Token Spotlight: DJED

5/1/2024

Djed is an algorithmic over-collateralized stablecoin on the Cardano blockchain. The name Djed comes from ancient Egyptian symbolism, where the “Djed” pillar represents stability. Djed is backed by its reserve currency SHEN. The connection of the Shen with the Djed in the context symbolizes a blending of the concepts of stability (Djed) and eternity (Shen) to emphasize enduring stability and protection. This article will delve into Djed, its distribution, liquidity, and more.

DJED Distribution & Tokenomics

DJED has a minted supply of 3.01 million tokens, which are all currently in circulation. At $0.993 per Djed, this gives the stablecoin a Market Cap of $2,989,279 and a Diluted Market Cap of $2,989,279, placing it at #33 in the Top 50 tokens on Cardano.

There are currently 3,284 wallets holding Djed, up 1.08% over the last 30 days. The Median Holder Balance is 1.05 DJED equivalent to 2.47 ADA, and the Average Holder Age is 236.00 days.

Djed currently has a collateralization ratio of 486% and a Base Reserve of 32.4 million ADA.

Liquidity

Djed has a total of 1.04 million ADA in liquidity across 7 Decentralized Exchanges on the Cardano Blockchain. Nearly 70% of this liquidity is on Minswap, while the second most liquid DEX is WingRiders which holds 11.01% of Djeds liquidity, and VyFinance, the third most liquid DEX for this token holds 9.37%.

Volume

Djed has a Lifetime Trading Volume of 222.88 million ADA across 117,657 trades, equivalent to 90.55 million DJED.

Trading volume for Djed is lead by the swordfish wallet size (25–100k ADA), followed by the orca wallet size (250k-1M ADA). The whale wallet size (1M+ ADA) has the least trading volume of all wallets.

Utility

We’ll now delve into the various utility that Djed has to offer

Secure Profits

Djed allows traders to lock in gains and protect against market volatility, ensuring that profits remain intact despite fluctuations.

Price Stability

Djed allows for traders to enter a stablecoin position to prevent price swings during market downturns.

Token Chart

Since its launch, Djed has consistently maintained its peg to a value close to $1, demonstrating its robustness and reliability. It’s important to note that stablecoins like Djed are not required to be pegged exactly to one dollar; minor fluctuations are part of the design to keep the value near the $1 mark, ensuring stability. This slight variance is normal for algorithmic stablecoins and significantly reduces volatility compared to traditional cryptocurrencies. Djed’s successful performance through various market conditions has proven it to be battle-tested, affirming that it is one of the most decentralized stablecoins in the world and is operating exactly as designed.

Conclusion

In conclusion, Djed introduces a highly secure and over-collateralized stablecoin option to the Cardano ecosystem. Its substantial collateral backing and widespread adoption across various exchanges demonstrate its effectiveness and reliability in the market. As a result, Djed is set to enhance the stability of digital finance on the Cardano blockchain, providing users with a dependable tool for managing market volatility and safeguarding assets.

You can find out more about Djed at the following link: https://www.djed.xyz/

This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem. Token info was accurate at the time of writing.

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