Cardano-based DeFi project Ardana halts development

The Ardana DeFi project team, part of the Cardano blockchain ecosystem, said it would halt development due to funding problems.

Hello Ardana community,

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.

— Ardana — DeFi Hub of Cardano (@ArdanaProject) November 24, 2022

“Unfortunately, due to recent changes in funding and timeline uncertainty, the project had to be halted. Our code will remain open for developers who wish to continue our work as they see fit,” the statement said.

The project envisaged the creation of \”decentralized hub\” for stablecoins on Cardano, the launch of its own \”stablecoin\” dUSD, and a DEX as an automated market maker.

“Development on Cardano was challenging, as much of the funds were directed toward tooling, infrastructure and security. Coupled with the uncertainty surrounding completion of the work, this led to the conclusion that the best solution was to halt the creation of dUSD,” the team said.

Under the roadmap, in Q4 2022 the stablecoin was scheduled to undergo a technical audit.

Unspent funds and treasury balances will be held by Ardana Labs, the startup behind the project, until another competent team from the community takes up the work.

According to CoinDesk, in 2021 the project attracted $10 million in a funding round led by cFund, Ascensive Assets and now-defunct hedge fund Three Arrows Capital. The latter is not listed among investors on the Ardana site. Among the supporters of the startup is Tron founder Justin Sun.

Over the last 24 hours, the Ardana token (DANA) fell 42% to $0.008. The coin has traded near zero since July, while in November 2021 it peaked at $9.26 (CoinGecko).

announced the launch of the USDA stablecoin in the first quarter of 2023.

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