Bitrue, an esteemed Singapore-based cryptocurrency exchange and financial products provider, has added staking for the newly unveiled DJED Cardano stablecoin and its reserve currency SHEN. They’re guaranteeing an eye-watering annual percentage yield of 50% within 15 days.
Bitrue has declared the launch of a “simple, safe and flexible” staking initiative that will be ready for public access on February 7 at 1 pm UTC. This was revealed in an announcement from the company’s official Twitter account.
Once released, the scheme will offer one of the most profitable returns for any asset on Bitrue’s yield farming platform. It will be notably higher than the predicted APY of Bitrue Coin (BTR), which is currently between 8.5% and 8.6% for a period of 15 days as of the time this was reported.
The news emerged only a few days after the DJED stablecoin was released on the mainnet on January 31, having gone through a lengthy process of planning, development and collaboration. After going live, Bitrue was identified as the first exchange to list it and its reserve token SHEN.
Bitrue made known its intention to list DJED and SHEN one week prior to their eventual introduction. The exchange also declared that it would provide support for these assets, due to the longstanding relationship between Bitrue and Cardano. Shortly after the launch of DJED, Bitrue stated they would add both it and its reserve token on February 1.
DJED Gains Great Popularity After Its Release
After their launch, DJED and SHEN have been widely adopted by the crypto community. These assets were made available on three Cardano-based decentralized exchanges, MinSwap, MuesliSwap, and Wingriders. Furthermore, CoinMarketCap and CoinGecko featured the stablecoin and its reserve token on February 2.
It was previously announced that shortly after the start of DJED, COTI – the organization responsible for its production – reported that roughly 1.85 million units of their stablecoin had been created, with 40 thousand being destroyed. Furthermore, nearly 21 million SHEN were produced and 73 thousand tokens were eliminated.
