{"id":294310,"date":"2023-02-01T09:05:48","date_gmt":"2023-02-01T09:05:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=294310"},"modified":"2023-02-01T09:01:55","modified_gmt":"2023-02-01T09:01:55","slug":"cardano-stablecoin-djed-tvl-hits-10m-in-24-hours-ada-up-4","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/cardano-stablecoin-djed-tvl-hits-10m-in-24-hours-ada-up-4\/","title":{"rendered":"Cardano stablecoin Djed TVL hits $10M in 24 hours, ADA up 4%"},"content":{"rendered":"<p>The total value of assets locked (TVL) on Cardano-based <a href=\"https:\/\/cryptoslate.com\/coti-ceo-differentiates-djed-as-overcollateralized-stablecoin\/\">overcollateralized<\/a> stablecoin Djed crossed $10 million during the first 24 hours of its launch, according to DeFillama data.<\/p>\n<p>Available data on Djed's website shows that the stablecoin has a circulating supply of 1.7 million, while its reserve token, SHEN's supply, is at 20.8 million.<\/p>\n<p>Coti CEO Shahaf Bar-Geffen <a href=\"https:\/\/twitter.com\/shahafbg\/status\/1620441067412914176?s=20&t=POVWdbxZQK0t0gNgYeWsPw\">tweeted<\/a> that Djed's reserve ratio peaked at 800% some hours after its launch \u2014 the percentage has <a href=\"https:\/\/djed.xyz\/\">dropped<\/a> to 596% as of press time.<\/p>\n<p>When the reserve ratio drops below 400%, users can only burn Djed and mint Shen, while the events are vice versa when the balance tops 800%. This mechanism is designed to prevent another Terra-like collapse under challenging market conditions.<\/p>\n<p>Shen holders are incentivized to stake their coins to mint Djed as they can earn extra rewards.<\/p>\n<p>The new stablecoin had generated significant <a href=\"https:\/\/cryptoslate.com\/cotis-overcollateralized-stablecoin-djed-set-for-final-release-next-week\/\">anticipation<\/a> from the Cardano community after being under development for over a year.<\/p>\n<h2>Cardano projects integrate Djed<\/h2>\n<p>Several decentralized exchanges (DEX) on Cardano, like Wingriders, MuesliSwap, and Minswap, were among the earliest platforms to <a href=\"https:\/\/twitter.com\/COTInetwork\/status\/1620502950979452936?s=20&t=POVWdbxZQK0t0gNgYeWsPw\">list<\/a> the stablecoin.<\/p>\n<p>Besides that, Cardano projects like Fluid have <a href=\"https:\/\/twitter.com\/FluidTokens\/status\/1620367184131395585?s=20&t=chdSJT4gAE4cltiTVQ6a1Q\">integrated<\/a> the stablecoin as a liquidity option against loans. Fluid would allow its users to borrow Djed using their NFTs as collateral.<\/p>\n<p>Centralized exchange Bitrue would also list DJED and its reserve asset SHEN. Trading is expected to begin on the platform on Feb. 1.<\/p>\n<h2>ADA is up 4%<\/h2>\n<p>Cardano's <a href=\"https:\/\/cryptoslate.com\/coins\/cardano\/\">ADA<\/a> is up 4% over the last 24 hours to $0.38 as of press time, according to <em>CryptoSlate<\/em> data. The layer1 (L1) blockchain network token has risen by over 50% in the last 30 days.<\/p>\n<p>Meanwhile, Cardano's DeFi activity has also benefited from Djed's launch. The total value of assets locked within the ecosystem <a href=\"https:\/\/defillama.com\/chain\/Cardano\">rose<\/a> by 22% to $91.4 million in the last 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total value of assets locked (TVL) on Cardano-based overcollateralized stablecoin Djed crossed $10 million during the first 24 hours of its launch, according to DeFillama data. Available data on Djed&#8217;s website shows that the stablecoin has a circulating supply of 1.7 million, while its reserve token, SHEN&#8217;s supply, is at 20.8 million. Coti CEO [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":294344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[75379,77000,78342],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cardano stablecoin Djed TVL hits $10M in 24 hours, ADA up 4%<\/title>\n<meta name=\"description\" content=\"Cardano-based overcollateralized stablecoin Djed TVL crossed $10 million during the first 24 hours of its launch.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/cardano-stablecoin-djed-tvl-hits-10m-in-24-hours-ada-up-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardano stablecoin Djed TVL hits $10M in 24 hours, ADA up 4%\" \/>\n<meta property=\"og:description\" content=\"Cardano-based overcollateralized stablecoin Djed TVL crossed $10 million during the first 24 hours of its launch.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/cardano-stablecoin-djed-tvl-hits-10m-in-24-hours-ada-up-4\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-01T09:05:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-01T09:01:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/djed-cardano-tvl.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/cardano-stablecoin-djed-tvl-hits-10m-in-24-hours-ada-up-4\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/cardano-stablecoin-djed-tvl-hits-10m-in-24-hours-ada-up-4\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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