Crypto

January 30, 2023

Cardano’s Stablecoin Coming This Week

As announced last week by COTI ($COTI.X), Cardano’s ($ADA.X) over-collateralized, algorithmic stablecoin, DJED, is set to launch this week. 🚀

Quick note: Don’t know what stablecoins are? Check out our Crypto 101 article. 

Algorithmic stablecoins have become a pariah in the crypto space. Not only has every single one failed, but the most spectacular collapse of any algorithmic stablecoin, Terra’s TerraUSD ($UST.X), last year is cited as one of the primary catalysts for the current bear market. 

So why does Cardano think their stablecoin will be better? COTI created a video explaining the unique mechanism of DJED. 

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If you want to step into crazy math land, look at Cardano’s 86-page monster with a bunch of math sorcery and wizardry titled: Djed: A Formally Verified Crypto-Backed Pegged Algorithmic Stablecoin.

And then compare it to Do ‘Con’ Kwon’s TerraUSD – a 15-page middle-schoolers geography report in comparison.

So far, support for DJED has been confirmed by Bitrue, MuesliSwap,  and Minswap. 👍

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We won’t spend a terrible amount of time with the nitty-gritty of what’s going on in the banking world, but there are some fairly important developments. 

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