ChainPort, the leading security-focused cross-chain bridge, is proud to announce the first stablecoin supported on its platform, DJED. This is a significant milestone for ChainPort, as it opens up new possibilities for users and it is the first step to becoming a one-stop shop for anyone's bridging needs.
Over the past several months, the ChainPort team has worked hard to develop and implement support for stablecoins on the platform. This effort has involved extensive research, development, testing, and several rigorous audits to ensure the highest level of security and reliability.
DJED is the native overcollateralized stablecoin on Cardano, developed by IOG and powered by COTI. Unlike other stablecoins which use a centralized authority, Djed operates in a decentralized fashion. SHEN serves as the reserve coin for DJED and is backed by ADA. The Djed protocol is backed by 400-800% overcollateralization.
We are pleased to report that ChainPort has successfully passed a Trail of Bits audit. The ChainPort team is currently awaiting the release of the Zokyo audit, which focuses specifically on our stablecoin support. ChainPort is confident that this audit will confirm the strength and security of our stablecoin infrastructure.
Adding stablecoin support is a significant achievement for ChainPort, and will likely increase ChainPort’s TVL and use. Stablecoins offer a reliable and low-volatility alternative to traditional cryptocurrencies, making them an ideal asset for use in DeFi applications and other financial transactions. By supporting stablecoins, ChainPort is helping to bring greater liquidity and flexibility to different blockchains, making them more accessible and user-friendly for a broader range of users.
By enabling stablecoin support and expanding bridging options, ChainPort will generate more revenue as a protocol. The revenue generated will be distributed among PORTX token stakers as a “real yield” DeFi protocol that connects different blockchains.
The team is thrilled to announce that the first stablecoin to be supported on ChainPort will be DJED which is powered by COTI. This exciting partnership represents a major step forward for both ChainPort and Djed, and we look forward to sharing more information about this collaboration in the coming days.
Overall, stablecoin support represents a significant milestone for ChainPort. The team is proud to have achieved this and looks forward to working with our community and partners to bring even more exciting innovations.
COTI is an enterprise-grade Layer 1, uniquely optimized to solve challenges around payments.
COTI meets the challenges of both centralized finance (fees, latency, global inclusion and risk) and Decentralized Finance (fees, clogging and complexity) by introducing a new type of DAG-based base protocol and infrastructure that is scalable, fast, private, inclusive, low cost and is optimized for finance.
DJED is Cardano's native overcollateralized stablecoin, developed by IOG and powered by COTI.
DJED is backed by ADA and uses SHEN as a reserve coin. The protocol is backed by 400-800% overcollateralization. The stability of DJED is based on overcollateralization, which eliminates the need for trust in a governance token. The platform is fully decentralized and community-driven, allowing for open-source development and community involvement in minting and burning DJED and SHEN.
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