Djed
DJED
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
DJED is an overcollateralized, crypto-backed USD stablecoin native to Cardano, developed in collaboration with IOG and issued by COTI. The project exhibits solid formal verification foundations, including a technical review by Tweag of its Cardano validator scripts, and involves credible institutional entities. However, DJED suffers from significant operational and market constraints. Development activity appears stalled with no verifiable 2025-2026 updates or roadmap execution. Tokenomics are impaired by a current reserve ratio of 246% (below the 400% minimum threshold), effectively freezing new minting capacity. Market adoption remains minimal with a low market capitalization ($3.2M-$4.0M) and very thin 24-hour trading volumes ($4K-$36K). Governance is centralized with no token-holder voting or DAO mechanism. Note on data gaps: The Community Support section had insufficient data (-1.0) and was excluded from the weighted scoring calculation, with its weight redistributed across remaining categories.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Djed (DJED)
DJED is an overcollateralized, crypto-backed USD stablecoin native to the Cardano blockchain. Developed in collaboration with Input Output Global (IOG) and Emurgo, and issued by COTI, the protocol is governed by formally verified algorithmic logic rather than fixed-supply tokenomics. It operates via a mint and burn mechanism against an ADA reserve pool and utilizes SHEN as a reserve coin, targeting collateralization ratios typically between 400% and 800% to maintain its peg relative to the US dollar.
The protocol's Cardano validator scripts underwent a formal technical review by the consultancy Tweag in January 2023, which targeted vulnerability classes such as race conditions, arithmetic errors, and authorization logic. Governance remains centralized without on-chain voting or decentralized autonomous organization (DAO) mechanisms. Following the deployment of the Djed 1.2 upgrade, active protocol development has slowed to a maintenance posture, with an absence of verifiable recent changelogs, roadmaps, or governance updates.
DJED has experienced operational and market constraints. Historical aggregator data indicates severe peg deviations, with recorded extremes ranging from an all-time low of $0.49 to an all-time high of $1.29, as well as discrepancies in reported circulating supply across tracking platforms. Furthermore, the protocol's reserve ratio has dropped to 246%, falling below the 400% minimum threshold and locking the ability to mint new supply. DJED maintains limited market traction, with a market capitalization between $3.2 million and $4.0 million and daily trading volumes between approximately $4,000 and $36,000.