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A crypto-backed algorithmic stablecoin that is developed by IOG and powered by COTI.Djed uses smart contracts to ensure price stabilization, and that the coin will be useful for DeFi operations. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins In order to mint the Djed stablecoin, users will need to interact with the smart contract by sending $ADA to its address, then the contract will send Djed back to the user. The price of Djed will aspire to be $1. The basecoin which is the coin that Djed is backed by, is $ADA. Let’s assume $ADA is worth $2, so in order to mint 1 Djed, the user will need to send 0.5 $ADA to the contract. This process can be repeated, users can send more and more $ADA to the contract and get more $Djed. This is how the contract builds its pool. If the user wants to sell 1 $Djed, he is sending it back to the contract, which then burns this Djed, and sends back the amount of $ADA that is equivalent to $1 to the user.

Category - Stablecoin
Release - 2023
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