Djed Public Testnet is Live!

Published in

COTI

3 min readMay 4, 2022

Wen Djed TestNet? Now.

We are excited to announce that after months of intense work along with the Cardano team, the public Testnet version of Djed is now released!

Djed is a decentralized overcollateralized stablecoin that is built on Cardano. This stablecoin maintains stability through a combination of collateral and a reserve token. In this case, Shen is Djed’s reserve coin and has the role of ensuring price stability — specifically it guarantees the collateralization rate and the peg of the stablecoin.

Watch the video below to better understand how Djed works:

Since Charles Hoskinson and Shahaf Bar-Geffen’s announcement last year, we have been working to build the Djed ecosystem, most notably on UI integration, final design, configuration management, and integration of the Nami-wallet.

Releasing Djed in a Testnet environment allows us to test the main functionalities of the protocol in a fictitious and safe space using trial funds. This will also give everyone an opportunity to understand the dynamics of the protocol without incurring any risks.

SundaeSwap, Minswap and WingRiders are starting to test Djed through test pools on their platforms.

Here is how you can test the Djed ecosystem:

Go to the Cardano test faucet and get test ADA:
https://testnets.cardano.org/en/testnets/cardano/tools/faucet/
Go to djed.xyz
Connect with your Nami wallet
Change the Network to “Testnet”
Check the “custom node” box and insert the URL: https://cardano-submit-api-testnet.djed.xyz/api/submit/tx
Start minting and burning Djed on the Testnet version.

As a reminder, the Public Testnet’s purpose is to test all aspects of the release and we expect some technical issues to arise. All of which will be addressed and resolved for the Public Mainnet, planned for June this year.

We encourage you to share your feedback after testing Djed by sending us an email to contact@djed.xyz

Now that the Testnet has been launched, here are some next steps to expect:

Performing an on-chain code Level 2 audit certification to ensure that the mitigations put in place are sufficient to cover all potential security flaws (e.g. double-satisfaction problem, absence of improperly locked funding, resilience against sandwich attacks, absence of rounding issues, etc). This activity will also ensure that the test objectives are sufficient to capture any potential nonconformity situations.
Configuration management contract introduction to facilitate the upgrade of the Djed contracts without altering the Djed minting policy. This feature is essential to ensure that stablecoin and reserve coin tokens in circulation can still be redeemed after any upgrades.
Performing extensive property-based testing to guarantee the preservation of Djed stability properties and the absence of security vulnerabilities.
Restricting the invocation of the PAB endpoints responsible for deploying, upgrading, and terminating a Djed instance only to a list of known public key hash (or wallet ID).

We look forward to the ongoing collaboration with the Cardano team as we head towards the finish line: Djed’s Mainnet release.