The scheme also includes SHEN, the dedicated reserve currency for the stablecoin.
Bitrue, a prominent Singapore-based cryptocurrency exchange, and financial products company, has introduced staking for the recently-launched Cardano stablecoin DJED and its reserve currency SHEN. Bitrue is promising a massive annual percentage yield (APY) of 50% in just fifteen days.
The staking initiative will be available to the public by tomorrow, February 7 at 13:00 hours (UTC), according to an announcement from the official Bitrue Twitter handle which disclosed the launch today. Bitrue is touting the initiative as a “simple, safe, and flexible” way to stake DJED and SHEN.
🔥Stake your $DJED and $SHEN on Bitrue! @COTInetwork
🔗Check it out at #Bitrue #LiquidStaking 💧
✅Earn 50% APY in 15 days with staking that is
✅Simple ✅Safe ✅Flexible
✅Available at 13:00 UTC, 7th February
👉Stake Now: https://t.co/OIDJPXkDA1 pic.twitter.com/DMG7atHeeH
— Bitrue (@BitrueOfficial) February 6, 2023
Once available, the initiative will represent one of the highest yields for any asset on Bitrue’s yield farming platform. It would also be much higher than the estimated APY for Bitrue Coin (BTR), the exchange’s native token, which currently ranges between 8.5% to 8.6% for 15 days at the time of reporting.
The announcement comes barely a week after the DJED stablecoin went live on the mainnet on January 31, after months of preparation, developments, and numerous partnerships. Following the launch of the stablecoin, Bitrue was noted to be the first external exchange to list it along with its reserve token SHEN.
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Bitrue had disclosed plans to list DJED and SHEN a week before the eventual launch. The exchange also revealed the plans to introduce DJED and SHEN staking then, noting that its dedicated support for the assets is triggered by the cordial long-standing relationship between Bitrue and Cardano. Hours after DJED’s launch, Bitrue announced that it will list the asset and its reserve token on February 1.
DJED Enjoys Mass Adoption After Launch
Following the launch, DJED and SHEN have enjoyed mass adoption from the crypto space. Both assets got listed on three Cardano-based decentralized exchanges after launch. These exchanges include MinSwap, MuesliSwap, and Wingriders. In addition, the stablecoin and its reserve token secured a feature on leading price-tracking platforms CoinMarketCap and CoinGecko on February 2.
As previously reported, barely two days after DJED’s launch, COTI, the network behind its development, revealed that up to 1.85M units of the stablecoin had been minted, with 40K burned. Moreover, about 21M SHEN had also been minted, with 73K tokens burned.
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