- Cardano’s Djed stablecoin protocol to be deployed on Milkomeda-C1, an EVM-compatible sidechain.
- Djed’s implementation in Solidity language opens expansion opportunities to more EVM-compatible blockchains.
Cardano’s Djed Stablecoin Welcomes Ethereum Developers
Milkomeda, a Layer 2 protocol, has revealed that the Djed stablecoin protocol will be coming to Milkomeda-C1, Cardano’s EVM-compatible sidechain. Launched in March 2022, Milkomeda C1 allows Ethereum dApps to be deployed within the Cardano ecosystem. EVM compatibility provides users access to numerous dApps in the ecosystem.
The Djed stablecoin protocol is coming to Milkomeda-C1, the EVM-compatible sidechain of Cardano.
— Milkomeda (there is no token) (@Milkomeda_com) April 26, 2023
Djed Protocol Expands its Reach
The Djed protocol will be deployed on the sidechain, marking its third deployment since its launch in late January this year. This deployment will be the first implementation of Djed in the Solidity smart contract programming language, paving the way for expansion to several additional EVM-compatible blockchains.
According to a Djed Alliance blog post, the steward of the Djed Stablecoin Protocol, the deployment on Milkomeda-C1 is based on version O (Osiris) of the protocol. This version of Djed is fully autonomous and utilizes a new oracle controlled by Milkomeda’s nodes. The oracle checks prices every 10 seconds to offset delays and provides a transaction limit to reduce reserve draining in case of oracle delays.
Osiris’ unique feature allows reserve coins and stablecoins to be simultaneously sold back to the Djed contract, regardless of the reserve ratio, as long as the sale does not lower the reserve ratio. In the Djed protocol, a “reserve coin” represents ownership of a portion of the surplus of the underlying reserves of the base coin.
Cardano’s Potential to Rival Ethereum
In 2023, Cardano (ADA) made significant gains, even appearing as a contender to overtake Ethereum (ETH) in price. However, Ethereum currently has a higher market capitalization and price per coin compared to Cardano. This article explores whether Cardano can ever be worth as much as Ethereum and the factors required for this to happen.
Both Cardano and Ethereum have similar goals: providing a scalable and secure blockchain for decentralized applications and smart contracts. Ethereum has the advantage of being older and more established, with numerous projects built on its platform. However, Cardano has also reached important milestones and had a strong first quarter.
Can Cardano Reach Ethereum’s Level?
For Cardano to be worth as much as Ethereum, it must attract more developers and users by improving support for smart contracts, decentralized applications, and collaborating with companies. Cardano must continue to innovate, introduce new functions, and differentiate itself from other blockchains.
While most data seems to favor Ethereum, the marketing prowess of Cardano’s founder, Charles Hoskinson, could make a difference in another bull market. If Hoskinson can successfully create hype around the project, Cardano has the potential to overtake its rival, Ethereum.