Cardano Makes Groundbreaking Move, Deploys on Ethereum – Unlocking a New Era of Interoperability and Growth

  • DJED stablecoin protocol has finally been deployed on Ethereum.
  • The team confirmed that this makes it the first deployment on Solidity. 

DJED Alliance announces the third deployment of the Djed stablecoin protocol as it makes a groundbreaking presence on the EVM-compatible sidechain of Cardano, the Milkomeda-C1. According to the report, this is the first deployment of the main programming language for writing smart contracts for the Ethereum blockchain, Solidity. The project seeks to expand to several other EVM-compatible blockchains, and this is said to be a huge step. 

Since going live in January 2023, DJED stablecoin has grown extensively. The team has also announced that they will soon launch a new game called Dead Pxlz, a non-fungible token (NFT) project, on the Cardano ecosystem. Paima Studios has disclosed in a tweet that Dead Pxlz is using the Paima engine. 

The Milkomeda-C1

The Milkomeda C1 was launched in March 2022 and enables the deployment of Ethereum dApps in the Cardano network. In a blog post, DJED Alliance explained that the DJED stablecoins are backed by crypto, and will not be exposed to risks faced by entities managing fiat currency reserves. In addition, DJED stablecoin is said to be formally verified.

This means that mathematical theorems have been proven, clearly showing under which assumptions the stablecoins remain pegged, and the proofs have been checked using the interactive theorem prover Isabelle and the bounded model checker Lustre.

The deployment on Milkomeda-C1 is said to be based on version O (Osiris) of the protocol. Osiris enables reserve coins and stablecoins to be sold back to the DJED contract simultaneously, and independently of the reserve ratio. This particular deployment is said to be the first that is fully autonomous. The rules or the parameters of the deployment cannot be changed by anyone. The implementation is said to come from the collaboration between “Vacuum Labs, Bloxico, AOSSIE, dcSpark, and Milkomeda.”

The Djed Alliance is proud of our collective achievement of this significant milestone in our mission to bring reliable stability to the cryptocurrency industry. We wish success to this deployment on Milkomeda-C1 and we look forward to continuing our support for the Djed stablecoin protocol and its implementations on multiple blockchains.

Cardano publishes a weekly report

The Cardano team has also published its weekly report which discloses that there has been a major update in its wallet and services, Basho, smart contracts, etc. The Daedalus team is reported to have removed Catalyst fund information from the wallet due to issues with API. The Hydra team is also fixing the state machine continuity on-chain, and also improving the API reference navigation through the addition of a sidebar. 

In Project Catalyst, several teams reportedly presented their projects to the community.

The Mithril team also announced an important update:

This week, the Mithril team continued implementing the new certifier service of the aggregator, which is in charge of producing certificates for multi-signatures. They also started implementing the interfaces defined to provide certification of a new type of data applied to the Mithril stake distribution and the fully immutable Cardano files snapshot.

Cardano (ADA) is currently trading at $0.390776 after surging by 1.2 percent in the last seven days. 

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John's a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor's degree in Geography and Economics.

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