ICYMI: Cardano users might soon be able to test Djed stablecoin on the Milkomeda testnet ADA $ADA CardanoCommunity
The Milkomeda Foundation announced the release of C1, an Ethereum Virtual Machine-compatible sidechain that is directly connected to the Cardano blockchain, in late March. This allows assets to be transferred between the two blockchains, allowing popular Ethereum-based decentralized apps to be run on top of Cardano using wrapped smart contract technology.Djed, a crypto-backed algorithmic stablecoin that operates as an autonomous bank, was launched on testnet on May 4.
To ensure that there is enough ADA in the pool, Djed's algorithm uses a collateral ratio of 400-800% for Djed and SHEN. This indicates that there is $3-7 worth of ADA in the reserve pool for every 1 Djed minted. The 400-800% ratio is thought to provide a sufficient buffer to absorb ADA's volatility.The reserve coin, SHEN, compensates for ADA price swings by covering deficits and ensuring the collateralization rate.
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