Milkomedia-C1 announced the integration of the DJed stablecoin network on its platform. Milkomeda C1, a second layer protocol introduced in March 2022, facilitates the integration of decentralized Ethereum applications (dApps) into the Cardano platform ecosystem. Thanks to the EVM compatibility of Milkomeda C1 and the fact that it is an adaptable sidechain of Cardano, users can now access a wide variety of decentralized applications.
It is worth noting that, compared to Ethereum, blockchains that support Ethereum Virtual Machine (EVM) are faster, cheaper to transact, and have greater capacity. A few months after the birth of the stablecoin, which took place at the end of January this year, the Djed platform will be distributed for the third time on the Cardano sidechain. It will also be Djed's first implementation of a smart contract written in Solidity, paving the way for its growth into a number of other EVM-capable blockchains.
The first fully self-contained implementation will be on the sidechain. In version O of Djed, prices are checked every 10 seconds to account for delays and a transaction cap is provided to avoid running out of reserves in the event of Oracle delays. Milkomeda nodes manage this new oracle. This is in accordance with a blog post from the Djed Alliance, the entity responsible for maintaining the Djed Stablecoin platform.
Djed revolutionizes decentralized finance
If you are new to the cryptocurrency industry, you are probably wondering what Djed is and what the relationship between Cardano and Djed is. Well! Djed is the algorithmic stablecoin that Cardano (ADA) created and released on the COTI network. Djed's main goal is to make decentralized finance and cryptocurrencies accessible to everyone in a convenient and effective way. Furthermore, it is a highly sophisticated and over-collateralized stablecoin that incorporates three coins: Ada, Shen and Djed.
Djed's stability claims are the first to be statistically validated, accurately predicted, and officially verified. When buying or selling a stablecoin, Djed's management algorithm acts like an independent bank, staying within a predetermined target price.
ADA Price Prediction: Will the price reach $0,50?
According to the data provided by Santiment, Cardano will reach its uptrend very soon. This is because it has consistently recorded a daily trading volume of $2,5 billion over the past ten days, despite a 15% drop in trading volume. quotation by ADA. An imminent bullish turn occurs when trading volume remains elevated during falling prices.
At the time of writing, ADA is trading at $0,4091, up 3,39% over the past 24 hours. In the next bull run Cardano has a chance to reach the 2023 highs at $0,50. According to data provided by IntoTheBlock's Global, Cardano will encounter significant resistance in the $0,42 price range. The point where a group of 432.000 holders bought 4,65 billion ADA tokens. Also, if the coin manages to clear this level, it could reach the $0,53 price range, but if it fails to do so, it could hit as low as $0,38.