Cardano will soon be having its first Stablecoin dubbed, Djed. Thus, giving space to inexpensive transactions and making it uncomplicated to run DeFi projects.
The aforementioned development was first divulged by Charles Hoskinson, the creator of Cardano, and the CEO of COTI Group, Shahaf Bar-Geffen, at the Cardano Summit stage in Laramie, Wyoming.
The Djed stablecoin will be rolled out on Cardano and will encourage the development of its fledgling ecosystem, specifically now that the blockchain is starting to back smart contracts and markets have heavy supposition about the probable development of DeFi platforms on a blockchain that has been assumed as the future Ethereum Killer by several ADA enthusiasts.
Notably, a stablecoin is a digital currency created to maintain a stable value with respect to a reference. In the above case, the value is kept stable by an algorithmic design, which makes use of smart contract design on the Cardano blockchain to maintain a price as close as viable to one dollar. To realize this, Djed maintains a reserve of base coins while mining and burning other stable coins and reserve assets to counter market swings.
The aforementioned stablecoin might be a game-changer in the digital asset domain, enchanting an entirely new audience at a time when the crypto space is already undergoing enormous growth.
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