...trivial thing it was a major accomplishment uh for cardano to do that uh with the UTXO model the Bitcoin people were trying to do this for now 14 years they're still working at it and don't let them lie to you look at Simplicity look at DJED look at the things blockstream is working on they are trying to increase the expressiveness because the Inconvenient Truth is it is...
Since it would make sense in a video game, it would also make sense in micro-tipping. It makes sense for a variety of off-chain applications. However, that is not where Cardano is currently focused. Cardano is doing large NFT drops, Cardano is doing Dex transactions, Cardano is doing Oracle transactions. DJED transactions. Complex, rich smart contracts with numerous components. So, what happened over a three-year period is that...
Could you update us on why DJED was depeged and the value per coin was sometimes over $1.0 a month or so ago. It's just market mechanics and the nature of these things. So, it's important to understand that all stable coins, whether they are asset-backed or algorithmic, will not stay exactly at a dollar if they're pegged to the dollar. That's because what happens is somewhere in the markets, perception, belief, or in the mechanics of trading.
Introduce a new asset for it DJED. It is a living protocol that still has everything you would expect to see in a living protocol, meaning it is constantly changing. There are enormous amounts of economic data, and there are already plans with COTI to upgrade DJED to version 1.7 to fully implement the extended DJED protocol. Additionally, there is something called the DJED Alliance, which holds significant significance.
Activity and things that people are thinking about in the DJED world. So, it's a fast-growing project and it kind of got mired a little bit because it was often in the corner. But, it's now being brought into the forefront because algorithmic stablecoins are the only way to do asset-backed stablecoins. Where you have a volatile asset to try to create an asset that's not very volatile and to do...
It happened in every algorithmic stablecoin. The question is, can it resolve itself? You know what, I haven't checked it, but let's go real-time and find out where DJED sits. Let's see. There's always the danger of doing these things live. So, we're at about a dollar four, so it's returning to the Peg. If you take a look at the all-time, it kind of sits around a dollar, a little.
I have to go, and if you're really keen, go to the DJED Alliance. They are actually talking about various ways to upgrade and grow DJED. COTI's DJED, the SigmaUSD, Milkomeda C1 implementation. There are various contributors that work with it, and there's a lot of documentation here. Obviously, we're working with COTI to figure out how to upgrade a few things.
If you zoom out, you focus on the signal, Cardano’s TV's up 148% this year, and it's growing. And you focus on the signal we got, DJED, we got Coti, we got World Mobile, we got amazing stuff happening with sidechains. You got ton of protocol upgrades occurring. You know you got a whole fucking government with millions of people who will not only be engaged, but very much activist. Having debates every single day about how do we make Cardano better.
This year, we're going to see a lot of cool projects start getting very mature like DJED for example, is going to start growing a lot you know a great launch and it's just a great beginning for algorithmic stable coins.
Will you rebuild a mushroom farm? Yes, sir, we're working on it right now. It's a process; it takes some time. See here, is DJED a risk to Cardano like the Luna case? I don't think so. It's over-collateralized. The biggest issue it has is being economically inefficient, but you know, nothing's perfect, and there's a lot of people thinking about this stuff.
There's a number, but there's an enormous uptick in the amount of transactions and DeFi stuff that's going on and a lot of new protocols are being launched online, like DJED, for example, which recently turned on. In anticipation of that, it's important to start putting together a working group to specifically talk about the future of congestion on the system and the mitigations that are going to be implemented.