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Cardano DeFi Project Ardana Halts Development, Citing Funding, Timeline Concerns
The project closed a $10 million round led by now bankrupt crypto hedge fund firm Three Arrows Capital last year.
Ardana, a once-promising decentralized finance project built on perennial top proof-of-stake blockchain Cardano, has halted development.
Hello Ardana community,
— Ardana - DeFi Hub of Cardano (@ArdanaProject) November 24, 2022
Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
STORY CONTINUES BELOW
The project cited “funding and project timeline uncertainty” as the reason for ceasing operations, in a tweet addressed to the Ardana community Wednesday.
Ardana was barely a year into development after raising $10 million last year via a funding round led by now defunct crypto hedge fund, Three Arrows Capital, Cardano’s cFund and Ascensive Assets. The project was working on stablecoin minting and foreign exchange services, and aspired to be “the MakerDAO and the Curve Finance of Cardano.”
Per the Ardana Twitter account, “Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of dUSD.”
DANA, Ardana's currency, is down 82.54% in the last 24 hours at the time of publication, currently trading at $0.01046. At its peak in November 2021, it traded at $9.2916, according to cryptocurrency data provider, Coinmarketcap.
Read more: Three Arrows Capital Backs $10M Raise for DeFi on Cardano
Frederick Munawa
Frederick Munawa was a Technology Reporter for Coindesk. He covered blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks. Prior to his work in the blockchain space, he worked at the Royal Bank of Canada, Fidelity Investments, and several other global financial institutions. He has a background in Finance and Law, with an emphasis on technology, investments, and securities regulation. Frederick owns units of the CI Bitcoin ETF fund above Coindesk’s $1,000 disclosure threshold.
