The Cardano blockchain stablecoin project Ardana revealed in a tweet that it had been put on hold due to financial issues and ambiguity around its schedule. The once-exciting startup raised US$10 million in funding rounds concluded in October 2021 from the now-defunct crypto hedge fund Three Arrows Capital, cFund, Justin Sun of Tron, and others.
In a tweet, the project stated that it had been challenging to build on Cardano because so much money had been invested in infrastructure, security, and tooling. The development of dUSD, Aradana’s decentralized stablecoin, was put on hold as a result of this and the uncertainty surrounding its completion, according to the tweet.
The project code will continue to be accessible to those who are interested, it was added.
The project stated that Ardana Labs will hold onto the remaining monies and treasury balances until a different development team steps forward to carry on the project. DANA, the project’s native token, fell after the news and was trading at $0.008284 at the time of publication, down 42.2% in the previous 24 hours.
Some people on Twitter criticized Ardana for being unreliable and said the project was blaming Cardano. Charles Hoskinson, the creator of Cardano, estimated that he lost $500,000 on the venture. A decentralized exchange from Ardana is anticipated this month, according to John O’Connor, director of IOHK’s (Input Output, the blockchain and engineering company supporting Cardano) African operations. John O’Connor said he is also an investor in the project.
Not thrilled to hear the Ardana news today, both myself and Cfund invested into the project. Still trying to find out what happened, last I heard DeX was meant to be out this month
— John O'Connor (@jjtoconnor) November 24, 2022
Ardana was focused on creating a decentralized stable-asset DEX and an on-chain asset-backed stablecoin. On January 1, they declared that the majority of the development for their products and smart contracts was complete, allowing them to launch them in a matter of weeks.
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