In a significant stride for the digital currency space, the Djed Alliance has announced the deployment of the Djed stablecoin protocol on Milkomeda-C1.
The Djed Alliance is a consortium of contributors from around the globe, dedicated to instilling stability in the notoriously volatile cryptocurrency sector. The alliance oversees the Djed Stablecoin Protocol, fostering its implementations and deployments across various blockchains. The alliance promotes a healthy collaborative environment, uniting diverse entities around a shared mission. By contributing to the Djed stablecoin protocol and collaborating with others in the alliance, any individual or organization can become a part of this open network.
On April 29, 2023, the Djed Alliance announced the successful live deployment of the Djed stablecoin protocol on Milkomeda-C1, an EVM-compatible side-chain of Cardano. This marks the protocol’s third successful deployment, following its introduction on Ergo’s SigmaUSD in early 2021 and COTI’s Djed on Cardano in Q1 2023.
The launch on Milkomeda-C1 stands as the first Djed deployment using the Solidity smart contract programming language. This sets the stage for future implementations across other EVM-compatible blockchains, marking a significant milestone in the protocol’s expansion.
This successful launch represents a fruitful collaboration between industry heavyweights such as Vacuum Labs, Bloxico, AOSSIE, dcSpark, and Milkomeda. It traces its roots back to the seminal work carried out by Ergo, Emurgo, and Input Output in 2020. Interestingly, two engineers from Emurgo who played a pivotal role in Djed protocol’s early stages later co-founded dcSpark, which built Milkomeda-C1 and initiated this Djed implementation.
Both Milkomeda and the initial Djed implementation were made possible thanks to multiple grants from Project Catalyst, Cardano’s community-centric decentralized innovation fund. The Djed Alliance expressed deep gratitude for the Cardano community’s backing and anticipated this successful launch would further bolster Cardano’s burgeoning ecosystem on Milkomeda.
According to the Djed Alliance’s blog post, this marks the first Djed deployment that operates autonomously. The immutable, zero-governance protocol ensures the rules or parameters of the deployment cannot be altered. The code underwent numerous revisions, comprehensive testing, testnet deployments, and a meticulous smart contract audit by Peckshield, all to ensure that it functions according to the protocol’s specifications. This milestone represents a noteworthy advancement in the realm of stablecoins, and a strong validation of the Djed Alliance’s ongoing mission.