Learn how Shen helps Djed maintain parity with U.S. dollar through its Reserve Coin role cardano
network has been highly anticipated, and the wait has come to an end with the launch of Djed, a stablecoin developed in partnership between Coti and IOG. This decentralized stablecoin aims to maintain its value close to $1 through the use of cryptocurrency reserves.
To ensure stability in a volatile cryptocurrency market, Djed has a minimum collateral requirement of 400% of its issued value. This substantial cushion of collateral protects against market fluctuations, avoiding a situation similar to the Terraform Labs stablecoin collapse in 2022 that resulted in billions of dollars being lost from the cryptocurrency market in just a few days.SHEN reinforces the reserve rate of Djed's smart contract, providing added stability to the stablecoin.
In addition to maintaining Djed's parity with the dollar, users can earn rewards by buying and selling SHEN. The price of SHEN is tied to the price of ADA, meaning that if the value of ADA increases, so does the value of SHEN, and vice versa if the value of ADA decreases. By participating in the market for SHEN, users can not only help to stabilize the protocol but also earn additional rewards.
However, it is important to note that there are still risks associated with stablecoins such as Djed. While it offers protection against price fluctuations, it can still be impacted by external factors that may affect its stability. As with any investment, it is crucial to exercise caution and thoroughly understand the potential risks involved.
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