$ADA: Cardano’s Ecosystem Set to Thrive with Latest Deployment of Djed ($DJED)
In a significant move for the digital currency space, the Djed Alliance has announced the deployment of the Djed stablecoin protocol on Milkomeda-C1.
The Djed Alliance is a consortium of contributors from around the world dedicated to creating stability in the notoriously volatile cryptocurrency sector. The alliance oversees the Djed stablecoin protocol and promotes its implementations and deployments on various blockchains. The Alliance promotes a healthy collaborative environment and unites diverse entities around a common mission. By contributing to the Djed stablecoin protocol and collaborating with others in the alliance, any person or organization can become part of this open network.
On April 29, 2023, the Djed Alliance announced the successful live deployment of the Djed stablecoin protocol on Milkomeda-C1, an EVM-compatible sidechain from Cardano. This is the third successful deployment of the protocol after its launch on Ergo’s SigmaUSD in early 2021 and COTI’s Djed on Cardano in Q1 2023.
The launch on Milkomeda-C1 is the first Djed deployment using the Solidity Smart Contract programming language. This sets the stage for future implementations on other EVM-compatible blockchains and marks a significant milestone in the protocol’s expansion.
This successful launch represents a fruitful collaboration between industry giants like Vacuum Labs, Bloxico, AOSSIE, dcSpark and Milkomeda. It dates back to the groundbreaking work of Ergo, Emurgo and Input Output in 2020. Interestingly, two engineers from Emurgo who played a crucial role in the early stages of the Djed protocol later co-founded dcSpark, which built Milkomeda-C1 and initiated this Djed implementation.
Both Milkomeda and the initial Djed implementation were made possible thanks to multiple grants from Project Catalyst, Cardano’s community-centric, decentralized innovation fund. The Djed Alliance expressed their deep gratitude for the support of the Cardano community and anticipated that this successful launch would further strengthen Cardano’s burgeoning ecosystem on Milkomeda.
According to the Djed Alliance blog post, this is the first Djed deployment to work autonomously. The immutable zero-governance protocol ensures that the rules or parameters of the deployment cannot be changed. The code has undergone numerous revisions, extensive testing, testnet deployments and a thorough smart contract audit by Peckshield to ensure it is working to the protocol’s specifications. This milestone represents a notable advance in the stablecoins space and a strong endorsement of the ongoing mission of the Djed Alliance.