboto,sans-serif; color: #0d1421; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;">&nbsp;market cap. 
<div class="cryptoboxes" id="mcw-419861" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="cardano" data-symbol="ADA" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
As CNF reported, the Cardano network is edging closer to the Chang hard fork, which promises to be one of the greatest upgrades since its main net launch. This could act as a bullish catalyst to catapult ADA to higher levels.

Cardano’s Djed Stablecoin Receives Game-Changing Update: What’s New in Version 1.2?

Crypto News Flash

Other articles published on Aug 9, 2024

Grayscale Expands Crypto Offerings with Bittensor and Sui

Notcoin Price Prediction: NOT Plunges 24% In A Month As Investors Pivot To This P2E Dogecoin Deri...

The Social Impact of RAIN Coin's Economic Model

Tether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K?

PlanB Warns Investors About Early Bitcoin Bull Market Entry

FTX and Alameda Research To Repay $12.7 Billion To Its FTX Creditors This Month!

Join our free newsletter for daily crypto updates!