Djed’s First Week Recap
It has been exactly one week since Djed was successfully launched on Mainnet, and we are happy to see that participation and interest in the platform keeps growing.
The first week’s activity exceeded our expectations, with djed.xyz reaching a total liquidity of over 30M ADA! A total of 2.1M DJED has been minted, and 158K DJED burnt. During the past week a total of 24M SHEN has been minted and 1.1M SHEN was burnt. The average reserve ratio in the past week was 629%, and it was kept around 600% during this week, allowing users to freely mint and burn DJED and SHEN.
The first batch of Djed’s operational fees was collected and streamlined into the COTI Treasury as rewards to the Treasury’s participants, reaching a 118% Max APY at that point of time! More to follow!
As of writing, the TVL in DEXs is around 3.4M ADA for DJED and 6.1M ADA for SHEN.
Many exciting announcements were made in the past week, including Bitrue’s announcement of a staking campaign for both DJED and SHEN, and the two tokens being featured on DefiLlama, as well as listed on CoinMarketCap and CoinGecko.
In the next few weeks, we will enable multi wallet support, allowing the interaction of djed.xyz with several additional wallets. In addition, we are working on adding delegation info on the website, which will allow users to keep track of their expected rewards. We will also keep working towards securing more Djed partnerships that will facilitate its widespread adoption.
Thank you all for your support, feedback and participation so far, we’ll keep bringing you updates as we progress.
For all of our updates and to join the conversation, be sure to check out our channels:
Binance Feed: https://www.binance.com/en/feed/profile/485349084
CoinMarketCap Feed: https://coinmarketcap.com/community/profile/COTI
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf