Following months of enormous work alongside the Cardano team, the public Testnet version of Djed is now released, COTI announced!
Djed is a decentralized, algorithmic stablecoin based on Cardano. Using collateral and a reserve token, an algorithmic stablecoin maintains its stability. The Shen in this case serves as Djed’s reserve coin and is responsible for maintaining price stability – specifically assuring the stablecoin’s peg and collateralization rate.
Since Charles Hoskinson, Cadano CEO and COTI CEO, Shahaf Bar-Geffen’s announcement last year, COTI has been hard at work building the Djed ecosystem, most notably on UI integration, final design, configuration management, and integration of the Nami-wallet.
Releasing Djed in a Testnet environment enable the testing of the main functionalities of the protocol in a fictitious and safe space using trial funds. This will also provide everyone an opportunity to understand the dynamics of the protocol without incurring any risks.
SundaeSwap, Minswap and WingRiders are starting to test Djed through test pools on their platforms.
Here is how users/testers can test the Djed ecosystem:
- Go to the Cardano test faucet and get test ADA:
https://testnets.cardano.org/en/testnets/cardano/tools/faucet/ - Go to djed.xyz
- Connect with your Nami wallet
- Change the Network to “Testnet”
- Check the “custom node” box and insert the URL: https://cardano-submit-api-testnet.djed.xyz/api/submit/tx
- Start minting and burning Djed on the Testnet version.
As a reminder, the Public Testnet’s purpose is to test all aspects of the release and it is expected that some technical issues may arise. Such technical issues will be addressed and resolved for the Public Mainnet, planned for June this year.
COTI encourages users & testers to share their feedback after testing Djed by email to contact@djed.xyz
Now that the Testnet has been launched, here are some next steps to expect:
- Performing an on-chain code Level 2 audit certification to ensure that the mitigations put in place are sufficient to cover all potential security flaws (e.g. double-satisfaction problem, absence of improperly locked funding, resilience against sandwich attacks, absence of rounding issues, etc). This activity will also ensure that the test objectives are sufficient to capture any potential nonconformity situations.
- Configuration management contract introduction to facilitate the upgrade of the Djed contracts without altering the Djed minting policy. This feature is essential to ensure that stablecoin and reserve coin tokens in circulation can still be redeemed after any upgrades.
- Performing extensive property-based testing to guarantee the preservation of Djed stability properties and the absence of security vulnerabilities.
- Restricting the invocation of the PAB endpoints responsible for deploying, upgrading, and terminating a Djed instance only to a list of known public key hash (or wallet ID).
Watch out for further collaboration between COTI & the Cardano team ahead of Djed’s Mainnet release.
