The stablecoin proposal (Djed) of Cardano aims to enhance its ecological liquidity through algorithmic stablecoins, with the following impacts on the crypto space:

1. **Ecological Boost**: Injects critical infrastructure into Cardano DeFi, attracting developers and users, and enhancing ADA use cases.

2. **Increased Competition**: Challenges the existing stablecoin market (such as USDT, DAI), driving innovation in multi-chain stablecoin solutions.

3. **Risks and Opportunities**: If the over-collateralization + algorithmic model is successfully validated, it may rebuild market confidence in algorithmic stablecoins; failure would intensify the industry's cautious sentiment towards similar projects.

**Short-term** may stimulate interest in ADA and related ecological projects, while **long-term** impact depends on the actual stability and adoption scale, providing the industry with a new template for decentralized stablecoins.