Will Djed make the most of stablecoin turmoil? Here’s what the metrics say

📆 3/22/2023 5:35 AM
📰 CryptoAmb

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Djed didn’t lose its USD peg during the recent turmoil in the stablecoin market, Djed’s TVL saw gains of 17% since the USDC depegging saga, Cardano’s [ADA] stablecoin Djed, which launched earlier this year, may soon expand to other layer-1 networks like BNB Chain [BNB] and Ethereum [ETH]. Read Cardano’s [ADA] Price Prediction 2023-24 The CEO of […]

, implying that each Djed was backed by more than four times its value in ADA. There were more than 33 million ADA coins in reserves.

The over-collateralization mechanism was meant to provide protection to Djed against fluctuating market conditions, similar to the one which brought about a downfall ofHowever, it should be noted that Djed was still a newcomer on the horizon. Its trading volume was a fraction of that of other established coins like USDC and DAI, which played a big part in making it immune to macroeconomic triggers.

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