Charles Hoskinson Shares Developments About Djed, Stablecoin of the Ecosystem

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Cardano founder Charles Hoskinson shared important studies about Djed, the first stablecoin of the ecosystem. The article published by the developer team provided details on Cardano’s current implementation of Plutus for Djed.

Operation Djed Continues

In djed work, Oracle will help provide exchange rate and allow users to place multiple orders at the same time, cancel pending orders, etc. It was stated that working on the main contracts in order to provide access to the opportunities. The developers are currently testing this app. According to the article, a pre-released version will be delivered in the next few days for UI integration.

Djed is a stablecoin that will use smart contracts to maintain a reserve of essential assets in an autonomous bank that will operate using smart contracts. This allows users to trade stablecoins and use it for DeFi-based transactions. The djed will be pegged to the USD first but will also be compatible with other traditional currencies. IGO introduces Djed as the first officially verified stablecoin.

Cardano Price

The popular cryptocurrency ADA has gained momentum with the developments in the Cardano ecosystem. Following the Alonzo hard fork, which brought the smart contract feature to the ecosystem, ADA reached an all-time high by climbing up to $3.10.

However, after many developments and projects, ADA failed to deliver the desired performance, disappointing investors. Cardano founder Hoskinson attributed this to people emitting FUD who want to harm the ecosystem. Stating that the work on the Cardano platform continues at full speed, Hoskinson advised investors not to be affected by external factors. Cardano price is trading at $1.45 as of the writing of this article.