The Cardano Foundation confirmed that the DJED algorithmic stablecoin is scheduled to launch in January next year. This and more news can be found in this handy daily digest so that you are always up to date with the latest developments in the crypto world.
DJED, Cardano's algorithmic stablecoin
📍Cardano to launch algorithmic stablecoin next year. Called DJED, it is an algorithmic stablecoin developed by Cardano and Coti Network. According to the Cardano Foundation, the launch of this new algorithmic stablecoin is scheduled for January 2023.
The launch of DJED seeks to expand Cardano’s decentralized ecosystem.
With this stablecoin, announced since last year, Cardano wants to offer a digital asset that allows its use as a unit of accounting and exchange in daily operations, without the risk of volatility of cryptocurrencies. In a document discussing DJEDThe developers explained that the algorithmic stablecoin will be backed by cryptocurrencies and operated by a smart contract, which will keep the stablecoins pegged to a target price by buying and selling them on the market.
Cardano developers also assured that DJED will be the first formally verified stablecoin protocol.
This week, Cardano announced the development of another stablecoin, called USDA, fully backed by the US dollar, which will also be available next year.
CoinMarkerCap tracks Proof of Reserve
📍CoinMarkerCap has developed a new feature to track Proof of Reserves submitted by exchanges. Amid the FTX collapse, proof-of-reserve has emerged as one of the primary means for exchanges to provide reassurance to the troubled crypto ecosystem.
Cryptocurrency exchanges have been quick to submit proofs of reserves to prove their financial health and maintain the trust of their users and investors. For all these reasons, the price monitoring platform CoinMarketCap has decided to add a new feature that allows monitoring the proofs of reserves submitted by cryptocurrency companies.
The tool seeks to provide greater transparency to the crypto industry.
Singapore Tourism Board arrives in Decentraland
📍Singapore Tourism Board (STB) and luxury hotel Millennium Hotels and Resorts launch virtual experience in Decentraland. Called “Merlion on Vacation,” it will allow tourists to explore Singapore’s iconic landmarks in the decentralized metaverse.
In a Press releaseMillennium Hotels highlighted that the launch of Merlion on Vacation commemorates the 50th anniversary of the luxury hotel and will allow Decentraland players to receive prizes and participate in the drawing for a stay package to enjoy a vacation at the hotel, in addition to other rewards and benefits.
Millennium Hotels opened its virtual headquarters in Decentraland in April of this year, becoming the first luxury hotel group to make its way into the decentralized metaverse.
Pepsi to launch NFTs on Polygon Network
📍Pepsi's new NFT collection, "Pepsi Black Zero Sugar," will be minted on the Polygon network. New York-based food and beverage multinational PepsiCo's new collection of non-fungible tokens will consist of 20 tokens designed in collaboration with the company's Indian subsidiary and illustrator Timea Balo.
Continue reading: Mattel launches its own NFT platform, Mattle Creations
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