Not DOGE! This Altcoin Runs For $1! –

Cardano is preparing to launch a new stablecoin known as Djed. This stablecoin will make it much easier for Cardano to become a major player in decentralized finance (DeFi). According to crypto expert Dominic Basulto, Cardano’s entry into DeFi could create a huge new market opportunity and provide an increase for the long-term value of the crypto. So, will the $1 popular meme coin Dogecoin (DOGE) or ADA beat it?

Those who dream of 1 dollar: DOGE and ADA

cryptocoin.comAs you follow, Cardano is preparing to launch a new stablecoin. This could be a big boost for Cardano’s DeFi goals. Since last November, Cardano (ADA) supporters have been eagerly awaiting the arrival of a new stablecoin. And now all signs point to Cardano finally launching this new stablecoin known as Djed in the last week of January. This could be big news for Cardano, which has been trading in a relatively flat range of $0.25 to $0.45 for the past two months.

For Cardano, this new stablecoin represents more than just a new product launch. This is the next step in a bold new strategy based on decentralized finance (DeFi), one of the most important niches in the blockchain world. So how much support will Cardano actually get when Djed launches? Will it hit $1 before Dogecoin (DOGE)?

The importance of a new stablecoin

In the crypto industry, stablecoins are extraordinarily important as a way to transfer value between different Blockchains. They also help provide liquidity and stability. For example, if you look at the top 10 cryptocurrencies by market cap on CoinMarketCap, you’ll see that three of the most valuable cryptocurrencies are actually stablecoins. Typically, they are pegged 1:1 to an underlying asset such as the US dollar. This makes them very useful for moving between crypto and fiat money.

As soon as Cardano’s stablecoin goes live at the end of January, it could lead to an immediate improvement in one of the key metrics used to evaluate cryptocurrencies: Total Value Locked (TVL). This metric is used to measure Blockchain activity. Also, DeFi is often one of the biggest drivers of TVL. Currently, when it comes to TVL, Cardano currently ranks 27th among all Tier-1 Blockchains. Considering Cardano is the #8 Blockchain by market cap, this is a very disappointing performance. There is clearly some kind of disconnect, and investors have noticed it.

But as TVL starts to rise, Cardano will start to look more attractive to investors. We have already seen this phenomenon in Tron (TRX), a competing Tier-1 Blockchain that launched a stablecoin in May 2022. Since then, Tron has seen its TVL rise. Tron now ranks 2nd on TVL, trailing only Ethereum (ETH). As such, there is strong precedent that a new stablecoin will do well for Cardano’s TVL metric. This, in turn, could help increase the price of Cardano.


What are the risk factors?

So what could go wrong? There are definitely some factors that could eventually derail the new launch. First, there is the issue of collateralization of the stablecoin. Instead of being backed by the fiat currency, it will be backed by the stablecoin Cardano. To make up for this, the stablecoin’s creators say Djed will be oversecured by a factor of 4X or even 8X.

Before 2022, investors may not have paid much attention to these details. However, as we saw in the example of the failed Terra Luna (LUNA) stablecoin, it is possible for a stablecoin to lose its anchor against the dollar. When that happens, it can literally crash an entire Blockchain ecosystem. So, in the worst case scenario, if Djed loses his peg to the US dollar, it could immediately result in pulling down Cardano with him.

Moreover, there are some concerns about whether Cardano Blockchain is ready for a stablecoin. Some might call it Fear, Uncertainty and Doubt (FUD). Launching smart contracts in September 2021, Cardano is relatively new to the DeFi game. The first decentralized exchange went live on Cardano only in January 2022.

DOGE stay on the sidelines, but would ADA be bought now?

Still, Cardano has a history of peer-reviewed, rigorously tested updates to the Blockchain. So many of these concerns may be exaggerated. All in all, I’m optimistic that Cardano can finally regain $1, a level it hasn’t seen since April 2022.

Ideally, a new stablecoin leads to new DeFi growth. This causes more people to use Cardano Blockchain. So this leads to an increase in the value of Cardano. All in all, if this new stablecoin launches as planned, it could provide a massive boost in Cardano’s long-term value.

The opinions and estimates in the article are those of the experts and are not investment advice. We recommend that you do your own research before investing.

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