Ardana has ceased development of the decentralized stablecoin ecosystem for Cardano due to financing and “timeline uncertainties.”
Ardana, a decentralized network that was developing a Cardano stablecoin, has suspended development due to financing and schedule insecurity. Some members of the community have labelled it a fraud.
To the dismay of the cryptocurrency community, Ardana, a decentralized ecosystem on Cardano, has ceased development. The project tweeted on November 24 that “recent financial developments and project schedule uncertainties” were the reasons for the stop. It did mention that the code will remain open source and that others were free to build upon it.
Any leftover monies and treasury balances will be held by Ardana Labs until “another qualified development team” steps forward to complete the project. The group provided the explanation as follows:
“Development of Cardano has been arduous, requiring a substantial investment in infrastructure, tools, and security. This, along with the uncertainties surrounding the conclusion of development, has led to the optimum course of action being the cessation of dUSD development.”
Ardana identifies itself as a decentralised stable asset liquidity pool for exchanges. Its ecosystem consists of two primary products: a stablecoin platform and a decentralised exchange called Danaswap.
The development of Orbis, a project closely related to Ardana, has likewise ceased. Ryan Matovu, the creator of Ardana, was the CEO of Orbis Labs. In the meanwhile, the SundaeSwap team is attempting to acquire any infrastructure or internal tools created during the last year.
Ardana was constructing an all-encompassing stablecoin ecosystem for Cardano, which has witnessed significant growth over the last year. However, the crypto winter seems to have a difficult time. Its future is now quite unclear, although it may yet find new owners. After the news, the native token of the platform DANA dropped by approximately 80 percent.
Orbis is a project that uses zero-knowledge proofs to address scalability difficulties on Cardano. The layer-2 scaling solution collaborated with cFund, Platonic Systems, and MLabs, among others.
Naturally, the Ardana community has begun to criticise the squad. They have referred to it as a con and a rug pull, bemoaning the fact that they contributed to its funding. Additionally, Three Arrows Capital sponsored Ardana.
The great majority of Cardano community members seem to believe they were duped. In any case, it results in a succession of unfortunate occurrences for the Cardano ecosystem. If the current market conditions persist, this may not be the only project to suspend construction.
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