- Djed stablecoin was staked on Cardano’s EVM-compatible sidechain.
- Cardano’s trading volume and price recently showed a downward trend, but ADA’s trend remained bullish, albeit weak.
Jed, Cardano [ADA] Network’s stablecoin, recently announced a major development: it will be deployed on an Ethereum Virtual Machine (EVM)-compatible sidechain. This news raised important questions about its implications for Cardano, its native cryptocurrency ADA, and the stablecoin.
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Djed is committed to the Cardano side chain
Djed Alliance has majored announcement on April 29, revealing the latest implementation of the stablecoin protocol. The Djed Stablecoin was available on Melkomeda-C1an EVM-compatible sidechain of the Cardano network.
This was the third bet on the stablecoin, but it was especially noteworthy as the first bet on Solidity. This development opens the door for future expansion to numerous other EVM-compatible blockchains.
CoinMarketCaps data indicated that the stablecoin had a circulating supply of over 3.2 million at the time of writing. In addition, it had seen trading volume of around $97,000 in the past 24 hours and a volume drop of more than 30% in the past 24 hours.
Djed adds something to Cardano’s TVL
Djed’s recent bet on a Cardano EVM-compatible sidechain is a major development that could extend the stablecoin’s usefulness beyond Cardano’s ecosystem. It could also provide more liquidity to the ecosystem. According to DefiLlamas data on Cardano’s total value locked (TVL), ranked Djed as the fifth highest contributor.
At the time of writing, the TVL stood at an impressive $154.73 million, and Djed Stablecoin had contributed $15.59 million to this figure. The TVL has been in an upward trend lately, although a slight downward trend can be observed at the time of writing. These numbers reflected the increasing adoption and use of Djed Stablecoin in the decentralized finance (DeFi) space on Cardano’s blockchain.
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Volume and price movements of ADA
According to Santiment, recent trends in Cardano (ADA) trading volume have shown a downward trend over the past few days. At the time of writing, the volume was about 156 million, significantly down from the 500 million on April 27.
Source: Sentiment
Along with volume, price has also been falling recently, trading at around $0.40 at the time of writing, down less than 1%. Despite this dip, the trend remained bullish, albeit weak.
Source: TradingView
