Cardano backed Defi project Ardana is on a halt

ardana-cardano

Ardana (DANA), which seemed to be a promising decentralized finance (Defi) project built on the proof-of-stake blockchain Cardano ADA has halted development. The Defi project addressed the Ardana community yesterday and gave clarification by tweeting that funding and project timeline uncertainty was the reason for ceasing operations.

Ardana was hardly a year into development after extending $10 million last year through a funding round led by a now-defunct crypto hedge fund, Three Arrows Capital, Cardano’s cFund, and Ascensive Assets. The project was operating on stablecoin minting and foreign exchange services and desired to be the MakerDAO and the Curve Finance of Cardano.

Development on Cardano has been tough with a lot of funding going into tooling, infrastructure, and security. This alongside the tension around development fulfillment has led to the best course of action is halting the development of dUSD.

Also read: Cardano will have stablecoin in 2023

The Cardano founder Charles Hoskinson was also unhappy with the situation and revealed, it looks like he might have just lost 500k on it. Hoskinson stated that he was an investor through cfund, Cardano’s early-stage investment fund, and was waiting for a readout from the Ardana team.


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