Cardano’s Djed Stablecoin Gets a Turbocharged Upgrade: Can it Drive ADA Price to $0.30?

Cardano’s overcollateralized stablecoin Djed has undergone an upgrade. This was confirmed in a blog post by the stablecoin issuer, COTI. According to the team, the update ushers in a host of new improvements geared towards improving its performance and incentivizing more users to participate in the protocol.

This update is part of a continuous improvement process by the protocol that aims to grow the adoption of the stablecoin. Launched in January, the stablecoin has operated seamlessly amidst huge regulatory and technical concerns around stablecoins. For the 8 months the stablecoin has been operating, it has not lost its peg.

The team notes that one of the updates is the Pub User Upgrade. This is an application that assists with producing orders and reflecting the current status of participating wallets that own DJED/SHEN. Following the upgrade, the application will provide increased responsiveness, performance, and scalability.

The Chain Index has also undergone a massive improvement that fixes errors of invalid exchange rates, thus improving performance. The Chain Index application synchronizes the state of the Djed protocol on the Cardano network into an SQL database. Considering the state and pending orders, the application determines the price and quotes transaction costs.

In an aim to incentivize new users to join the protocol, the team has made a few changes to operational fees and the minimum amounts of DJED or SHEN that can be minted or burned.

Buy Cardano (ADA) quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<For SHEN holders, this will add to existing incentives which include protocol mint/burn fees, delegation rewards, DeFi APRs, etc. As more users join, it will further increase the liquidity in the platform.

Can the Djed Upgrade Drive Cardano (ADA) to $0.30?

Cardano (ADA) investors have a lot to celebrate with the Djed upgrade. Part of the Cardano eco, the growth and development of Djed promotes Cardano blockchain adoption. COTI recently confirmed that Djed was the fourth largest project on the Cardano network. As the project aims to create greater utility, it will boost the cryptocurrencies backing it, which include ADA and SHEN, its reserve currency.

ADA has been struggling to gain bullish momentum for the better part of the year reaching its $0.45 peak in April. Exchanging for $0.257423 at the time of press, the altcoin has lost over 90 percent of its value since achieving its all-time high of $3.09 reached 2 years ago.

Investors remain optimistic of a strong last quarter with a midterm target of $0.30. For starters, despite the bear market, Cardano remains one of the few projects still growing its Total Value Locked (TVL). Recent data shows that this has just crossed $161 million. With strong fundamentals and development all around the eco, ADA reaching an all-time high in the next bull market looks all but certain.

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