Crypto News

DJED Alliance Deploys Stablecoin Protocol on Cardano’s Milkomeda-C

Published by
Nonhlanhla P Dube
  • DJED Alliance has deployed its stablecoin protocol on the EVM-compatible sidechain of Cardano, the Milkomeda-C1, which is the first deployment of the Solidity programming language for writing smart contracts for the Ethereum blockchain.
  • DJED stablecoin has witnessed substantial growth since its launch in January 2023, and the team plans to launch a new NFT project called Dead Pxlz on the ecosystem.
  • The deployment is based on version O (Osiris) of the protocol, which enables reserve coins and stablecoins to be sold back to the DJED contract simultaneously and independently of the reserve ratio, and the deployment is entirely autonomous. The deployment is relevant to South Africa, which has seen an increase in cryptocurrency adoption and usage in recent years.

DJED Alliance has made a significant announcement that it has successfully deployed its stablecoin protocol on the EVM-compatible sidechain of Cardano, the Milkomeda-C1. The deployment is said to be the first of the main programming language, Solidity, for writing smart contracts for the Ethereum blockchain. The project aims to expand to several other EVM-compatible blockchains, which is a huge step towards achieving its goal.

Since launching in January 2023, DJED stablecoin has witnessed substantial growth. The team has also revealed plans to launch a new non-fungible token (NFT) project called Dead Pxlz on the Cardano ecosystem. Paima Studios has disclosed in a tweet that Dead Pxlz is using the Paima engine.

The Milkomeda-C1, which was launched in March 2022, allows for the deployment of Ethereum dApps in the Cardano network. DJED Alliance explained in a blog post that the DJED stablecoins are backed by crypto and will not be exposed to risks faced by entities managing fiat currency reserves. Moreover, DJED stablecoin is said to be formally verified, meaning that mathematical theorems have been proven, clearly showing under which assumptions the stablecoins remain pegged.

The deployment on Milkomeda-C1 is based on version O (Osiris) of the protocol. Osiris enables reserve coins and stablecoins to be sold back to the DJED contract simultaneously and independently of the reserve ratio. This deployment is the first that is entirely autonomous, with the rules or parameters of the deployment being unchangeable. The implementation resulted from the collaboration between Vacuum Labs, Bloxico, AOSSIE, dcSpark, and Milkomeda.

The announcement of the deployment of DJED stablecoin protocol on the Milkomeda-C1 is significant, marking a milestone in the mission to bring reliable stability to the cryptocurrency industry. The deployment is expected to succeed, and DJED Alliance aims to continue its support for the Djed stablecoin protocol and its implementations on multiple blockchains. This development in the cryptocurrency industry is relevant to South Africa, which has seen an increase in cryptocurrency adoption and usage in recent years.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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