CARDANO's DECENTRALIZED STABLECOIN

Cardano has launched their decentralized stablecoin called Djed, which is being launched by Defi service provider Cody. The stablecoin has been in development for quite a while now, I think it has been about a year now, and has recently been completed and has finished a successful security audit. Djed is pegged to the US dollar and it is backed by Cardano native token and uses the Shen token as its reserve coin. Holders of the Shen token will be rewarded every single time that someone exchanges their Djed or Shen for ADA or vice versa. Basically creating incentives for investors turning this into a yield coin. The more the stablecoin gets adopted, the more the holders will benefit.

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As it is an algorithm by nature, it's going to be over-collateralized completely on chain by crypto, including ADA currency. The idea is to have a collateralized rate of 400% to 800%. In less than 24 hours after the launch, Djed has seen over 27 million ADA tokens coming in to back the coin. The CEO of Cody has said there needs to be a haven from the market volatility and they are hoping that Ajed will do that. I'm excited about Djed, this could end of been the DAI of the Cardano ecosystem.

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ImmutableX is launching an in-one passport system in April for gaming. This will allow gaming Studios to onboard into web3. It is a non-custodial wallet gamer profile and authentication all in one, built for gaming studios to be easily adopted into crypto gaming. Needle passport is a self-custodial wallet where users can go and sign in with just an email and a one-time passport. Amazon has a secret project on its 2023 roadmap which will reportedly include NFTs and gaming. It is reported that they are going to be launching a digital asset company and NFT marketplace. The detail of the project is still relatively unknown and is currently in the development stage and is set for launch as soon as April. If this news holds up, it does have the potential to be absolutely massive for web3 adoption. It has been announced that Amazon Web Services are also helping the BNB chain to build a testnet for a storage-based web3 network.

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