Ardana, a decentralized stablecoin ecosystem built on the Cardano (ADA) blockchain, has been forced to halt development due to funding deficiencies and project timeline uncertainty.
Ardana Stablecoin Halts Development
Ardana Labs, the team behind the decentralized exchange stable asset liquidity pool (dUSD) being built on the Cardano network, has announced a halt to its project due to “funding and project timeline uncertainty.” The project tweeted:
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
The development team for the “first all-in-one stablecoin ecosystem” however noted that the codes for the Ardana project would remain open source. The development teams could build upon it if they wished.
In addition, Ardana Labs said it would hold the remaining funds and treasury balances until “another competent dev team” comes forward to continue working on the project.
Building on Cardano is Difficult
Ardana explained that building Cardano has been difficult. They added that a lot of funding went into “tooling, infrastructure, and security.” Ardana is not the only project experiencing difficulties.
Orbis, a project that aimed to address the scalability of Cardano has also halted its development. However, the SundaeSwap team is trying to buy any infrastructure or internal tools developed in the past year.
On the Flipside
Djed, an over-collateralized stablecoin built on the Cardano ecosystem in partnership with COTI, will be launched in January 2023.
Why You Should Care
Halting after years of development and $10 million raised in October 2021 has made the Cardano community call the project a scam.
Read about other stablecoins on the Cardano ecosystem below:
EMURGO will Launch Cardano’s First Regulated Stablecoin, USDA, in Q1 of 2023
Other developments on Cardano are covered below:
Charles Hoskinson Invites Dogecoin (DOGE) to Become a Cardano (ADA) Sidechain for Free