Proposal for Adding $DJED and $SHEN Stablecoin and reserve coin for Receiving Farming Rewards on Minswap DEX

Project Description:

DJED is a stablecoin issued by COTI, a leading provider of enterprise-grade fintech solutions.

DJED is the first over collateralized ADA-backed stablecoin contract on the Cardano network. It operates by keeping a reserve of base coins (ADA), and minting and burning stablecoins (DJED) and reserve coins (SHEN). The contract maintains the peg of stablecoins to a target price by buying and selling stablecoins, using the reserve, and charging fees, which accumulate in the reserve. The ultimate beneficiaries of this revenue stream are holders of reserve coins, who boost the reserve with funds while assuming the risk of price fluctuation. The whitepaper and the contract itself were written and published by IOG: Djed: A Formally Verified Crypto-Backed Pegged Algorithmic Stablecoin - IOHK Research

1.1 Please describe your project. What is it doing to improve Cardano?

DJED aims to improve the Cardano ecosystem by providing a stablecoin that can be used for transactions and as a store of value. This will enable Cardano users to avoid the volatility that is often associated with other cryptocurrencies for many use cases. By offering a stable and reliable cryptocurrency, DJED can help to increase the adoption of Cardano DeFi ecosystem and support its growth.

1.2 What does the Token do? How many holders does it currently have?

DJED is a stablecoin that is pegged to the value of the US dollar. The token is used for transactions, store of value and many other DeFi activities.

SHEN is a reserve coin. In simple terms, Reserve Coins are digital tokens that maintain the algorithmic peg of stablecoins. By trading Reserve Coins, or specifically $SHEN users can contribute to the stablecoin mechanism by providing the appropriate liquidity to maintain a sufficient peg ratio. By utilizing a reserve, base fees can be charged, collected, and pooled for transactions facilitated by the underlying stablecoin. Reserve Coin holders then get a share of this transaction pool as an incentive for their participation in maintaining the stablecoin peg ratio.

The project aims to provide a stable and reliable cryptocurrency that is pegged to the value of the US dollar. As an issuer of a stablecoin, COTI helps to promote the adoption of DJED by offering a more stable and predictable value proposition compared to other volatile cryptocurrencies.

1.3 Why do you want a MIN Farm? How does the Minswap community benefit from offering a MIN Farm for your Token? Apart from the MIN Farm, will you add your own Token as incentives as well (Double Farm) If yes, how much?

We want a MIN Farm for DJED and SHEN to provide liquidity and trading opportunities for our token. By offering farming rewards on Minswap, we can incentivize users to trade and hold DJED and SHEN. This will help to increase the visibility, adoption and the peg of DJED within the Cardano ecosystem. The Minswap community benefits from offering a MIN Farm for DJED and SHEN by providing a stable and reliable asset that can be used for trading and as a store of value.

Both the DJED and SHEN Pools meet the requirements for a MIN + ADA Farm: minimum 600k TVL and 2 weeks of trading without incentives.

Further information on sharing SHEN rewards with SHEN Liquidity Providers on Minswap will be shared as the integration is completed.

1.4 How much circulating supply is there of your token? Please inform us briefly on your tokenomics, including the distribution and vesting schedule of the token (investors, team, yield farming, etc.)

The circulating supply of DJED is currently over 12 million tokens. The total supply is 1T tokens, with NO vesting for the team and advisors. The tokens are distributed through the protocol UI and according to the community supply and demand. Circulating supply of the tokens are visible in the DJED website:

1.5 Is your Project audited? By whom?

Yes, our project has been audited by Tweag, a leading blockchain security company.
The audit report is available here - tweag-audit-reports/Djed-2023-01.pdf at main · tweag/tweag-audit-reports · GitHub

Should DJED and SHEN have a MIN Farm?
  • Yes, in favor
  • No, do not add this Farm

0 voters


Especially SHEN would benefit from more liquidity, since it´s a reserve token