The DJED stablecoin has finally launched on the Cardano blockchain. This is a significant milestone for the Cardano network and is expected to give decentralized finance on Charles Hoskinson’s blockchain a much-needed boost.
Regulators are circling Binance USD (BUSD), and Tether’s mysterious reserves face ongoing scrutiny. As a result, decentralized stablecoins return to take center stage as a solution against volatility in the cryptocurrency market.
What exactly is DJED? How does the Cardano ecosystem’s native algorithmic stablecoin work?
Most importantly, what kind of measures are in place to protect DeFi users and ADA holders from a catastrophic de-peg? We all remember what happened to the last ‘revolutionary decentralized stablecoin. We still witness the devastating effects of the LUNA/UST death spiral.
All your DJED questions, and more, answered:
Why Do We Need Decentralized Stablecoins?
If you’ve ever looked at a Bitcoin or Ethereum chart, you’ll know that the crypto market is volatile. Prices fluctuate massively daily, making them difficult to use as a regular currency. Centralized stablecoins like USDT are cryptocurrencies pegged to fiat currencies like…
