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Cardano stablecoins: USDA and DjedCardano stablecoins: USDA and Djed Introduction In recent years, stablecoins have come under increased scrutiny of regulators. The main concerns are the principles of operation of algorithmic stablecoins, the transparency of reserves, and the adequacy of the centralized stablecoins provision. Incredibly often, the problems were discussed after the collapse of one of the most significant algorithmic stablecoins – TerraUSD (UST) that caused the fall of the entire cryptocurrency market. As a result, many stablecoins faced a temporary rate unpeg. But the issue of reserves remains the main subject of discussion of their reliability. And the key concern here is that most of the reserves of centralized stablecoins are a complex mixture of stocks, secured loans, corporate bonds, precious metals, and other assets. And most typically, companies are criticized for the lack of proper audits to confirm reserves. In addition, these issuers need to be appropriately regulated, which increases the risks for investors. Cardano is currently working on releasing two new stablecoins, which are tasked with solving critical issues inherent in most stablecoins. The Cardano development team plans to release the first fully regulated stablecoin, USDA, backed by fiat and pegged to the US dollar in 2023. As well as an over-collateralized algorithmic stablecoin issued by the COTI platform called Djed. The principle of operation of centralized and algorithmic stablecoins is different, and in this article, we will briefly describe the features of each of them. USDA On November 18, 2022, in Singapore, Emurgo announced the launch of a new stablecoin on the Cardano blockchain – USDA. This stablecoin will be fully regulated, backed by the US dollar, and pegged 1 to 1. Emurgo is one of the co-founders of the Cardano project. Its mission is to develop and support businesses and help integrate businesses into the Cardano ecosystem. One of the Cardano’s global goals is to provide access to banking products to every person in the world. The company has been successfully developing its products for a long time in the markets of Africa and Asia. People there have no access to banking services, and the country's national currency is depreciating too quickly to act as a store of value. To achieve this goal, the Cardano developers are introducing a set of products called “Anzens”, designed to connect traditional financial services to cryptocurrency. USDA will be the first product to help bridge the gap between TradFi (traditional finance) and DeFi (decentralized finance). “The Cardano ecosystem was built on the ethos of bringing real world applications to crypto and creating the foundation to build the economy of the future. The introduction of a fully fiat-backed, regulatory compliant stablecoin is the next step in realizing the future for our community. This stablecoin not only offers stability to investors conducting financial transactions on the blockchain but advances a path forward for the Cardano ecosystem to address a problem we are uniquely positioned to solve — banking the underbanked,” says EMURGO Fintech Managing Director Vineeth Bhuvanagiri. Users can tokenize their USD to USDA via credit cards, wire transfers, direct deposits or payments, and native ADA token conversion. USDA is scheduled to launch in the first quarter of 2023 on the Anzens platform. It will be followed by implementing plans to provide a secure and convenient conversion of other stablecoins to USDA (for example, USDC and USDT), as well as cryptocurrencies such as Bitcoin, Ethereum, and others. To fully comply with regulatory requirements and ensure compliance with oversight rules, Emurgo has partnered up with an as-yet-unnamed regulated US financial services company to act as the banking partner responsible for issuing USDA tokens and holding deposits. By relying on regulation and the provision of tangible assets, the USDA can guarantee reliable long-term price stability, ultimately opening more global financial services to the Cardano ecosystem. Djed Unlike fiat-backed stablecoins, algorithmic stablecoins are regulated by specific algorithms that manage the balance between supply and demand, thus ensuring exchange rate stability. Djed is an algorithmic, overcollateralized stablecoin backed by the Cardano (ADA) token and SHEN. Algorithmic stablecoins, backed by a single currency, have some vulnerabilities. To solve this problem, Djed has a reserve asset – the SHEN token. The concept of “over-collateralization” means that the stablecoin is backed by excess collateral in the form of a cryptocurrency held in reserve. And, if ADA falls too quickly, the underlying smart contracts include a reserve SHEN token that will be used to balance price fluctuations, helping to ensure a 400% to 800% over collateral level. This stablecoin has been developed for more than two years in partnership with the COTI platform and IOG (please see the document describing all the technological features and operation of the stablecoin) COTI is a first-level blockchain payment network that provides a throughput of up to 100,000 transactions per second through the Proof-of-Trust consensus mechanism. COTI provides the infrastructure needed to create and issue stablecoins that are highly secure, scalable, and have low transaction fees. Input Output Global is an engineering and technology company engaged in cryptocurrency development and research activities. On January 31, 2023, after completing a series of audits and stress tests, the developers of the COTI blockchain platform, in collaboration with Input Output, announced that Djed had successfully launched on the Cardano mainnet. During the Cardano Summit in November, COTI CEO Shahaf Bar-Geffen stated, “Recent market events have proven again that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network. Not only do we need a stablecoin, but we need one that is decentralized, and has on chain proof of reserves.” Conclusion: The primary mission of Cardano is to bring blockchain technologies into real life and provide access to them to anyone in the world. It is much work from a technological point of view, but the Cardano team is making good progress in this direction. Providing economic identification is a crucial component in countries where people do not have an identity card or access to the banking sector. For example, in developing countries in Africa and Asia, digital services and decentralized identity will give people access to education, banking services, and the employment market. And Cardano is already addressing some of these issues by developing projects like Atala Scan, Atala Trace, and Atala Prism. Cardano-powered stablecoins that share these values will help bring stability to the broader ecosystem and restore trust by acting as a trusted channel between TradFi and DeFi. It can bring cryptocurrencies closer to their original goals: provide access to digital financial for every person and ensure independence from centralized issuers.
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by SpaceFinance
ADAUSD 7/9/2019 Incoming liquidityGood day followers! I have come to you with a great summary update of ADA and what has happened since June. Price is currently at my buy zone to add a new entry. I believe we are slowly rising with a wedge formation and will have a take off in the near future. Please refer to all ADA ideas I have posted in the past. We have been buyers since .022 - .03 and some of us even lower! I see price extending as low as .068 now but I think .076 is a good enough entry for me. Please like, follow, and comment for support! As always trade with risk management and thank you for following! I hope you enjoy this idea! Liquidity Entry and ada payments in japan : In recent news, Cardano has signed up with AlgoZ. AlgoZ is a market maker solution to unlock liquidity for digital assets. Also, payments in ada have expanded in Japan in a popular chain restaurant. This will surely raise some awareness. Development work since June : Sieza: Staking platform simulator will be integrated into Sieza allowing investors to simulate what the staking results would bring in ROI%. It will also allow you to see other staking pools and the history of staking pools. Sieza 1.1 update was released - Sieza Dark theme integrated - YoroiWallet : Staking platform will be directly connected to the Yoroi wallet. You will be able to stake from the mobile application and extension. Update 1.7 successful - Full GUI change ****ALSO ****You can now send all money with a "SEND ALL" button Updated languages : Italian and Spanish YoroiWallet 1.8 update will allow you to hide your balance. Shelley Support : Shelley stake pools are working and minor bugs have been cleaned. Jormungandr , a node implementation, written in rust, with the initial aim to support the Ouroboros type of consensus protocol; is almost complete on Github. It will be integrated with the client line interface (CLI) (A node is a participant of a blockchain network, continuously making, sending, receiving, and validating blocks. Each node is responsible to make sure that all the rules of the protocol are followed.) sidenote: Both Daedalus and Yoroi wallet will work with Jormungandr so do not worry** Architecture changes to Shelley : Delegation has been simplified, U used to have to have a staking key, now you can now just the wallet to the delegation pool. Cryptography has been re-organized for simplification. Growth of the ecosystem: Plutos team : The Plutus team worked on dynamic built-in types and integrated support for GraphQL. They also rearranged the structure of some modules in Plutus Tx and made usability improvements to the Plutus Playgrounds use cases. Benchmarks for signature verification and multi signatures were also added to these use cases as well as some PIR tests. Some fixes were also made to the stack.yaml configuration file. The Marlowe team have renamed Meadow to Marlowe Playground. They also worked on some Marlowe Playground front end logic tests. The Education team are finishing the initial chapters of the Plutus ebook, which are expected to be delivered next week. News that follows this information : Emergo Update www.youtube.com Weekly tech Report www.cardano.org Staking center: twitter.com Yoroi 1.7: twitter.com Yoroi 1.8: github.com Jormungandr: input-output-hk.github.io Ada payment in Japan : www.fxstreet.com Q&A: Florian and Albert going into specifics on how EMURGO is driving #Cardano adoption. youtu.be Cardano Foundation new staff: twitter.com ----------------- Extra Neat info: Copied text from source below ------------ Symphony 2.0: a 3D explorer through which anyone can traverse the topographic history of the Bitcoin blockchain, from the first transaction to the most recent. Compared with the first version, Symphony 2.0 goes deeper in every way. It drills down into transaction data to create a live soundscape – each block has its own unique audio signature – using data-driven sound synthesis. It looks like this: iohk.io
BITTREX:ADAUSDLong
by AschraM
Cardano Boldly Goes Where (Almost) No One Has Gone Before EMURGO, the commercial development division of Cardano has partnered with Metaps and have successfully implemented ADA (Cardano’s digital asset) on the Metaps Plus platform. They will launch the first plastic card based on said token, as well as mobile gift cards. The cards can be used to pay at over 30,000 offline retail stores across South Korea and will be available in denominations of 100 and 1,0000 ADA; the cards can also be recharged via mobile apps and can be used in QR code format. With almost 5% gained over the last 24 hours, ADA is currently trading at 0.031 against the US Dollar and the 4-hour chart looks prone for an extended climb. This could be due to recent news of instant payments using crypto cards or simply a technical setup (bullish correction in an overextended downtrend). The main elements to watch during the days to come are the two trend lines, the support at 0.028 and the resistance at 0.034. Currently the bearish trend line is broken, which is a clear sign of buying pressure and price action has established a 2-point bullish trend line. As long as the latter remains intact, the first target is 0.034 but if we are going to see a stronger recovery, this target needs to be taken out relatively fast. Support zone: bullish trend line and 0.028 Resistance zone: 0.034 Most likely scenario: test of resistance Alternate scenario: return below both trend lines
BINANCE:ADAUSDShort
by CryptoComes
Cardano (ADA) will become the base currency on IronX exchangeEmurgo and Cardano formed a partnership with IronFX - forex exchange platform. The reason for this partnership is to crowdsource raise $22.3 Million in a private sale, to build a new exchange by the end of 2018 - IronX. Emurgo is a parent organization of Cardano, that has announced its’ plans to use ADA token as a base cryptocurrency in the IronX exchange. a new exchange. twitter.com “IronX is a fully regulated and supported exchange for crypto investors, online traders and ICOs. Created by global leaders in online trading the IronFX Group and Emerge HK, creators of Cardano and ADA Coin, IronX represents a new era in online trading.” The vision of IronX is to build a crypto exchange that is created with the traditional trader in mind. This is why they are trying to merge the best in traditional trading from IronFX, with the best in crypto Emurgo HK, to create a world-class crypto exchange. Traders coming from a traditional stock and forex markets, might find it difficult to adopt the way cryptocurrency exchanges operate. Thus it can be more user-friendly for veteran traders to move onto the crypto trading. Considering the fact that IronFX is a well known and regulated forex brokerage firm, with huge client base, it becomes quite obvious about the IronX exchange potential. IronX will be using ADA coin as the base currency, which should substantially increase usage and trade volume of the coin in the long term. The announcement was made yesterday, October 31, when ADA has reached the $0.071 low. There it has rejected 78.6% Fibonacci retracement level along with the lower trend line of the descending channel. Also, RSI oscillator formed a bullish divergence and then broke above the downtrend trend line, signaling on the potential trend reversal. Indeed, ADA/USD might finally reverse to the upside. But there is one obstacle that it has to overcome. It is the $0.071 resistance level, where channel trendiness are crossing, confirmed by 61.8% Fibonacci retracement level. Upon the breakout, upside momentum should increase, resulting in more ADA gains. Price could reach the key resistance at 61.8% Fibs level, that is $0.081 price, where previously ADA/USD rejected the 200 Moving Average. However, as long as Cardano remains below the $0.067 support, downtrend will remain valid. And if it breaks lower, ADA/USD can be expected to drop down to either $0.067 or $0.064 support level. Of course the price is very attractive for Cardano investors. In fact, for some it might seem like a perfect buying opportunity. But while the risk/reward ratio is great, it could be safer to consider investing after the resistance is broken.
BINANCE:ADAUSD
by CryptalDash