In a definitive response to swirling rumors concerning the doable discontinuation of the Djed stablecoin, Charles Hoskinson, founding father of Cardano, firmly acknowledged that not solely will the undertaking proceed, however it is going to additionally obtain a big improve. “No, we aren’t dropping Djed. We’re supercharging the staff,” he introduced.
Cardano Developer IOG Doubles Down On Djed
Djed, an overcollateralized stablecoin by Enter Output International (IOG) and COTI has been below scrutiny as a consequence of its distinctive monetary mechanism lately. Particularly, the stablecoin makes use of Cardano’s ADA token as a reserve, aiming to keep up a circulating provide backed by 4 occasions the variety of its excellent cash.
Whereas designed to offer enhanced safety and stability for its customers, latest metrics indicated the reserves had decreased to 356%, prompting a short lived suspension of minting new Djed tokens.
Within the midst of this, IOG issued a sequence of statements indicating structural adjustments and expansions. Hoskinson tweeted concerning the addition of Sean Ford, noting, “Glad to welcome my good good friend Sean Ford to the IOG household.” This was at the side of IOG’s formal announcement, detailing the appointment of Sean Ford as CEO and David Markley as COO of a newly fashioned subsidiary concentrating on the stablecoin sector.
Ford’s credentials within the expertise sector are fairly noteworthy, having been a part of the founding staff at Algorand the place he served in each COO and CEO capacities. Moreover, David Markley, earlier than becoming a member of IOG, was deeply entrenched in Algorand’s Operations, Enterprise, and Enterprise Options groups.
Articulating his imaginative and prescient for the evolving stablecoin sector, Ford acknowledged, “The stablecoin house is quickly evolving as the following frontier in digital asset funds, settlement, and innovation. I’m excited to interact with the IOG staff and the broader blockchain, stablecoin, and crypto group as we work collectively to create and launch the following era of secure property.”
Hoskinson, reflecting on his long-standing involvement within the discipline, emphasised the need of stablecoins for the blockchain business. Drawing consideration to his work from BitShares to Djed, he mentioned, “The blockchain business wants stablecoins to appreciate its mission and absolutely shield its values. I’m extremely proud to welcome my good friend Sean Ford to guide a brand new enterprise to develop stablecoins and different cost options alongside their supporting ecosystems.”
These developments recommend a recalibration of the Djed undertaking below new management. With agency help from the Cardano ecosystem, Djed may make a brand new try to beat part of the large stablecoin market within the crypto sector.
ADA Breaks The Downtrend
Final Saturday, the ADA worth managed to interrupt above a descending development line that has its origin in mid-April, when ADA reached its excessive for the 12 months at $0.463. Since then, ADA has been in a downtrend, which can now be coming to an finish, as mentioned in our newest evaluation.
The Cardano worth has recaptured the 0.236 Fibonacci retracement stage on the 1-day chart and is now near the extraordinarily necessary 200-day EMA at $0.298.
Featured picture from Cardano Discussion board, chart from TradingView.com