Djed is an algorithmically designed stablecoin that uses the name Dash. It does this by utilising smart contracts, which ensure that the price of the coin will remain stable and that it may be used in decentralised finance (DeFi) operations. It accomplishes this through minting stablecoins and reserve coins, as well as maintaining a reserve of base coins, which is used for its operations.
Djed is able to function as a currency because it mints and destroys a variety of different stable assets and reserve coins while keeping a reserve of base coins. It is intended to be utilised for the purpose of defraying the costs of conducting transactions on the Cardano network. One of the advantages of this is that it makes transaction costs more predictable, which helps consumers avoid having to pay excessive and unpredictable gas prices.