- Cardano’s Djed stablecoin receives a significant code upgrade, focusing on process flow optimizations and reduced operational costs.
- COTI, the issuer of Djed, intends the update to attract more users by lowering the minimum minting and burning requirements for DJED and SHEN tokens.
Decoding the Djed Upgrade: A Leap in Blockchain Efficacy
Cardano, a leading proof-of-stake blockchain, recently elevated its Djed stablecoin through a noteworthy code upgrade. Orchestrated by COTI, the entity responsible for Djed’s issuance, the update represents a calculated move in the blockchain’s continuous improvement journey.
An upgrade to the Djed protocol has just been implemented with improvements to the Chain Index and Pub User. We've also reduced the operator fees as well as the minimum amounts needed to mint $DJED and $SHEN.
Read more: https://t.co/xTJm4Phe9o$COTI @InputOutputHK @Cardano pic.twitter.com/tmYHDprWVH
— COTI (@COTInetwork) September 4, 2023
The upgrade holistically addresses multiple facets of the Djed stablecoin system. It introduces process flow optimizations, lowers the mint and burn requirements for both DJED and SHEN tokens, and significantly trims down the operational fees. All these changes are packaged to enhance the stability, performance, and affordability of transactions within the Cardano ecosystem.
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The Mechanics of Scalability and Cost-Efficiency
One of the cardinal enhancements is to the Djed protocol’s chain index. This vital component calculates transaction prices and quotes, while simultaneously considering the protocol’s real-time state and any pending orders. The modified chain index is designed to be more robust and scalable, minimizing errors attributable to erroneous exchange rates.
In tandem with the chain index, Pub User, an application that captures the existing state of wallets holding DJED or SHEN, has also been augmented. The upgrade optimizes the application’s responsiveness, scalability, and overall performance, aiming for a seamless user experience.
User Incentivization: The Ultimate Goal
Since its launch in late January, the Djed stablecoin has performed remarkably well, maintaining its peg without fail for almost eight months. This upgrade aims to extend this streak of stability and dependability.
COTI indicates that the ultimate objective behind these comprehensive revisions is to incentivize more active user participation. In line with this goal, the operational fees have been slashed to five ADA. Simultaneously, the minimum amounts required for minting and burning DJED or SHEN tokens have been reduced to 200 each.
By recalibrating operational mechanics and fee structures, this update seeks to make Djed more accessible and attractive to potential users. These strategic changes, combined with Cardano‘s robust decentralized finance ecosystem, solidify the blockchain’s positioning as a front-runner in the crypto landscape.
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