Cardano (ADA) continued to make waves in the cryptocurrency market towards month’s end after an epic rise of over 50% since the start of the year. The altcoin, which ranks eighth by market capitalization, topped $0.3990 at one point Sunday before recoiling on Monday.

Cardano’s growth over the past month comes amid a wider cryptocurrency market recovery as investors remain hopeful that the worrisome global economic data will soon ebb. In hindsight, Cardano has also benefited from the rising interest in its Decentralized finance (DeFi) ecosystem.

Apart from making major progress on projects such as Cosmos and Hydra in the past few weeks, the Cardano community has been abuzz anticipating Djed. This decentralized and overcollateralized stablecoin is scheduled for launch this week. Djed is intended to be the primary currency for paying transaction fees on the Cardano network, bringing greater usability to the stablecoin landscape and making transaction costs more predictable.