Cardano stablecoin Djed TVL hits $10M in 24 hours, ADA up 4% Oluwapelumi Adejumo · 4 hours ago · 1 min read The stablecoin has a circulating supply of 1.7 million, while its reserve token’s supply is at 20.8 million, according to data on its official website.1 min read Updated: February 1, 2023 at 9:01 am Cover art/illustration via CryptoSlate The total value of assets locked (TVL) on Cardano-based overcollateralized stablecoin Djed crossed $10 million during the first 24 hours of its launch, according to DeFillama data.Available data on Djed’s website shows that the stablecoin has a circulating supply of 1.7 million, while its reserve token, SHEN’s supply, is at 20.8 million.Coti CEO Shahaf Bar-Geffen tweeted that Djed’s reserve ratio peaked at 800% some hours after its launch — the percentage has dropped to 596% as of press time.
When the reserve ratio drops below 400%, users can only burn Djed and mint Shen, while the events are vice versa when the balance tops 800%.
This mechanism is designed to prevent another Terra-like collapse under challenging market conditions.
Shen holders are incentivized to stake their coins to mint Djed as they can earn extra rewards.The new stablecoin had generated significant anticipation from the Cardano community after being under development for over a year.
Cardano projects integrate Djed Several decentralized exchanges (DEX) on Cardano, like Wingriders, MuesliSwap, and Minswap, were among the earliest platforms to list the stablecoin.Besides that, Cardano projects like Fluid have integrated the stablecoin as a liquidity option against loans.
Fluid would allow its users to borrow Djed using their NFTs as collateral.Centralized exchange Bitrue would also list DJED and its reserve asset SHEN.Trading is expected to begin on the platform on Feb.1.
ADA is up 4% Cardano’s ADA is up 4% over the last 24 hours to $0.38 as of press time, according to CryptoSlate data.The layer1 (L1) blockchain network token has risen by over 50% in the last 30 days.Meanwhile, Cardano’s DeFi activity has also benefited from Djed’s launch.The total value of assets locked within the ecosystem rose by 22% to $91.4 million in the last 24 hours.
– Cardano developers worked intensively on the projects in the pipeline.- Key metrics remained bullish over the last seven days of press time.
Input Output Global recently released the latest edition of its weekly development report, highlighting the major achievements and updated statistics for the Cardano [ADA] network.Reportedly, Cardano’s native tokens reached 7.63 million and the total number of transactions reached 59.8 million.Furthermore, the report revealed that 113 projects have been launched on the network.The weekly #Cardano development update is now live on #EssentialCardano.Check out the key highlights from this week and get the latest on development progress in core technology, wallets and services, smart contracts, scaling and governance.👇https://t.co/YFsUakj3sL — Input Output (@InputOutputHK) January 27, 2023 How much are 1,10,100 ADAs worth today? What about developers? In the weekly development report, IOG mentioned what different teams worked on over the last seven days.
For instance, the Plutus team planned their work for the next five sprints, with the main goals of the Plutus core team being finalizing the debugger MVP, increasing script capacity, adding property testing with the Plutus intermediate representation generators, and many more.Additionally, the ledger team completed some preliminary groundwork in preparation for CIP-1694 (Voltaire).IOG also announced the date of the SECP upgrade, which will help drive greater interoperability and secure, cross-chain dApp development.
The mainnet upgrade is proposed tentatively for 14 February 2023.While the Hydra team concentrated on the Hydra Head V1 specification, which is currently being reviewed and completed, the Mithril team completed the implementation of the backward/forward compatibility mechanism of their API messages.Though the developments increased, Cardao went through a short outage last week, which concerned the crypto community.Read Cardano’s [ADA] Price Prediction 2023-24 A favorable week for investors? While the developers were improving the network, ADA continued its bullish rally.
As per CoinMarketCap, ADA’s registered over 8% weekly gains, and at the time of writing, it was trading at $0.3912 with a market capitalization of more than $13.5 billion.Interestingly, ADA remained in demand in the futures market last week as its DyDx funding rate was relatively up.ADA’s MVRV Ratio also increased after registering a decline mid-week.LunarCrush’s data revealed that ADA’s popularity also increased as its social engagement went north by over 15% last week.However, ADA’s velocity tumbled in the past week, which was not in the blockchain’s favor.Cardano raced to an 11-week high on Thursday, as markets reacted to data showing that gross domestic product in the U.S.rose by 2.9%.The token rose by as much as 5% earlier in the day, climbing to its strongest point since November.
Monero was also in the green, nearing a key resistance level in the process.Cardano (ADA) Cardano (ADA) rebounded on Thursday, with prices moving to an eleven-week high in the process.
Following a low of $0.3537 on Wednesday, ADA/USD rose to an intraday high of $0.3866 earlier today.As a result of this, cardano rose to its strongest point since November 8, which is the last time prices were above $0.4100.Looking at the chart, ADA has moved lower from earlier gains, as traders appear to have taken profits near a ceiling of $0.3875.As of writing, the token is trading at $0.3774, with the 14-day relative strength index (RSI) near a resistance of its own at 74.00.The index, which is currently tracking at 69.22, will likely need to move past the 74.00 point in order for ADA jump over the $0.3875 hurdle.Monero (XMR) In addition to ADA, monero (XMR) also surged earlier in the day, as it edged closer to a key resistance level.
XMR/USD moved to a peak of $178.15 earlier in the day, which comes less than a day after falling to a low of $169.84.Today’s surge sent monero closer to its long-term resistance level at $180.00, which was last broken on Sunday.
As can be seen from the chart, the relative strength index (RSI) is currently hovering below a ceiling of its own at 65.00, with a current reading of 63.25.In order for bulls to take XMR back above the $180.00 level, price strength will first need to surpass the 65.00 mark.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Do you expect monero to rise above $180.00 this week? Let us know your thoughts in the comments.Eliman Dambell Eliman brings an eclectic point of view to market analysis.He was previously a brokerage director and online trading educator.Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
The crypto market’s rally is losing strength, forcing significant cryptocurrencies, such as Bitcoin, Ethereum, and Cardano, back to their support regions.The latter has been deploying products and development that hint at a longer bullish trend.As of this writing, Cardano (ADA) trades at $0.35 with a 5% loss in the last 24 hours.
Over the past week, ADA’s price still recorded some profits as the bulls made their stand against a spike in selling pressure.
Cardano In The Olympus Of Development Activity Data from research firm Santiment indicates that the Cardano ecosystem is vibrating with development activity.Currently, this blockchain ranks number 3 in the metric, according to the number of commits on the software development platform GitHub.As seen in the chart below, Cardano’s development activity over the past 30 days records over 330 GitHub commits for the different projects on this blockchain.Only Polkadot and its experimental environment Kusama have seen more development activity, with 441 commits.
As the chart above shows, the price of Cardano (ADA) has been moving in tandem with its developments and the general market sentiment.As more developers onboard the blockchain, the ecosystem is more appealing to investors.ADA records a 38% rally over the past 30 days.In the coming weeks, this blockchain will deploy a new upgrade for its smart contract programming language, Plutus.
This update will enable support for the Elliptic Curve Digital Signature Algorithm (ECDSA) and Schnorr.These new components will allow developers to provide more security and build cross-chain capabilities.Plutus was designed to operate as an easy-to-use and accessible programming language.Thus, people might feel even more incentive to build on this blockchain.
It remains to be seen if ADA’s price will extend its recent trend and follow its spike in development activity.According to Input Output Global, Cardano’s lead developer company: This upgrade will bring greater interoperability and secure cross-chain #DApp development to #Cardano, making it easier for developers to work with other blockchains.Developers would otherwise need to spend extra time, effort, and funds to implement ECDSA and Schnorr over the SECP elliptic curves in #Plutus, increasing potential security risks and using an unrealistic amount of resources.Top posts Crypto2 hours ago Britain Announces Plans For ‘Robust’ Crypto Rules, Launches Consultation The U.K.
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