Cardano’s Ecosystem on Fire: Surging with 1,240 Projects, 66.3M Transactions, and Djed Spearheading the DeFi Revolution

• • Cardano’s DeFi ecosystem is rapidly evolving with the introduction of the ADA-backed stablecoin Djed.
  • Djed’s launch has attracted significant backing and offers opportunities for DeFi and payment settlement within the Cardano ecosystem.

Cardano’s DeFi Expansion with ADA-Backed Stablecoin Djed

Cardano, a competitor to Ethereum, is witnessing significant progress in its decentralized finance (DeFi) ecosystem, primarily driven by recent advancements. Input Output Global (IOG), the developer behind Cardano, reveals that the introduction of Djed, an ADA-backed stablecoin, has played a crucial role in expanding the DeFi landscape within the Cardano network.

ICYMI: the #EssentialCardano development update is live and packed full of all the details of what’s been going on development-wise on #Cardano.

Check it out now ⤵️ https://t.co/Ouy4Qwl81R

— Input Output (@InputOutputHK) May 14, 2023

Unlocking DeFi Opportunities with Djed

Djed, created by COTI Network, a payments platform, was launched earlier this year and has quickly gained traction. According to IOG, Djed has already attracted 27 million ADA in backing within a day of its release. The stablecoin is available on various exchanges, including MinSwap, MuesliSwap, and Wingriders.

With each Djed token backed by six ADA, the stablecoin’s value is maintained, enabling it to unlock significant DeFi opportunities within the Cardano ecosystem. Djed can also be utilized for payment settlements and fee coverage.

Hydra: Boosting Scalability and Efficiency

IOG also highlights the positive impact of Hydra, a family of layer-2 protocols designed to enhance Cardano’s scalability. By leveraging Hydra technology as a layer 2 protocol, developers can create mini-blockchains called heads, which handle specific functions off the main Cardano blockchain. These heads accelerate the processing time for applications and relieve the main chain from the associated workload.

🔎 ZK rollups and their impact on blockchain transactions with @vanishree_rao

By creating a single proof for a whole set of transactions, ZK rollups reduce execution bloat and provide a more efficient way of verifying transactions on the #blockchain.
📽️ https://t.co/FKzoI7cbbL pic.twitter.com/LJrnPGr46Z

— Input Output (@InputOutputHK) May 14, 2023

Additionally, Hydra reduces transaction costs, making Cardano more efficient and scalable.

Weekly Development Updates

The recent weekly development report provides insights into various aspects of Cardano’s progress. Here are the highlights from different teams:

Core Technology:

• • • The release of node v.8.0.0 brings new governance actions, fairness improvements, and query commands for inspecting metrics and data in the mempool.
    • The ledger team focuses on improving the Conway ledger era and node integration, introducing new certificates and developing constraint-based generators for property tests.

Wallets and Services:

• • • The Daedalus team works on enhancing the reliability of the currency conversion feature and releases Lace 1.1.0 with improvements for user experience, wallet recovery, and pricing display.
    • The Adrestia team separates the balance TX library, prepares for multi-signature wallet delegation functionality, and updates cardano-wallet to support node 8.0.x.

Smart Contracts:

• • • The Plutus tools team documents the marconi-sidechain architecture, profiles performance regression, and improves the Plutus Tx standard library.
    • The Marlowe team adds library functions, conducts QA testing, and tests individual CLI features.

Basho (Scaling):

• • • The Mithril team completes the last migration phase of the aggregator stores, implements mechanisms for signing generic data, and prepares for the release of a Mithril network on the mainnet.

Voltaire:

• • • Global workshops will be conducted to discuss CIP-1694, focusing on Cardano’s on-chain governance. These workshops, held in over 20 locations worldwide, provide opportunities for networking and collaboration among the Cardano community.

Catalyst:

• • • The Catalyst team hosts regular town halls, featuring presentations of completed projects funded through token gating proposals and challenge team reports.
    • The workshops and virtual sessions aim to explore the latest developments in Cardano’s on-chain governance proposed in CIP-1694.

Education:

• • • The Education team successfully concludes the Plutus Pioneer Program (PPP4), receiving positive feedback from participants.