Cardano’s (ADA) decentralized finance (DeFi) ecosystem is evolving rapidly on the back of recent developments, according to the Ethereum (ETH) rival’s developers.
In a new update, Cardano developer Input Output Global (IOG) says that the introduction of ADA-backed stablecoin Djed has helped the DeFi ecosystem expand greatly as of late.
Djed, created by payments platform COTI Network (COTI), went live at the beginning of this year.
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“Working with other blockchains, writing smart contracts in Plutus, handling more tasks, and a more resilient Cardano network are all stages in developing a finance system that can be used by anyone, anywhere. Another piece of the decentralized financial (DeFi) jigsaw was added when Djed, a stablecoin on Cardano, went live at the end of January. Within a day,
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