Cardano’s DJED protocol was finally deployed on the Ethereum Compatible Sidechain.
DJED is backed by crypto, unlike other stablecoins.
The DJED protocol makes a groundbreaking appearance on the Milkomeda-C1, the EVM-compatible sidechain of Cardano. This is its first-ever appearance on Solidity and its third-ever deployment. According to the press release, Milkomeda and the initial development of the implementation of Djed received several grants from Cardano’s community-driven decentralized innovation fund, Project Catalyst. The implementation can be traced back to the original work between Ergo, Emurgo, and Input-Output in 2020.
As claimed by the report, dcSpark was co-founded by two engineers from Emurgo who worked on the initial stage of the stablecoin’s protocol. They also built the Milkomeda-C1. Later, dcSpark set the ground-works for the DJED implementation. 
The stablecoin has been designed to show the usual characteristics of stablecoin by showing no deviation of its pri

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