The public testnet version of Djed is finally available after months of effort with the Cardano team.
Djed is a decentralized, algorithmic stablecoin, which was developed by COTI and built on Cardano (ADA). Shen is Djed’s reserve coin, and it serves as a means of maintaining price stability. It assures the collateralization rate and the stablecoin’s peg in particular.
Djed being released in a closed environment allows users to test the protocol’s major capabilities in a simulated and safe setting using trial funds. This will also allow everyone to gain a better understanding of the protocol’s dynamics without any danger.
However, the team does mention that the purpose of the public testnet is to test all aspects of the release, hence some glitches or technical issues are expected to arise.
All of the concerns detected will be addressed and rectified upon the launch of the public mainnet, which we can expect in June of this year.
To test the system, interested users only need to go to the Cardano test faucet and get Test ADA. Users can then go to djed.xyz, connect their Nami wallet and change the Network to “Testnet”. Note that users will also need to insert a URL.
The team has encouraged users to send in their feedback at contact@djed.xyz
Big up for Cardano?
Cardano has only recently seen the launch of DApps and DeFi protocols on its platform. Up until now, Cardano had taken a hit for not being timely with the launches of applications on its platform.
The launch of the Djed testnet is a bullish development for Cardano, which it so desperately needs. It was recently found that most Cardano (ADA) investors were at a loss. But with a string of new releases, things just might change for the project.
Cardano’s ecosystem has almost 900 projects in development.