{"id":469681,"date":"2021-08-19T22:22:22","date_gmt":"2021-08-19T22:22:22","guid":{"rendered":"https:\/\/wncen.com\/?p=469681"},"modified":"2021-08-19T22:22:35","modified_gmt":"2021-08-19T22:22:35","slug":"cardano-prepares-for-assault-on-defi","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-prepares-for-assault-on-defi\/","title":{"rendered":"Cardano Prepares For Assault On DeFi, Unveils New Stablecoin"},"content":{"rendered":"

Cardano is close to its final Hard Fork Combinator (HFC) event \u201cAlonzo\u201d to implement smart contract capabilities on the mainnet<\/a>. Developers, community projects, and IOG are preparing for the milestone and the potential growth of the network\u2019s ecosystem.<\/p>\n

Recently, IOG released a paper describing a new algorithm stablecoin to be launch on the platform, called Djed. The project has been under development by IOG and partners Emurgo, and Ergo blockchain, as a \u201cstablecoin contract\u201d, Cardano\u2019s developer claimed in an official post<\/a>.<\/p>\n

This digital asset will tackle the most common issues with other stablecoins, such as Tether and USD Coin, such as lack of transparency about their reserves and its liquidity. Thus, it will leverage a smart contract to guarantee the stability of its price. IOG said:<\/p>\n

Djed is a crypto-backed algorithmic stablecoin contract that acts as an autonomous bank. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins.<\/p><\/blockquote>\n

As seen below, this Cardano based stablecoin will operate with an Autonomous \u201cCentral bank like\u201d contract. Thus, it\u2019ll be comprised of reserve, equity, and liabilities.<\/p>\n

\"Cardano
Source: Input Output Global<\/figcaption><\/figure>\n

In addition, Djed\u2019s stability mechanism will allow the contract to sell stablecoins, and use charging fees, and reserve assets to keep a target price. IOG claims that holders will benefit from this dynamic, as they will be able to boost the stablecoin reserve and \u201cassume the risk of price fluctuation\u201d.<\/p>\n

But Djed is not limited to being pegged to the dollar. It can work with other currencies, as long as there are oracles providing the contract with the corresponding pricing index.<\/p><\/blockquote>\n

Cardano Stablecoin, Better Than The Competion?<\/h2>\n

The inventor of Cardano and IOG\u2019s CEO Charles Hoskinson celebrated<\/a> the release of Djed\u2019s paper. Additionally, Hoskinson revealed that the Plutus team is currently working on a prototype and will most likely be able after HFC Alonzo.<\/p>\n

As part of the ethos of Cardano, IOG claims that Djed\u2019s properties are \u201cproven by mathematical theorems\u201d. This helps it achieve a constant peg to the underlying assets with lower bound maintenance, resilience to sudden spikes or drops in the market, no insolvency, no bank runs.<\/p>\n

This mechanism will support a fair treatment of all users, according to the official post. Thus, it creates more incentives for holders to keep their coins with a limit in the Djed\u2019s reserves that can be \u201cdiluted\u201d to issue more of it. Holders will additionally benefit from the stablecoin\u2019s increase equity_<\/p>\n

(\u2026) the reserve surplus per reserve coin is guaranteed to increase as users interact with the contract. Under these conditions, reserve coin holders are guaranteed to profit.<\/p><\/blockquote>\n

The Cardano based stablecoin will be launch in two versions: the minimal Djed, a \u201csimple and intuitive\u201d stablecoin, and the extended Djed. The latter will have more stability benefits, IOG claims, and more incentives to maintain the reserve ratio \u201cat an optimal level\u201d.<\/p>\n

The stablecoin has already been implemented on Ethereum<\/a>, as an ERC-20 token, Binance Smart Chain, Avalanche<\/a>, Polygon, and other ecosystem as a tesnet project.<\/p>\n

At the of writing, Cardano (ADA) trades<\/a> at $2.30 with a 8.5% rally in the daily chart.<\/p>\n

\"Cardano
ADA on a rally in the daily chart. Source: ADAUSDT Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Cardano is close to its final Hard Fork Combinator (HFC) event \u201cAlonzo\u201d to implement smart contract capabilities on the mainnet. Developers, community projects, and IOG are preparing for the milestone and the potential growth of the network\u2019s ecosystem. Recently, IOG released a paper describing a new algorithm stablecoin to be launch on the platform, called Djed. The project has been under development by IOG and partners Emurgo, and Ergo blockchain, as a \u201cstablecoin contract\u201d, Cardano\u2019s developer claimed in an official post. This digital asset will tackle the most common issues with other stablecoins, such as Tether and USD Coin, such as lack of transparency about their reserves and its liquidity. Thus, it will leverage a smart contract to guarantee the stability of its price. IOG said: Djed is a crypto-backed algorithmic stablecoin contract that acts as an autonomous bank. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins. As seen below, this Cardano based stablecoin will operate with an Autonomous \u201cCentral bank like\u201d contract. Thus, it\u2019ll be comprised of reserve, equity, and liabilities. In addition, Djed\u2019s stability mechanism will allow the contract to sell stablecoins, and use charging fees, and reserve assets to keep a target price. IOG claims that holders will benefit from this dynamic, as they will be able to boost the stablecoin reserve and \u201cassume the risk of price fluctuation\u201d. But Djed is not limited to being pegged to the dollar. It can work with other currencies, as long as there are oracles providing the contract with the corresponding pricing index. Cardano Stablecoin, Better Than The Competion? The inventor of Cardano and IOG\u2019s CEO Charles Hoskinson celebrated the release of Djed\u2019s paper. Additionally, Hoskinson revealed that the Plutus team is currently working on a prototype and will most likely be able after HFC Alonzo. As part of the ethos of Cardano, IOG claims that Djed\u2019s properties are \u201cproven by mathematical theorems\u201d. This helps it achieve a constant peg to the underlying assets with lower bound maintenance, resilience to sudden spikes or drops in the market, no insolvency, no bank runs. This mechanism will support a fair treatment of all users, according to the official post. Thus, it creates more incentives for holders to keep their coins with a limit in the Djed\u2019s reserves that can be \u201cdiluted\u201d to issue more of it. Holders will additionally benefit from the stablecoin\u2019s increase equity_ (\u2026) the reserve surplus per reserve coin is guaranteed to increase as users interact with the contract. Under these conditions, reserve coin holders are guaranteed to profit. The Cardano based stablecoin will be launch in two versions: the minimal Djed, a \u201csimple and intuitive\u201d stablecoin, and the extended Djed. The latter will have more stability benefits, IOG claims, and more incentives to maintain the reserve ratio \u201cat an optimal level\u201d. The stablecoin has already been implemented on Ethereum, as an ERC-20 token, Binance Smart Chain, Avalanche, Polygon, and other ecosystem as a tesnet project. At the of writing, Cardano (ADA) trades at $2.30 with a 8.5% rally in the daily chart.<\/p>\n","protected":false},"author":535,"featured_media":469682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,79508,12332],"class_list":["post-469681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausdt","tag-cardano"],"acf":[],"yoast_head":"\nCardano Prepares For Assault On DeFi, Unveils New Stablecoin<\/title>\n<meta name=\"description\" content=\"Cardano is close to its final Hard Fork Combinator (HFC) event \u201cAlonzo\u201d to implement smart contract capabilities on the mainnet. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Prepares For Assault On DeFi, Unveils New Stablecoin","url":"http:\/\/wncen.com\/news\/cardano\/cardano-prepares-for-assault-on-defi\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano\/cardano-prepares-for-assault-on-defi\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Cardano-ADA-ADAUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Cardano-ADA-ADAUSDT.jpg?fit=830%2C554"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","adausdt","cardano"],"dateCreated":"2021-08-19T22:22:22Z","datePublished":"2021-08-19T22:22:22Z","dateModified":"2021-08-19T22:22:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano Prepares For Assault On DeFi, Unveils New Stablecoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-prepares-for-assault-on-defi\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-prepares-for-assault-on-defi\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/Cardano-ADA-ADAUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/Cardano-ADA-ADAUSDT.jpg?fit=830%2C554\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"adausdt\",\"cardano\"],\"dateCreated\":\"2021-08-19T22:22:22Z\",\"datePublished\":\"2021-08-19T22:22:22Z\",\"dateModified\":\"2021-08-19T22:22:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Cardano-ADA-ADAUSDT.jpg?fit=830%2C554","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469681"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=469681"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/469682"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=469681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=469681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=469681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}