- Djed, Cardano’s stablecoin, was launched on Cardano’s EVM-compliant sidechain.
- Cardano’s trading volume and price have recently declined, but ADA’s trend has remained bullish, albeit weak.
Djed, Cardano [ADA] network’s stablecoin, recently announced a significant development. It will be deployed on an Ethereum Virtual Machine (EVM) compatible sidechain; this news raised severe concerns about Cardano, its native cryptocurrency ADA, and the stablecoin.
Djed is a Cardano Side Chain Deployment
On April 29, Djed Alliance made a significant announcement, revealing its latest stablecoin protocol deployment. The Djed Stablecoin was available on Milkomeda-C1, a Cardano network EVM-compatible sidechain.
This marks the stablecoin’s third deployment, but it was particularly notable as the first on Solidity. This development paves the way for future expansion onto various other EVM-compatible blockchains.
According to CoinMarketCap, the stablecoin had a circulating supply of more than 3.2 million as of this writing. Furthermore, it had a trading volume of approximately $97,000 in the previous 24 hours and a decline in volume of more than 30% in the last 24 hours.
Djed Contributes to Cardano’s TVL
Djed’s recent deployment on a Cardano EVM-compatible sidechain is a significant development that could expand the stablecoin’s utility beyond the Cardano ecosystem. It may also provide more liquidity to the ecosystem. Djed was the fifth-highest contributor to Cardano’s total value locked (TVL), according to DefiLlama data.
As of this writing, the TVL was worth $154.73 million, with Djed Stablecoin contributing $15.59 million to that total. The TVL has recently been on an uptrend, though a slight downtrend has been observed as of this writing. These figures reflected Djed Stablecoin’s growing adoption and usage in the decentralized finance (DeFi) space on Cardano’s blockchain.
ADA Volume and Price Movement
According to Santiment, recent trends in Cardano‘s (ADA) trading volume have shown a downward trend in the last few days. As of this writing, the volume was around 156 million, down from over 500 million on April 27.
Along with volume, the price has been declining recently, trading at around $0.40 at press time, a decrease of less than 1%. Despite this reversal, the trend remained bullish, albeit weakly.
Recent Cardano Ecosystem Developments
Cardano developer IOG has released its most recent weekly report, highlighting ecosystem developments.
The Hydra team looked into adding Hydra support to Kupo, worked on resolving on-chain state machine continuity, and considered voting project options. The team also updated some dependencies and fixed a few bugs in the test suites in preparation for the 0.10.0 release.
The Conway ledger era development and CIP-1694 have seen further progress from the ledger team in the last two weeks. Conway now specifically supports Plutus v3, and CIP-1694 is the first version of Cardano’s on-chain governance. Given the importance of Cardano, reaching a broad agreement is critical as it looks to the future.