After the launch of Cardano’s stablecoin Djed, ADA investors are showing bullish sentiment on Cardano.
Djed is an algorithmic concept based stablecoin, proposed by the Cardano founder Charles Hoskinson. The Coti network team developed this stablecoin. On 31 Feb 2023, Djed went live on the Cardano mainnet. On one side Djed is backed by overcollateralized values and on the other side it will perform on behalf of an algorithmic concept but that will not be similar to the failed stablecoin TerraUSD, which collapsed badly in May 2022 during a high pressure sell situation.
After the launch of Cardano’s Djed stablecoin, the price of ADA, a native coin on the Cardano network, surged rapidly. The current trade price of ADA coin is $0.4067 & this price is 5.04% high over the last 24 hours’ trade price.
ADA trade price is 60% high over the last 30 days of trade prices, which is a very big increment among the top traded crypto assets.
Here the increment in the price of ADA coin could be also a part of increasing ADA coin holdings behind Djed stablecoin reserve. At the time of writing this article, 27 million ADA are backing the collateral value behind Djed.
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According to experts’ points of view, Djed will help Cardano-based smart contract platforms to fight against many challenges and also to attract new crypto financial projects & crypto traders.
Cardano vs Solana
Initially, Cardano was launched by Charles Hoskinson as a rival of the Ethereum blockchain but to this date, Polygon & Solana blockchain are standing as the top rivals of the Ethereum blockchain.
In particular, the Solana network is highly scalable because of its unique protocol Proof-of-history (PoH).
Cardano devs also aimed to introduce scalability by 10 times more than Solana, which will be equal to 1 million TPS. Through the Hydra protocol, Cardano Devs will make the Cardano blockchain more scalable over the Solana network but surely it will take the whole year.
Read also: Jim Cramer claims Cryptocurrencies are pumping because of high manipulation
After Djed stablecoin launch, Cardano (ADA) outperforming
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