We are happy to share with you the latest updates about Djed.
Djed is now the 4th biggest project overall on the Cardano Network. As more and more use cases are being implemented, the adoption of Djed will keep growing.
Lower Operational Fees and Transaction Minimums
It has been less than a month since the launch, and the protocol works well and is stable, which was always our top priority. This enabled us to reduce the mint and burn minimum amounts of DJED and SHEN on djed.xyz, as described below:
DJED
Minting minimum amount — Old: 5,000 DJED -> NEW: 1,000 DJED
Burning minimum amount — Old 1,000 DJED-> NEW: 200 DJED
SHEN
Minting minimum amount — Old: 5,000 SHEN-> NEW: 1,000 SHEN
Burning minimum amount — Old 2,500 SHEN-> NEW: 500 SHEN.
Operational fees have been lowered as well from 100 ADA to 25 ADA.
Mint and burn fees of DJED and SHEN remain the same at 1.5%.
SHEN Delegation Rewards
On another positive note, the first distribution of delegation rewards for SHEN holders has started and rewards are currently being distributed to eligible SHEN holders! This distribution includes those who held their SHEN tokens in their wallets during the first snapshot that was taken on Feb 5th at 07:33:02 am UTC, regardless of whether they minted it on djed.xyz or acquired it elsewhere.
The next snapshot will also include SHEN holders that hold their SHEN on Wingriders and Minswap. This snapshot will be taken in the next few days and distributed approximately 20 days after the snapshot (on the 4th epoch following it). A snapshot for users that hold their SHEN in other DEXs will be also available soon.
The process works as follows:
A snapshot of wallets and DEXs holding SHEN is taken randomly between each epoch.
SHEN holders will receive the rewards in ADA every epoch without any additional action, as long as they held SHEN in their wallets / on the DEXs during the snapshot.
The delegation rewards section where SHEN holders will be able to check the status and the amount of their rewards will be implemented soon on djed.xyz.
User Interface Improvements
We added a mint/burn amount slider that displays both the minimum amount required to mint/burn DJED and SHEN, and the maximum amount available that is based on the users’ wallet balance.
Elliptic Integration Complete
As we mentioned in our previous update, we are integrating to Elliptical services to ensure Djed’s compliance and prevent bad actors from using the Djed protocol. We are happy to inform you that the integration has now been completed.
Stay tuned for more updates!
Stay COTI!
For all of our updates and to join the conversation, be sure to check out our channels:
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Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf