Milkomeda Djed
Problem
Djed, the stablecoin protocol, does not require the UTXO model and can also be deployed on accounting (ex: EVM) blockchains too well. This may help users & devs understanding and bring new ideas.
Solution
Our team developed and deployed Djed for the testnet version of Milkomeda. This allowed both developers and users to play around with Djed before its official release on Cardano.
Total so far
This is the total amount allocated to Milkomeda Djed
$40,000
About this idea
More detail
[IMPACT] Please describe your proposed solution.
Our deployment of Djed on the Milkomeda testnet has allowed many users and developers to understand Djed and how it works better before its deployment on the Cardano mainnet. We hope that this deployment of Djed can also serve the community in the future as a kind of test environment for quick iteration of new ideas (since a testnet version has no monetary value) before deciding on changes to the mainnet release
We already deployed the mainnet version of Djed and this proposal is primarily to pay for the work that we have already done in deploying this protocol.
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
Stablecoins are an important use-case -- especially for blockchains like Cardano that has seen little interest from existing backed stablecoin projects. We hope this deployment of Djed can help inspire the mainnet Djed and other similar protocols to have market success on Cardano
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
No risk because we're already finished all the work and deployed the protocol
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
Q2: Develop and deploy an EVM version of Djed to the Milkomeda testnet and create a web interface for it (https://djed-testnet.milkomeda.com/)
[FEASIBILITY] Please provide a detailed budget breakdown.
All the funds were used for either the core development of the protocol or for the web interface
[FEASIBILITY] Please provide details of the people who will work on the project.
Robert Koracnki led the R&D for the project
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
No plans to return for a later round at the moment
[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?
Yes[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?
Yes[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
Project is already completed
[AUDITABILITY] What does success for this project look like?
User and developers trying out this testnet version of Djed and coming out of it with a better understanding of the protocol and how it behaves
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
New project
Sustainable Development Goals (SDG) Rating
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Completed outcome
Monthly report
Progress report
Progress report
Progress report
Team
The team that deployed this version of Djed was also involved its the implementation of the proto-Djed that was deployed to the Ergo chain (utxo model)
