- Milkomedia-C1 has announced that it is integrating the DJed stablecoin network on its platform.
- Djed is the algorithmic stablecoin that Cardano (ADA) created and released over the COTI network.
Milkomedia-C1 has announced that it is integrating the DJed stablecoin network on its platform. Milkomeda C1, a layer two protocol introduced in March 2022, facilitates the integration of Ethereum decentralized applications (dApps) into the Cardano platform’s ecosystem. Due to Milkomeda C1’s EVM compatibility and as an adaptable sidechain of Cardano, users may now access a wide variety of decentralized applications.
📢Breaking News!
The Djed stablecoin protocol is coming to Milkomeda-C1, the EVM-compatible sidechain of Cardano.
This marks the third deployment of Djed, and the first one in Solidity! #Djed #Milkomeda #Cardano https://t.co/U7KdCFd90N
— Milkomeda (there is no token) (@Milkomeda_com) April 26, 2023
It is worth noting that compared to Ethereum(ETH), blockchains that support Ethereum Virtual Machine (EVM) are faster, cheaper for transactions, and have more capacity. Just a few months since the stablecoin’s inception at the end of January of this year, the Djed platform is set to be deployed for the third time on the sidechain of Cardano. Additionally, it will be Djed’s first implementation of a smart contract written in Solidity, paving the way for its growth to a number of other EVM-adaptable blockchains.
The very first fully self-sufficient implementation would be on the sidechain. In Djed’s Version O, prices are checked every 10 seconds to account for lags and a transaction cap is provided to prevent reserve depletion in the event of Oracle lags. Milkomeda’s nodes manage this new oracle. This is in accordance with a blog post from Djed Alliance, the entity responsible for maintaining the Djed Stablecoin platform.
Djed Revolutionizing Decentralized Finance
The stability assertions made by Djed are the first to have been statistically validated, accurately predicted, and officially verified. When you buy or sell stablecoin, Djed’s managing algorithm acts like an independent bank, staying within a predetermined target price.
ADA Price Prediction: Will the price hit $0.50?
According to data provided by Santiment, Cardano will hit its bullish trend very soon. This is because it has consistently recorded a daily trade volume of $2.5B in the last ten days, even though there was a decline of 15% in the ADA price. An impending bullish turnaround occurs when trading volume maintains high throughout a price decline.
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Source: Santiment
As of the time of writing, ADA is trading at $0.4091 with a 3.39% price increase in the last 24 hours. In the next Cardano bull run, it has the possibility to reach its 2023 high of $0.50. According to data provided by IntoTheBlock’s Global, Cardano will encounter significant resistance in the $0.42 price range. The spot where a group of 432,000 holders purchased 4.65 billion ADA tokens.
Also, if the coin manages to push through from this level, it can ultimately reach the $0.53 price range, but if it doesn’t manage to do so, it might hit a low of $0.38.
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