Due to funding and project timeline uncertainty, Ardana, a decentralized ecosystem that had been developing on a Cardano stablecoin, has stopped development. Some people in the neighborhood have termed it a scam.
On November 24, the project tweeted that the delay was due to “new events with regards to funding and project timing uncertainties.” It did mention that the code would continue to be available as open source and that others might choose to build upon it.
The cash and treasury balances will be held by Ardana Labs until “another competent programming team” agrees to take over the project. The decision was described by the team as follows:
The cash and treasury balances will be held by Ardana Labs until “another competent programming team” agrees to take over the project. The decision was described by the team as follows:
It has been difficult to develop Cardano since a significant percentage of funding has been allocated on infrastructure, security, and tools. The wisest course of action is to stop dUSD development because of this and the uncertainties surrounding development completion.
A decentralized exchange with a steady asset liquidity pool is how Ardana describes itself. Its ecosystem includes a stablecoin platform and a DEX called Danaswap, which are its two main products.
Orbis, a project closely related to Ardana, has likewise stopped progress. Ryan Matovu, the CEO of Orbis Labs, founded Ardana. The SundaeSwap team is currently attempting to acquire any internal tools or infrastructure created in the previous year.
What is Ardana?
For Cardano, which has undergone far more development over the previous year, Ardana was constructing an all-encompassing stablecoin ecosystem. But it seems like the crypto winter is going to be tough. Its future is currently somewhat unclear, but it could still end up in new hands. After the announcement, the platform’s native cryptocurrency, DANA, experienced an almost 80% price decline.
The goal of the Orbis project is to use zero-knowledge proofs to address Cardano’s scaling problems. Partners of the layer-2 scaling solution were cFund, Platonic Systems, and MLabs.
The crypto community starts to criticize
Naturally, the Ardana community started to criticize the squad. They have decried the fact that they contributed to its funding and termed it a fraud and a rug pull. Ardana had also been financed by Three Arrows Capital.
The majority of Cardano community members appear to believe they were the victims of a lengthy fraud. In any case, it triggers a depressing chain of occurrences for the Cardano ecosystem. It might not be the only project to halt development if the market stays the same.
