Our @Cardano ecosystem is also having our own stablecoin, known as $DJED - @DjedStablecoin. However, before deep diving into the $DJED, let’s take a first look at other stablecoins on the crypto market to have a lesson.
@Cardano@DjedStablecoin 1. Well, if you guys are involved in the crypto market lately, I am sure you guys shall be familiar with $UST ($USTC) of the @terra_money ecosystem. $UST is the algo-stablecoin, which has been guaranteed by $LUNA ($LUNC).
@Cardano@DjedStablecoin@terra_money 2. In May, we don't know yet if this is a purposely attack or anything else behind this mess, $UST had lost its peg and completely went to nearly 0. Since then, $UST is just like a meme token for traders to speculate, not remaining its role as a “stablecoin”
@Cardano@DjedStablecoin@terra_money 3. The 2nd is $USDN of @wavesprotocol. After a lot of FUD related to Alameda Research, $USDN lost its peg, reaching a low around 0.8 and creating a 21,3% drawdown. However, $USDN has found its $1 peg today - but the $WAVES price is still 90% down from its ATH
@Cardano@DjedStablecoin@terra_money@wavesprotocol 4. The 3rd is $USDD of @trondao. As mentioned in their whitepaper, this stablecoin has the collateral ratio up to 200% - enough to ensure $USDD at the rate of $2.
The de-pegged of $USDD only occurred at the same time with $UST, when all algo-stablecoin at that time got attacked.
@Cardano@DjedStablecoin@terra_money@wavesprotocol@trondao@AcalaNetwork 7. So, do you take away any from these above?
- Algo-stable is not a perfect mechanism, or else it remain a deadly point - the death spiral.
- Even collateral-guaranteed stablecoin is also being attacked by the fault of the system.
The fixed date announcement for the Merge event of Ethereum has created such a positive motivation towards the market. So, let’s review the difference between Proof of Stake and Proof of Work.
The two share one thing in common - they are all consensus mechanisms in blockchain.
Which means they ensure users are honest with transactions, and reduces fraud such as double spending.
The main difference between these two is how they verify the blockchain transactions.
With PoS, Validators are chosen based on a set of rules depending on the "stake" they have in the blockchain.
Bullish activities have not slowed down in the #Cardano ecosystem with TVL on #CardanoADA DeFi protocols has reached a new ATH of over $134M.
Per data from @DefiLlama, the TVL of @Cardano DEXs has surpassed its previous high of $130M.
@CardanoStiftung@DefiLlama@Cardano 2/6 The @DefiLlama dashboard shows #Cardano TVL to be even higher when staked governance tokens are added to the TVL valuation. However, the live TVL of the proof-of-stake blockchain was around $133 at the time of writing.
@CardanoStiftung@DefiLlama@Cardano 3/6 Among the #Cardano DEXs Defillama tracks, @SundaeSwap has the largest TVL. #SundaeSwap maintains an 88.77% dominance, with over $116 million in TVL. The automatic market maker DEX has seen its TVL increase around 72.43% in the last month.