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

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

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

3. **Risks and Opportunities**: If the over-collateralization + algorithmic model is successfully verified, it may rebuild market confidence in algorithmic stablecoins; failure would increase caution in the industry towards similar projects.

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