We hope you are all ready as it seems like today will be a big day!
Last night, we successfully completed all testing and deployed the Djed contract to Mainnet.
As some of you may have seen, we have also registered the DJED and SHEN tokens on the Cardano scan.
Our next step was to ensure that when we launch, we’ll have a healthy reserve ratio and enough liquidity. As mentioned before, we already reached out to major ADA holders in advance, in order to bootstrap the ADA liquidity in the contract prior to launch. We are happy to say that we have succeeded in bootstrapping liquidity! Liquidity provision took place last night, bringing the Djed reserve ratio to a healthy 600%, which is an optimal ratio for launch, as it will allow users to mint both DJED and SHEN upon launch.
Note that initial liquidity providers paid the same fees as everyone will on the platform and didn’t get preferred terms by any means. To clarify, excluding the effect of the ADA price, SHEN price can be appreciated only as a result of the mint/burn fees collected in the contract, which grows its equity. The next liquidity providers to mint SHEN will benefit from previously collected fees, as they have been added to the equity pool, and every SHEN is worth more ADA now (so minting SHEN at a higher price is similar to buying a stake in a more valuable asset).
Testing is done, tokens have been registered, and liquidity has been bootstrapped, are we ready?
For all of our updates and to join the conversation, be sure to check out our channels:
Binance Feed: https://www.binance.com/en/feed/profile/485349084
CoinMarketCap Feed: https://coinmarketcap.com/community/profile/COTI
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf