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It is going to be a busy week for the Cardano ecosystem, with the Djed stablecoin and the Coti protocol both making their debut <\/p>\n<\/div>\n<\/div>\n
Cardano, one of the most popular proof-of-stake projects, is on the cusp of a big week<\/a>.\u00a0<\/p>\n As reported by U.Today<\/u><\/a>, Cardano-based decentralized exchanges (DEX) MinSwap and MuesliSwap as well as plenty of other decentralized finance apps will add support for the much-hyped Djed stablecoin\u00a0\u00a0<\/p>\n The overcollateralized stablecoin is the creation of lead Cardano developer Input Output and decentralized payment platform COTI. It was named after an ancient\u00a0\u00a0<\/p>\n The launch of the Djed (DJED) stablecoin is expected to be a boon for Cardano\u2019s struggling DeFi ecosystem since it will likely bring much more liquidity.\u00a0<\/p>\n The algorithm of the much-talked-about stablecoin is based on a collateral ratio that is in the range of 400%-800%. In layman’s terms, other tokens will back the stablecoin. It will be impossible to mint new DJED tokens if the reserve ratio drops below the 400% mark.\u00a0<\/p>\n card<\/u><\/a>The Djed stablecoin will be able to maintain its dollar peg with the help of a backup coin called Shen (SHEN).\u00a0<\/p>\n On top of that, Liqwid Labs, an on-chain non-custodial interest rate protocol, is scheduled to have its mainnet launch next week. It acts as a decentralized marketplace for borrowers and lenders.\u00a0<\/p>\n It remains to be seen whether Cardano (ADA) will react to the upcoming events. The cryptocurrency is currently trading at $0.39 on major spot exchanges, with its market cap sitting at $13.5 billion.\u00a0<\/p>\n As reported by U.Today, Cardano founder Charles Hoskinson recently commented that tons of decentralized applications were coming online<\/u><\/a>.\u00a0<\/p>\n<\/div>\n