Mithril

Cardano

Hydra

Djed

Revolution

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<li><strong>Cardano&#8217;s DeFi ecosystem is rapidly evolving with the introduction of the ADA-backed stablecoin Djed.</strong></li>
<li><strong>Djed&#8217;s launch has attracted significant backing and offers opportunities for DeFi and payment settlement within the Cardano ecosystem.</strong></li>
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<h2 id="cardano-8217-s-defi-expansion-with-ada-backed-stablecoin-djed">Cardano&#8217;s DeFi Expansion with ADA-Backed Stablecoin Djed</h2>
<p>Cardano, a competitor to Ethereum, is witnessing significant progress in its decentralized finance (DeFi) ecosystem, primarily <a href="https://www.ethnews.com/cardano-rockets-forward-valentine-upgrade-and-blazing-p2p-nodes-propel-ecosystem-development/">driven by</a> recent advancements. Input Output Global (IOG), the developer behind Cardano, reveals that the introduction of Djed, an ADA-backed stablecoin, has played a crucial role in expanding the DeFi landscape within the Cardano network.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">ICYMI: the <a href="https://twitter.com/hashtag/EssentialCardano?src=hash&amp;ref_src=twsrc%5Etfw">#EssentialCardano</a> development update is live and packed full of all the details of what’s been going on development-wise on <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a>. </p>
<p>Check it out now <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2935.png" alt="⤵" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <a href="https://t.co/Ouy4Qwl81R">https://t.co/Ouy4Qwl81R</a></p>
<p>&mdash; Input Output (@InputOutputHK) <a href="https://twitter.com/InputOutputHK/status/1657749357054099457?ref_src=twsrc%5Etfw">May 14, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="unlocking-defi-opportunities-with-djed">Unlocking DeFi Opportunities with Djed</h2>
<p>Djed, created by COTI Network, a payments platform, <a href="https://www.ethnews.com/cardano-shatters-boundaries-unleashes-groundbreaking-hydra-node-unleashing-scalability-at-a-mind-blowing-1m-tps-a-new-era-begins/">was launched</a> earlier this year and has quickly gained traction. According to IOG, Djed has already attracted 27 million ADA in backing within a day of its release. The stablecoin is available on various exchanges, including MinSwap, MuesliSwap, and Wingriders.</p>
<p>With each Djed token backed by six ADA, the stablecoin&#8217;s value is maintained, enabling it <a href="https://www.ethnews.com/in-a-historic-move-cardano-pioneers-a-new-era-of-banking-transactions-loans-and-dex-trading-with-bitcoin-on-the-ada-blockchain/">to unlock</a> significant DeFi opportunities within the Cardano ecosystem. Djed can also be utilized for payment settlements and fee coverage.</p>
<h2 id="hydra-boosting-scalability-and-efficiency">Hydra: Boosting Scalability and Efficiency</h2>
<p>IOG also highlights the positive impact of Hydra, a family of layer-2 protocols <a href="https://www.ethnews.com/as-ethereum-gas-fees-hit-187-cardano-emerges-as-investor-favorite-with-massive-hydra-scaling-update/">designed to enhance</a> Cardano&#8217;s scalability. By leveraging Hydra technology as a layer 2 protocol, developers can create mini-blockchains called heads, which handle specific functions off the main Cardano blockchain. These heads accelerate the processing time for applications and relieve the main chain from the associated workload.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f50e.png" alt="🔎" class="wp-smiley" style="height: 1em; max-height: 1em;" /> ZK rollups and their impact on blockchain transactions with <a href="https://twitter.com/vanishree_rao?ref_src=twsrc%5Etfw">@vanishree_rao</a></p>
<p>By creating a single proof for a whole set of transactions, ZK rollups reduce execution bloat and provide a more efficient way of verifying transactions on the <a href="https://twitter.com/hashtag/blockchain?src=hash&amp;ref_src=twsrc%5Etfw">#blockchain</a>.<br /><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4fd.png" alt="📽" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <a href="https://t.co/FKzoI7cbbL">https://t.co/FKzoI7cbbL</a> <a href="https://t.co/LJrnPGr46Z">pic.twitter.com/LJrnPGr46Z</a></p>
<p>&mdash; Input Output (@InputOutputHK) <a href="https://twitter.com/InputOutputHK/status/1657778843854274560?ref_src=twsrc%5Etfw">May 14, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Additionally, Hydra <a href="https://www.ethnews.com/cardano-whales-make-waves-with-massive-ada-purchase-as-revolutionary-update-propels-ecosystem-to-the-forefront-of-l2-scaling-solutions/">reduces</a> transaction costs, making Cardano more efficient and scalable.</p>
<h2 id="weekly-development-updates">Weekly Development Updates</h2>
<p>The recent weekly development report <a href="https://www.ethnews.com/cardano-plans-to-utilize-superior-technology-to-assist-billions-in-africa-and-asia-conquering-trillion-dollar-markets/">provides</a> insights into various aspects of Cardano&#8217;s progress. Here are the highlights from different teams:</p>
<h2 id="core-technology">Core Technology:</h2>
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<li>The release of node v.8.0.0 brings new governance actions, fairness improvements, and query commands for inspecting metrics and data in the mempool.</li>
<li>The ledger team <a href="https://www.ethnews.com/cardano-launches-first-mainnet-version-of-hydra-scaling-to-1m-tps-is-ada-price-poised-to-explode/">focuses</a> on improving the Conway ledger era and node integration, introducing new certificates and developing constraint-based generators for property tests.</li>
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<h2 id="wallets-and-services">Wallets and Services:</h2>
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<li>The Daedalus team works on enhancing the reliability of the currency conversion feature and releases Lace 1.1.0 with improvements for user experience, wallet recovery, and pricing display.</li>
<li>The Adrestia team <a href="https://www.ethnews.com/cardano-soars-with-aada-v-2-pool-manager-nft-and-surging-transaction-volume-the-future-looks-bright/">separates</a> the balance TX library, prepares for multi-signature wallet delegation functionality, and updates cardano-wallet to support node 8.0.x.</li>
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<h2 id="smart-contracts">Smart Contracts:</h2>
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<li>The Plutus tools team documents the marconi-sidechain architecture, profiles performance regression, and improves the Plutus Tx standard library.</li>
<li>The Marlowe team <a href="https://www.ethnews.com/cardanos-charles-hoskinson-unveils-superior-technology-and-cryptos-future-on-billion-dollar-media-giant-foxnews/">adds</a> library functions, conducts QA testing, and tests individual CLI features.</li>
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<h2 id="basho-scaling">Basho (Scaling):</h2>
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<li>The Mithril team <a href="https://www.ethnews.com/cardanos-djed-protocol-makes-groundbreaking-move-deploys-on-ethereum-compatible-sidechain-unlocking-a-new-era-of-interoperability-and-growth/">completes</a> the last migration phase of the aggregator stores, implements mechanisms for signing generic data, and prepares for the release of a Mithril network on the mainnet.</li>
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<h2 id="voltaire">Voltaire:</h2>
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<li>Global workshops <a href="https://www.ethnews.com/cardanos-scaling-efforts-hydra-to-achieve-1m-tps-mithril-stake-distribution-and-conway-ledger-era-development/">will be conducted to discuss</a> CIP-1694, focusing on Cardano&#8217;s on-chain governance. These workshops, held in over 20 locations worldwide, provide opportunities for networking and collaboration among the Cardano community.</li>
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<h2 id="catalyst">Catalyst:</h2>
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<li>The Catalyst team hosts regular town halls, featuring presentations of completed projects funded through token gating proposals and challenge team reports.</li>
<li>The workshops and virtual sessions <a href="https://www.ethnews.com/cardano-ecosystem-launches-innovative-nft-game-in-partnership-with-billion-dollar-company/">aim to explore</a> the latest developments in Cardano&#8217;s on-chain governance proposed in CIP-1694.</li>
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<h2 id="education">Education:</h2>
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<li>The Education team successfully <a href="https://www.ethnews.com/cardano-shows-impressive-growth-in-price-treasury-balance-and-defi-ecosystem-dominance/">concludes</a> the Plutus Pioneer Program (PPP4), receiving positive feedback from participants. The program included interactive training sessions, weekly lectures</li>
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<div class="cryptoboxes" id="mcw-12352" data-realtime="on"><div class="mcw-chart mcw-chart-light" data-font = "inherit" data-chartcoin = "ADA" data-chartcurrency = "USD" data-chartrate = "1.000268" data-charttype = "chart" data-chartview = "day" data-charttheme = "light" data-chartsmooth = "true" data-chartareacolor = "" data-chartbgcolor = ""></div></div>
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<p>The post <a rel="nofollow" href="https://www.ethnews.com/cardanos-ecosystem-on-fire-surging-with-1240-projects-66-3m-transactions-and-djed-spearheading-the-defi-revolution/">Cardano&#8217;s Ecosystem on Fire: Surging with 1,240 Projects, 66.3M Transactions, and Djed Spearheading the DeFi Revolution</a> appeared first on <a rel="nofollow" href="https://www.ethnews.com">ETHNews</a>.</p>

Cardano’s Ecosystem on Fire: Surging with 1,240 Projects, 66.3M Transactions, and Djed Spearheading the DeFi Revolution

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