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Djed Updates!

It has been a few weeks since the launch of the Testnet version of Djed, Cardano’s over collateralized stablecoin.

This launch created a lot of excitement, and many users have been testing the platform since then. We thank you for your continued feedback and we are glad to see everything flow according to plan. We are happy to share some updates with you.

Until now, more than 514,559 $tDJED have been minted on the platform. In addition, 6,688,918 $tSHEN reserve coins were minted, giving a reserve ratio of 653%.

At the moment, there are 6,724,706 $tADA in the test pool.

As per our previous update, after the Testnet was launched, a level 2 audit certification of the on-chain code was submitted to guarantee the absence of security vulnerabilities and ensure that the specification and code are of good quality in terms of understanding and maintainability.

Corrective measures according to the audit remarks have been already applied and a new version of the code is now being submitted for a final audit.

There has also been a safety analysis performed internally to ensure that we have captured all the potential vulnerabilities that can lead to harm in the protocol.

In parallel with the audit, we are also waiting for Cardano’s Vasil hard fork to take place. The Vasil hard fork will allow for scalability that is required to safely run Djed on Mainnet. According to Cardano Core developers IOG’s statement yesterday, the Cardano Vasil hard fork will occur in the last week of July. Once Vasil Hard fork is finished, along with the audit final results, we can start to deploy Djed to the mainnet.

We are happy to see the excitement around Djed, and to keep you informed on the recent updates and updated timeline.

In order to learn more, read the recap of the Djed AMA we held last week.

Read Shahaf Bar-Geffen’s article on Cointelegraph where he talks about Terra UST and why Djed is different and safer.

Stay COTI!

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