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Djed

A crypto-backed algorithmic stablecoin that acts as an autonomous bank, developed by IOG and issued by COTI.

About

Djed

Djed is a stablecoin, based on algorithmic design. It uses smart contracts to ensure price stabilization, and that the coin will be useful for decentralized finance (DeFi) operations. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins.

Djed operates by maintaining a reserve of base coins, while minting and burning various other stable assets and reserve coins. It is designed to be used for paying transaction fees on the Cardano network. One benefit of this is to make transaction costs more predictable, so avoiding volatile and exorbitant gas fees for users.

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