After months of hard work, Djed stablecoin released the public version of the testnet. Developed with support from the Cardano developers team, the testnet will help get real-time data and insights about the practical implementation of the stablecoin. The testnet launch is planned to anticipate bugs that may hinder the mainnet launch in June.
The stablecoin market has received much more attention than it did a couple of years ago. The tokens have taken the position in the crypto industry as a vehicle for hedging assets when the market seems to fall. However, the latest reports suggest that stablecoins partake significantly in bringing liquidity to DeFi from traditional financial institutions.
Djed is among the well-anticipated stablecoin project that intends to utilize this rapidly growing demand for stablecoins. Not only that, this project brings the concept of stablecoins to a whole new level with next-generation technologies and functions. A reserve coin called Shen is being developed to maintain Djed’s price stability and guarantee collateralization and the peg.
Over the months, the coin also has spent a significant amount of time in configuration management, user interface, final design, and the integration of the Nami wallet. So, testnet launch essentially has two functions. First of all, it helps the simulated space to get practical data about the main functionalities, and Secondly, it allows the project to familiarize its functions among users.
The further steps of the project involve Level 2 audit certification to see how the mitigations hold up and find out any potential security flaws. These tests will collect data on double-satisfaction issues, improperly locked funding, immunity towards sandwich attacks, rounding issues, and other security holes.
Moreover, it will ensure configuration management implementation with no effective impact on Djed’s minting policies. This feature is important to ensure redeeming of stablecoin and reserve coins after an upgrade.
The testnet will also conduct property-based tests to confirm the stablecoin’s stability and take necessary measures against vulnerabilities. Finally, the PAB endpoints will be limited to a list of familiar key hashes to deploy, upgrade and terminate Djed securely.
COTI was announced as the official issuer of Djed by Cardano’s Founder Charles Hoskinson last September. Since then, the teams have put intense work into the mainnet launch in June 2022. The trial run would be an incredible opportunity to find out the practical issues and rectify them before the big day.
Currently, the testnet is live in the test pools of Sundaeswap, Miniswap, and WingRiders. Users can get the test ADA from the Cardano faucet and connect to the testnet using the Nami wallet. After changing the network to testnet, users are allowed to mint or burn on Djed testnet.