Djed Stablecoin Protocol now Operational on Milkomeda-C1 Network
The Djed Alliance, the protocol’s steward, has announced that the Djed stablecoin protocol has been updated. It is currently operational on the Milkomeda-C1 network. This marks the first deployment of Djed written in the Solidity smart contract language. It will enable it to be easily ported to other blockchains that are EVM-compatible.
A new deployment of the Djed stablecoin protocol is now live on Milkomeda-C1!
Keep reading this thread to learn more about it…
(@Milkomeda_com @NicoArqueros @SebastienGllmt @sir_mimok) (1/17) pic.twitter.com/bIUHf0tN3t
— Djed Alliance (@DjedAlliance) April 28, 2023
Djed Alliance Deploys Updated Stablecoin Protocol Osiris
The new version, named Osiris, expands upon the knowledge gained from SigmaUSD’s successful rollout on Ergo. Osiris’s key differentiating feature is that reserve coins and stablecoins may be sold back to the Djed contract concurrently without affecting the reserve ratio. This provides great relief to reserve coin holders who won’t have to worry about getting stuck with their coins if the reserve ratio drops below a certain point.
The use of a transaction limit is another unique feature of Osiris. It reduces the impact of wholesale discounts and creates resistance to reserve drain in the event of oracle delays. This deployment uses an oracle maintained by Milkomeda_com to monitor prices every 10 seconds. It updates the blockchain anytime the difference between the current price and the prior price is more than 1%.
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One of the most significant achievements of this deployment is that Djed has been deployed in a completely autonomous fashion. Being immutable and having zero governance means that the rules and parameters of the deployment cannot be altered. This is a major milestone for the Djed Alliance’s effort to stabilize the cryptocurrency market.
Djed Stablecoin Protocol Deployed on Milkomeda-C1 Blockchain for Greater Stability
Numerous factors like, extensive testing, testnet deployment, and an audit by Peckshield were carried out to guarantee that the immutable code acted following the protocol’s specification. Collaboration across Vacuumlabs led to this implementation, and the Djed Alliance is grateful to Milkomeda.com, Bloxico, and others for their contributions.
The Djed Alliance hopes that this deployment will help Cardano’s flourishing ecosystem on Milkomeda_com. ProjectCatalyst, Cardano’s community-driven distributed innovation fund, has awarded many grants to Milkomeda_com for the early development of this version of Djed. This deployment of the Djed stablecoin system is a major benchmark in the Djed Alliance’s effort to stabilize the market.
The Djed stablecoin protocol’s deployment on Milkomeda-C1 is a significant step forward in the world of cryptocurrency. The Djed Alliance hopes that it will be widely adopted across other EVM-compatible blockchains in the future. With its unique features and complete autonomy, Djed has the potential to revolutionize stablecoins and provide greater stability to the market.
