When asked by a Twitter user how the Djed stablecoin based on Cardano can avoid losing its USD peg, Hoskinson gave a short reply: "Overcollateralization."ĭjed is also an algorithmic stablecoin, like UST however, its algorithm is based on a 400%-800% collateral ratio for Djed and Shen (Djed's reserve coin). Here's "how Djed is protected from something like this" If there is an exploit, then someone will find it and break it.- Charles Hoskinson May 11, 2022 The rumors floating around about how Luna collapsed so quickly all converge to the same reality that every defi protocol and cryptocurrency face: There is a massive attack surface from hackers to traders. A little exploit is enough to break it and succeed, Hosk tweeted. He stated that an attack like that could be pulled off by anyone from hackers to traders. Hoskinson believes that LUNA's crash was the result of an attack that any DeFi protocol or cryptocurrency may face at any time. At press time, it is trading at $2.14, down 92.4%. After falling below $1, the coin surged to the $5 zone but then again went down. Meanwhile, LUNA has managed to put up a fight. He has also claimed that Cardano-based stablecoin Djed is well protected from losing its dollar peg. Here's "how Djed is protected from something like this"Ĭharles Hoskinson, founder of IOHK and Cardano chain, has suggested an explanation to today's collapse of Terra's stablecoin, UST, and its native coin, LUNA.For example, the last update from ProofofGitHub showed that Cardano led the development activity on the previous day with a GitHub activity count of 833.Īs reported by The Crypto Basic, Cardano has held Santiment Feed’s crown for blockchain development activities for 2 consecutive years.Charles Hoskinson Explains How Djed's USD Peg Is Stronger Than UST's Cardano founder believes that Djed stablecoin cannot lose its USD peg, unlike Terra's UST here's why Notably, the report and, in particular, Neuner’s comments are a stark contrast to reports from the crypto analytics platform Santiment Feed and its ProofofGitHub platform, which consistently shows Cardano as a leader in blockchain development activity. It also makes favorable mentions of NEAR, Sui, Aptos, Hedera, and Celo, among others.Īccording to Maria Shen, one of the report’s authors and an investor at Electric Capital, the team focused on open-source code, excluding contributions from designers and community mods, while ignoring forked code and focusing on “unique code.”įor full disclosure, Electric Capital is at least invested in Solana, Celo, and NEAR, per their investments page. The report, which is focused on the number of crypto developers per blockchain, shows an influx of developers to Bitcoin, Ethereum, Solana, Polygon, Cosmos, and Polkadot. Notably, the YouTuber bases his comments on the latest “Developer Report” from Electric Capital. Hoskinson’s comments come in response to Neuner’s latest video, where he implies that Cardano’s development community is nearly non-existent compared to blockchains like Ethereum, Solana, Near, and Cosmos. “Excuse me while I catch my breath from the profound surprise and shock….” “YouTubers that shilled Solana and Luna aren’t given Cardano a fair representation and using biased sources!?” Hoskinson wrote. According to the Cardano founder, it is no surprise that YouTubers like Neuner, who he claims promoted Solana and LUNA, use biased sources and refuse to represent Cardano fairly. Opting to use sarcasm to convey his point in a tweet today, Hoskinson painted Neuner as a bad actor in the crypto space. Neuner earns a place in the Cardano community’s bad books after perceived unfair criticism.Ĭharles Hoskinson has slammed Crypto Banter founder Ran Neuner AKA Cryptoman Ran, for perceived unfair representation of Cardano.
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