![]() But following the requests, multichain plans will “probably exercise much faster.” The COTI CEO said going multichain was always in the plans. “We’ve also received requests from other DeFi ecosystems, outside of the Cardano ecosystem, to have Djed on Ethereum, to have Djed on Binance Smart Chain, just to name a few.” ![]() He also mentioned that non-Cardano protocols had requested that Djed go multichain. This outcome set off a high demand for Djed, with Bar Geffen reporting record volume on dexes. “This is why the trust remains, and this is why Djed did not lose its peg even though much bigger stablecoins lost their peg.” He attributed the token’s stability to being decentralized, over-collateralized, and verifiable – as collateral is viewable on-chain. Djed is moving to Ethereum, Binance Smart Chain, othersīar Geffen said amid the stablecoin turmoil, Djed did not lose its peg. Since March 11, the stablecoin has lost 25% of its market cap, falling to a 17-month low at $35.3 billion. It has also since re-established its peg price. For example, DAI, which holds about 34% of its collateral in USDC, also suffered a de-peg that bottomed at $0.8918. The instability spread to other stablecoins and DeFi protocols. The peg price has since been re-established. During peak fear, the stablecoin sank as low as $0.8217 on March 11. The issue began with the disclosure that Circle’s USDC held approximately $3.3 billion with Silicon Valley Bank, which filed for Chapter 11 bankruptcy on March 17.įears over being unable to redeem at its $1 face value sparked a de-peg. Recent weeks have seen significant rumblings in the stablecoin sector. so users must have some BNB in their wallets for the gas fees.The Djed stablecoin would soon be available on Ethereum, Binance Smart Chain (BSC,) and others.ĬOTI CEO Shahaf Bar Geffen said COTI had always planned for Djed to branch out from Cardano into other blockchains, but recent stablecoin turbulence has accelerated the move. ![]() When any users swap their tokens from Binance Smart Chain-Etherum bridge then they need to pay some amount of gas fee to create a transaction on Binance Smart Chain. ![]() Peg-Out Procedure allows users to swap their crypto assets to the equivalent of pegged tokens on Binance Smart Chain. The user can see all the changes of his token balance of these pegged tokens.Binance Bridge Provider will lock the pegged user's tokens.Binance Bridge Provider takes notice of the upcoming token transfer from the user and sends the equivalent pegged amount of tokens to the receiver’s address.If the equivalent amount of token is not sent before the deadline, the tokens are refundable. The user needs to deposit the agreed amount of tokens to this address.Bridge Provider allocates a deposit address to the user.The user first needs to create a swap request to on Binance Bridge Service.Peg-In Procedure allows users to swap their crypto assets to the equivalent of pegged tokens on Binance Smart Chain. Binance bridge service providing access to inter-blockchain liquidity for Binance Chain. ![]() transfer assets in or out of Binance smart chain. Like in Ehereum we pay ETH for the gas fee, in Binance Smart Chain we use BNB for the gas fee.īinance Smart Chain is a decentralized blockchain that delivers programmability and smart contracts to the Binance Chain.Įthereum-Binance Smart Chain bridge is developed by Binance and used for transfer/bridge pegged assets cross-chain, i.e. Binance Smart Chain is a fully decentralized application, the main goal of fast trading while being able to handle a large number of transactions. ![]()
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